Will a bank refuse a mortgage because they've already lent on that address?

luizarios

It's a new house development, financial broker has told me I can't apply for a Halifax mortgage because they've already given too many mortgages at that development so they won't lend any more money on that area.

He has told us a lot of lies so just trying to figure out if that's another lie or if it's true?

Many thanks

Thrugelmir

Lenders do restrict mortgage advances by number in a given location.

dprice

If your not happy with you broker then choose another!

luizarios

I'm using this broker is because Redrow forces me to do so, I either use their broker and expensive lawyer or I can't get the house.

Mortgage_Mark_2

Yes, lenders have 'exposure limits' on new build developments, which are non-negotiable. This will not change whether you use a different broker or apply directly, Halifax will not lend further on this development if they've reached their limit.

mrginge

luizarios wrote: »

I'm using this broker is because Redrow forces me to do so, I either use their broker and expensive lawyer or I can't get the house.

That my friend, is a load of bobbins.

luizarios

quick update: I've decided to phone the Halifax and check directly with them. They took developers name, development name and postcode. After 10 minutes wait they came back and said they checked the overexposed developments and no, the address I was giving was not overexposed as of today.

She said I can apply and if it comes that for some reason that spreadsheet was not up to dated and that address is overexposed they will refund any fee I've paid but as of today, it is not.

Who's more likely to be correct? The Halifax or a broker who has lied to me about other things?

Thrugelmir

luizarios wrote: »

Who's more likely to be correct? The Halifax or a broker who has lied to me about other things?

Challenge the broker.

kingstreet

We get updates from Halifax senior regional/newbuild management about exposure and we would not submit an application unless we were 100% sure it could proceed.

A broker has absolutely no reason to lie about this. In most cases, we would choose Halifax for greater speed and flexibility and being unable to do so means more work and more hassle.

luizarios

kingstreet wrote: »

We get updates from Halifax senior regional/newbuild management about exposure and we would not submit an application unless we were 100% sure it could proceed.

A broker has absolutely no reason to lie about this. In most cases, we would choose Halifax for greater speed and flexibility and being unable to do so means more work and more hassle.

Any idea how I can speak to the Halifax senior regional/newbuild management myself? He's lied to me about other things. I don't pay him anything, he lives of commission (he says it comes from the developers but again, he's a liar), so could it be that one bank pays better than others?

I asked for Halifax and he said that, I asked for Santander and he said I didn't pass the affordability calculator, then I checked Santander affordability calculator myself and it turns out I'd pass it no problems.

He then told me my only option was Natwest, I did the affordability calculator on Natwest website and I don't pass the affordability calculation online (he I passed the affordability calculator). Unsurprisingly they won't borrow me as much as I need and now he wants me to go for Barclays instead...

kingstreet

I have no idea who you can speak to. We speak to representatives in the intermediary division who do not deal with borrowers.

Why not ask the builder, or Colleys the in-house LBG surveyors (0845 602 2222) if it is unable accept more business?