Help desperately needed from any mortgage advisors on here...

finnmum

Hi all....


I'm in such a state tonight so any advice would be greatly appreciated.


We are in a housing chain of our sellers (moving into rented), us, our buyers and her buyers who are moving out of rented.


To put it mildly the buyers solicitor at the bottom of the chain has been absolutely rubbish. All solicitors had agreed a provisional moving date of this Friday. We kept getting told everything was fine, working towards that date etc. So basically our house is packed, all ready to go.


Then the bombshell was dropped at 11am this morning....there'd been a miscommunication from the solicitor (what an idiot) at the bottom of the chain and the buyer mortgage offer had never actually been there and today is has been declined!!!!!!!!!!


Everyone in the chain (including those declined) are beyond devastated. Two days before out planned move date!!!!!


From what I can gather the bottom of the chain were refused by Lloyds TSB due to the woman having only been in her current employment a short period of time (she was a student before that).


They now have a mortgage appointment tomorrow with Halifax (their own bank who they have been with for years) to see if they will be accepted by then.


Everything hinges on this offer. Everything else is good to go! All searches done, queries answered etc.


So here's my questions....


1)How likely is someone to be refused by one lender but accepted by another? Aren't all lenders more or less the same?


2)Will it go in their favour that they are long term customers of Halifax?


3) Will a DIP be given straight away tomorrow?


4) Will alarm bells ring for Halifax that they have just been declined from Lloyds TSB?


5)How long on average would you expect a Halifax offer to take? Are they fast/slow? Strict lenders?


6) Does it sound feasible that someone would be refused on the amount of time they have been employed? Is Halifax not going to be concerned also about this?


7) They are applying directly through the bank and not via a broker ( I don't really understand why anyone would do this). Is this a major issue?


I really do appreciate any advice or info. I am totally floored by this whole thing. We are sat in a fully packed house, with two young children. I feel so desperate right now.


Many thanks

Leon_W

The Halifax is a wholly owned subsidiary of Lloyds Bank and, as far as I am aware, Lloyds use exactly the same mortgage IT platform as Halifax so I can't really see an application to Halifax going much further.


It doesn't mean they'll be turned down by all lenders but that is going to be down to their particular circumstances.

finnmum

I think their mortgage application was with TSB. Is this the same as Llloyds and therefore Halifax or are TSB out on their own now.
Sorry if I sound a bit dim!


The buyers have an appointment direct with Halifax tomorrow? Would Halifax tell them there and then if they didn't think an application would go through due to them being declined by TSB?


Argh...I'm so tired and confused. I really wish they would go through a broker instead of direct to the bank

Senior_Paper_Monitor

First appointment tomorrow (Thursday) ?


Completion (i.e moving) day after (Friday) ?




If so, that isn't going to happen - in fact before Christmas would be an achievement !!


Has anyone exchanged or is this a same day exchange/complete chain ?

finnmum

Thank you for the reply.


I understand that there is no way we are going to complete on Friday! Or anytime soon by the looks of it!


What I'm really wanting to know is the answers to the questions regarding if the buyers at the bottom are likely to get a mortgage at all?


I seriously couldn't care if it took them another six weeks to get an offer as long as the finally did get an offer!


Without that offer this whole thing is going to collapse and I am truly devastated

Senior_Paper_Monitor

No way to tell without their full details (the employment thing is not necessarily a stopper - but it will be for many lenders and doing the wander around the high street branches thing - rather than using a broker - is daft).

Thrugelmir

finnmum wrote: »

Everyone in the chain (including those declined) are beyond devastated. Two days before out planned move date!!!!!

First question who agreed this date? Dates are set once everybody in the chain is ready to exchange contracts.

nubbins

I would definately agree with Senior, they need to get a good broker and quick!

finnmum

The solicitors all agreed the dates as the solicitor at the bottom of the chain told everyone that the mortgage offer was in place until ooopps...this week he realised it wasn't! Incompetent idiot. Could wring his neck quite easily.


Yes this is exactly what I would advise....get a good broker! However, even though they are apparently desperate for the house (I do believe them when they say that) they are toddling along to the Halifax tomorrow as they've had an AIP with them previously. (Obviously more than three months ago as it's ran out). I could scream at the lack of knowledge some people have. It I were them I'd be looking up the most competent mortgage broker known to man! Urgh....not looking good then

nubbins

I know it doesnt help but the whole UK house buying system needs a complete overhaul to stop this thing happening. I dont know the answer but surely there must be a way of stopping this sort of thing happening, its absolutely crazy that one break of the link causes all this grief, stress and expense for 3,4,5 6 families.

finnmum

Thank you Nubbins for your words of support.


The whole system is crazy and devastating to say the least. I have two young children totally confused as to why our whole house is packed up when it doesn't look like we're actually moving anywhere at all