URGENT advice needed - Mortgage Issue before Completion

Evans465

Hi All

I received a worrying call today from my broker outlining Halifax could no longer offer me the required amount on my purchase property!

I am due to complete in 9 days and they have lowered the mortgage offer by13,000 so I cannot complete.

My credit file is immaculate and I've taken no new credit, myself and partners jobs remain the same.

My solicitor seems to believe without grounds they cannot just Lower an official offer. I am challenging the decision.

Anyone had experience of this? How is it possible for them to just decide to lend me less than my official offer than what I based my house purchase on when my situation has not changed?

We're both going out of our minds with worry.

Any advice appreciated !

amnblog

Is there no explanation for the change?

Do you have room to extend the mortgage term which can increase affordability on Halifax cases?

Evans465

Unfortunately no explanation at this stage. I sent a copy of my credit score to my broker who agreed it looked perfect.

I am in shock they are deciding to offer a lower amount 2 months after exchange of contracts, I went through a large affordability check when they first have me my official offer and my situation is the same/better.

I understand them being able to withdraw the mortgage offer if I took credit, commuted fraud in my application.

But to suddenly decide they made a mistake in what they originally offered this close to exchange can't be legal? I stand to lose 10,000 +

Seems incredibly strange !

Senior_Paper_Monitor

Have you recently had a birthday ?

A serious question - not a smart !!!! joke.

If so - how old are you ? How long is the mortgage term ?

You really are in the hands of your broker at this point - good luck !

Evans465

No Birthdays and the original term we agreed was 27 years!

Senior_Paper_Monitor

You really are now in the hands of your mortgage broker and his/her relationship with their Business Development Manager (and the quality of that BDM).


I have certainly had our BDM (who is excellent) pull us 'out of the soup' with Halifax on a couple of occasions - so there is hope.

Thrugelmir

Evans465 wrote: »

Unfortunately no explanation at this stage. I sent a copy of my credit score to my broker who agreed it looked perfect.

Lenders set the criteria on which they will lend. Your credit score has no direct relevance to their decision. .

Evans465

We have everything crossed.

However surely this can't be a legitimate way to do business? They can't expect me to take a 10K hit because they have had a change of heart with no influence from myself or partners situation.

I find it hard to believe they can honestly just "change" their minds 9 days from completion with no grounds?

Evans465

Thrugelmir wrote: »

Lenders set the criteria on which they will lend. Your credit score has no direct relevance to their decision. .

Ok, so if they agreed to lend before my exchange are they randomly allowed to change that criteria 9 days before completion without some sort of reason?

My mortgage States it can be withdrawn if I breach the conditions which I have not.

Also my broker advised me to send the credit report.

Thrugelmir

Evans465 wrote: »

Ok, so if they agreed to lend before my exchange are they randomly allowed to change that criteria 9 days before completion without some sort of reason?

Your broker is best placed to answer this point.

Evans465

Thrugelmir wrote: »

Your broker is best placed to answer this point.

Have raised it with my broker and they seemed to have no clue, my solicitor was also reluctant to offer me any advise.

Hopefully the broker will find something else out for me today 😟