Halifax Mortgage Offer Reduced

cocker100

Broker today confirmed the top 20 list, which he said was only available through a limited number of broker firms.

He said the appeal was still with the underwriters, and is chasing it up in the morning.

If the appeal fails, he is going to try Nationwide as he has already got an agreement in principle from them also. He also tried Skipton Building Society, but they said no at the DIP stage.

cocker100

The broker has informed us that the appeal to the underwriters has failed.
The application was not rejected on the credit score, but because of my salary sacrifice car which has reduced my salary and hence had a knock on affordability. That is why the maximum LTV has reduced.
I've raised this with my HR department as they have always stated that we can quote pre sacrifice salaries on such applications.
I would't have took the car if I have known.

Thrugelmir

cocker100 wrote: »

I've raised this with my HR department as they have always stated that we can quote pre sacrifice salaries on such applications.
I would't have took the car if I have known.

Still a commitment how ever it's treated.

cocker100

Well, the broker has said that there are no options left and has said that we need to revert to Help to Buy, which means that Charles Church can't take our current house in part exchange.

With our plot only reserved until the end of the month, it means that we will more than likely lose it as the houses seems to be selling fairly quickly!

They are switching us to their Home Change scheme, but I don't see the point because non of the other styles of houses are suitable to us because of either price or size. All the other similar plots to ours are now reserved.

Was talking to a mate at work about it and he asked if we could transfer our current secured 2nd charge loan to the new house and use the additional money from not settling it to add to our deposit. I've checked and the loan is portable, but would we be able to obtain a new mortgage with still having to pay it.

If we could, we would reduce what we need to borrow by £46,000 and the LTV would shrink below 65%, and hence reduce the risk to the lender. Also, could we only take out an interest only mortgage (at least in the short term) to keep the repayments as low as possible?

Any advice on this?

GolfFoxtrot

What are the penalties for handing the car back?

When I applied for a mortgage I had two company lease vehicles (which I could hand back with minimal penalties) and I did think of handing them back, getting a new wage slip without them on / letter from HR, then just taking out another company lease. Luckily it didn't come to that in the end but it's certainly one way of doing things.

cocker100

Hi,

The penalty is 2 months payments which would equate to £610. The car is also slightly over mileage which would add another £100 on top.

We have already discussed this with the broker, but when he put it to Halifax, they knew the game we were playing. They asked how a family would manage without a car, and knew we would more than likely just take out another further down the line.