HALIFAX REFUSE MORTGAGE - WHO NOW - Please Help?

EXPEDITE74

Hi All,
Am Changing Residential into Buy to let and Buying a new Property my dream house. - £365,000 and placing down £78,000 Deposit using some equity Old house bought for £78,500 in 2006 and Now Valuation at £167,000 so
Loan amount £298,000 for new property
Term of mortgage 25 years
Deposit £78,000
Purchase price or valuation £369,000

******CREDIT RATING EXCELLENT - 999
EARNING £600.00 Per Day
I am With HALIFAX bank*******

I work Offshore and am classed as self employed as my wage goes through an Umbrella company.

Arranged Mortgage Through Financial advisor for new Offers over £369,000 house

Offer accepted on property 27/10/2014 £365,000

2 x Searches on experian ID check and Mortgage quotation HALIFAX 27/10/ 2014

Received Illustrations AIP HALIFAX for each one on 30/10/2014

5 Searches showing on Experian (All Halifax Mortgage Quotation) 30/10/2014

Valuation received fro new residential property All good :-D 7/11/2014

Received Valuation for my old residential now Buy To Let 7/11/2014

Paid full valuation funds 7/11/2014

:jOffer Received for Buy To Let 8/11/2014:j

Question from Halifax to my financial advisor 14/11/2014

Receive email Question off my financial advisor 18/11/2014

21/11/2014 Receive email from financial advisor -
I am just on the phone to Halifax who are saying they wont proceed with the mortgage, head office have looked at it and are concerned that about the number of times you are using your overdraft when you are increasing your payments by £1,000 a month and that you have a number of payments to gambling firms, I need to look at the alternatives for you.
In the meantime can you get me your SA302’s for tax year 2013-2014 and 2011-12.
Sorry the news was not better.


First of all The gambling excuse is Utter nonsense "Whats the difference with going out getting drunk every day?" Whats the Difference with buying 20 cigarettes a day?" - No Excuses its BULL***T!!!!!


The overdraft thing is something thats just been there for years and ive forgotten about it - removed it yesterday!!!


Now where I need Help - Which company would accept me for a few gambles, or do i now need to go to a bad credit rating lender even though ive not got a bad credit rating (EXCELLENT @ 999) and yes i do know now theres a footprint on my file blah blah blah i just need to know where to go next if anyone can help please?? (Sorry but this is petty and a normal thing for a lot of us to have a bet now and then - nothing wrong with it i spend less than smokers!)


Thanks in Advance and excuse my rant am gutted as they know i can afford it and probably the safest borrowers are being denied mortgages now a days too!:(

Lioness_Twinkletoes

I can't help - sorry - but I just had to say how impressed I am with the differing colours and fonts in your post. Must have taken you ages

anselld

Unfortunately it is not up to you to decide what is "nonsense". The fact is that some lenders see gambling transactions as a risk and will not lend; it is their money, their choice.

You should ask your broker to direct your application to a lender who does not require to analyse your bank statements.

EXPEDITE74

Lioness_Twinkletoes wrote: »

I can't help - sorry - but I just had to say how impressed I am with the differing colours and fonts in your post. Must have taken you ages

Its LIke Food Colours attract :rotfl:!

Also its good to let others know what to look out for, and a good reporting system.
If we dont report others make same mistakes ;-D

EXPEDITE74

anselld wrote: »

Unfortunately it is not up to you to decide what is "nonsense". The fact is that some lenders see gambling transactions as a risk and will not lend; it is their money, their choice.

You should ask your broker to direct your application to a lender who does not require to analyse your bank statements.

Your right ansell, but i do get to have an opinion I could say "its just like being racist = If you gamble you cant have a mortgage, if you smoke you CAN have a mortgage" - See my point its BULL***T!!

stephenni1971

EXPEDITE74 wrote: »

Your right ansell, but i do get to have an opinion I could say "its just like being racist = If you gamble you cant have a mortgage, if you smoke you CAN have a mortgage" - See my point its BULL***T!!

You're talking nonsense. IF I smoked I would be hard pushed to spend more than £15 a day on it. Gambling however is totally different. I know guys have dropped thousands in an hour or two. The capacity to lose money by gambling is a big risk. Smoking is IMHO a bad habit but it's one where you will spend a steady known amount of money.

amnblog

You clearly have a problem with fonts even if you do not with gambling.

A Lender is a Liberty to decide if they consider you 'leisure' spending to be an issue.

Perhaps you will need a lender that does not request bank statements.

We recently placed a gambler in this way.

Whether that is possible whilst addressing the other complications in your profile I cannot say.

Thrugelmir

EXPEDITE74 wrote: »

Your right ansell, but i do get to have an opinion I could say "its just like being racist = If you gamble you cant have a mortgage, if you smoke you CAN have a mortgage" - See my point its BULL***T!!

With a lenders hat on. Given your income why no savings? Why the need to even have an overdraft? Your profile can be enough to cause a decline if it doesn't fit the lenders target market. You've no right to a mortgage, it's a commercial business decision.

stator

The problem with gambling is that people can get addicted and start chasing their losses. eg they think they have a 'sure thing' so they bet £1000 on it but they lose the bet and start panicking, they've lost money they needed, so the only way they can think of getting the money back is by placing another £1000 bet, but they lose that, and now they're £2000 down so they have to place enother £2000 to win back their loses. Pretty soon they are bankrupt.

Give up gambling for a few months or find another provider

amnblog

sounds like the voice of experience

stator

Me? No, no personal experience