Getting seriously P***ed off with Halifax

Thrugelmir

I can understand why the matter has taken time to resolve as will require an experienced head to appraise the matter fully.

Interest Only
3 applicants only who 2 of whom are earning.
Funded by BTL realisation (I assume only 2 parties named).

Risk?
Death of one of the earning parties.
Tax on BTL properties when sold
Fall in property prices
Exposed to interest rate rates as highly leveraged
BTL's are empty so no rental income

and the list goes on........Talk about throwing someone a curved ball.

haras_nosirrah

Just ran 22k and 25k incomes over 7 years interest only on Halifax calculator and assuming no outgoings or credit commitments max loan is 128k.

Think that will be the problem. They don't think the loan is affordable

topbanana1985

If these are the reasons, then why do then not just tell us that? If they are not going to give us a mortgage, then why not just say so.
Im not peeved that they might not or wont give us a mortgage I am peeved at the fact that they wont just tell us, and are keeping us in limbo not knowing one way or another, on top of the fact that we have been told several times that we do meet their criteria and we are close to offer only to be given another delay or excuse.

What ever the cause is, they should just say so, rather than keep us in the dark, at least if they just say 'sorry we cant give you a mortgage, you dont fit our criteria' then we will know to count our losses and move on, but until that point we are effectively on hold.

If we fail their 'stress test', surely it doesnt take 3 weeks to tell us this.

If its the risk factors that are a cause, again, just say so, it doesnt take weeks to do this, surely? Or am I being to picky to expect any correspondence from them?

I would say 'death of an applicant' is a risk for anyone at any time (especially since Im parentless and Im only in my 20s, they left a behind a mortgage, but I imagine this is one of the reasons for life insurance)
The BLTs are on guaranteed rental schemes and have more than enough equity in them for more than the 225k we are asking, which I guess would cover any taxes when sold, since Halifax said they would only accept 80% of the equity on the BLTs (I feel like Im talking about a sandwich when I say that)

Its all very well guessing the problem, but for all we know it could be something as silly as us not ticking the correct box on the application form, or using blue ink instead of black. At this rate I shall never know the problem, and here in lies my frustration.
Is there any reason at all that anyone knows of that is preventing Halfiax from just telling us out right what the situation/problem is?

topbanana1985

haras_nosirrah wrote: »

Just ran 22k and 25k incomes over 7 years interest only on Halifax calculator and assuming no outgoings or credit commitments max loan is 128k.

Think that will be the problem. They don't think the loan is affordable

If this is the cause, then fine, so be it, why dont they tell us this. But they havent, what they have told us is, if we reduce the term from 8 to 7 years they will still lend us the 225k

haras_nosirrah

If using a broker then these are questions you should be asking them why. Say that you have been on Halifax calculator and are worried about affordability and ask them to confirm with Halifax it does fit. This is what you are paying him for

PeacefulWaters

but we will also be out of pocket by £500 for the survey and £195 paid to the mortgage broker.

Why aren't you severely p*****d off with your broker.

What have they done to help?

topbanana1985

broker has been working day and night on this for us, he has been in constant contact with us and Halifax, but is never given any new info from Halifax. It was him that suggested putting in a complaint and did so on our behalf and is now currently chasing it for us. He is as peeved at Halifax as I am for these delays and not telling us whats going on.

Mortgage_Mark_2

Sounds like a pretty poor broker if you're having to chase this through yourself, to be honest.

topbanana1985

The broker has done the majority, at no point have I had to chase/prod our broker to do anything, he has been on at Halifax at least twice a day so far regarding all this.

Thrugelmir

topbanana1985 wrote: »

Its all very well guessing the problem,

The issue is in the underwriting. Not a straight forward case. So will be handled totally manually. No doubt in a pile with other similar cases. Being handled by a specific individual.

If your affairs are complex. Then you cannot blame a lender for taking time to consider matters. As not a question of ticking a box.