Mortgage promise from 90% now 85%

Droi11 · 7 July 2014 at 6:32PM

Hi , first time posting but here goes .

My partner and I decided it was time to take the next step on the property ladder
Put our house on the market and sold it then went to MB and got a mortgage in principle at 90% , moved out our house in to a family members home till we found a new property .
Now two week in to our temp property we found a house to buy and made a verbal offer having our mortgage in principal , went back to mb to start the ball rolling and now we can only get a 85% mortgage when he put our temp family address .
Can anyone help us understand why as another 5% is a lot of money to find . Thanks

Dave_Ham · 7 July 2014 at 8:19PM

Could be for a variety of reasons, but the address/Electoral Roll is likely to be the cause.

Determining factor is which lender this is with?

Droi11 · 7 July 2014 at 9:04PM

Only been in our temp property for two weeks not on roll yet .
Think it's the Halifax and that's who we had our previous mortgage with .

Dave_Ham · 7 July 2014 at 9:07PM

That would surprise me, especially as an ex mortgage holder.

Subject to the detail would be surprised if there is not a solution out there and likely to be better 90% deals than Halifax.

Well worth checking credit file just in case an old utility bill has been marked as unpaid since you left and not caught up with you yet, but hitting your credit file.

Good luck