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Mortgage application withdrawn and LTV changed
Chipo83
Posts: 4 Newbie
I was wondering if someone could help and shed some light to my situation.
This is my story
Beginning of Sept ,we saw a house that we really liked and we went in to see an advisor who did all the checks and found us a mortgage with Halifax.We went on to make an offer which was accepted and everything was processed and Halifax offered us a mortgage at 90% LTV .everything was done and we were just waiting for the completion date ,which was a bit delayed because the vendor was going to a new house which he was waiting for to be finished .as we were waiting for the completion date ,our MA wrote to us asking for our further payslips and the tax credit award letter .we sent in the payslips and i told him we had called HM revenue to sent us an award letter as l had misplaced the award notice .however my bank statements did show how much l was getting in tax credit.He said that it was mainly because his compliance team had asked to see these ,and he assured us that it would not affect our mortgage in any way nor the complation date.
in the process of waiting for the award letter ,l got a new job that pays more than the previous job.we informed him of this and he said in that case it was even better .he asked me to send him my new contract of employment and not to worry about the tax credit letter anymore. At the same time the vendor was on our case because he was ready to move out ,and we explained to him our position.however the next morning we saw the house back on the market at a lower price than the original .
I sent the new employment contract to the MA ,however there was no start date on the new contract ,as it said it will be confirmed after receiving references.
to our shock that very night we received an email from our MA saying that he has been asked by his compliance team to pull out our application and he was going to tell Halifax to do the same .He said that his hands were tied as it was the decision of the head of compliance.He advised that we go and look for another MA and he should be able to do it for us easily without any problem.l was shuttered depressed and hurt.
We decided not to waste any more time and contacted a new MA ,who said our issue wasn't too bad.He then advised us to go with Halifax because of my job situation as they are the only lender who will accept such .
We decided To go ahead with it since we had already lost the broker fees we paid ,and we were risking losing the money we paid the solicitors,searches and stamp duty .so we decided to give it another shot ,as the vendor also was waiting on us.
The MA went on to put in our details on the Halifax system and he came back saying Halifax can only offer us an 85% LTV , which came as a bombshell to us as we thought all was in order.it meant that we had to use up all the money we had saved for doing the house and the gift that my aunt was giving us.The only good thing is they said they would not need to do another valuation ,so that £455 saved.
Has anyone ever experienced this and why would our LTV be reduced?
So now our MA has submitted our application and I am waiting anxiously ,cannot even think straight and l have not had a good sleep for the past month its draining me .someone please help,what are our chances? I CANT EVEN CONCENTRATE OR THINK STRAIGHT NOW.
This is my story
Beginning of Sept ,we saw a house that we really liked and we went in to see an advisor who did all the checks and found us a mortgage with Halifax.We went on to make an offer which was accepted and everything was processed and Halifax offered us a mortgage at 90% LTV .everything was done and we were just waiting for the completion date ,which was a bit delayed because the vendor was going to a new house which he was waiting for to be finished .as we were waiting for the completion date ,our MA wrote to us asking for our further payslips and the tax credit award letter .we sent in the payslips and i told him we had called HM revenue to sent us an award letter as l had misplaced the award notice .however my bank statements did show how much l was getting in tax credit.He said that it was mainly because his compliance team had asked to see these ,and he assured us that it would not affect our mortgage in any way nor the complation date.
in the process of waiting for the award letter ,l got a new job that pays more than the previous job.we informed him of this and he said in that case it was even better .he asked me to send him my new contract of employment and not to worry about the tax credit letter anymore. At the same time the vendor was on our case because he was ready to move out ,and we explained to him our position.however the next morning we saw the house back on the market at a lower price than the original .
I sent the new employment contract to the MA ,however there was no start date on the new contract ,as it said it will be confirmed after receiving references.
to our shock that very night we received an email from our MA saying that he has been asked by his compliance team to pull out our application and he was going to tell Halifax to do the same .He said that his hands were tied as it was the decision of the head of compliance.He advised that we go and look for another MA and he should be able to do it for us easily without any problem.l was shuttered depressed and hurt.
We decided not to waste any more time and contacted a new MA ,who said our issue wasn't too bad.He then advised us to go with Halifax because of my job situation as they are the only lender who will accept such .
We decided To go ahead with it since we had already lost the broker fees we paid ,and we were risking losing the money we paid the solicitors,searches and stamp duty .so we decided to give it another shot ,as the vendor also was waiting on us.
The MA went on to put in our details on the Halifax system and he came back saying Halifax can only offer us an 85% LTV , which came as a bombshell to us as we thought all was in order.it meant that we had to use up all the money we had saved for doing the house and the gift that my aunt was giving us.The only good thing is they said they would not need to do another valuation ,so that £455 saved.
Has anyone ever experienced this and why would our LTV be reduced?
So now our MA has submitted our application and I am waiting anxiously ,cannot even think straight and l have not had a good sleep for the past month its draining me .someone please help,what are our chances? I CANT EVEN CONCENTRATE OR THINK STRAIGHT NOW.
0
Comments
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need more info
Estate agent Broker?
Income, loans, deposit, house price e.t.c"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Errr, how have you paid stamp duty at any point?!0
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we sent everything ,the deposit and stamp duty money to the solicitor.0
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When you say that you've got a new job, do you mean a new job with a totally different employer? What is your broker saying to all this?0
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yes its a new job with a new employer.The broker said Halifax usually accepts thats as long as the confirm with the new employer.0
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as we were waiting for the completion date ,our MA wrote to us asking for our further payslips and the tax credit award letter .we sent in the payslips and i told him we had called HM revenue to sent us an award letter as l had misplaced the award notice .however my bank statements did show how much l was getting in tax credit.
No wonder the tax credit system needs reforming if they are so generous people are buying houses with them.0 -
The change of employment has lowered your Halifax credit score and reduced the maximum LTV as a result.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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So your original Mortgage Broker decided to pull out your application but still want to keep the fees? I would be fighting to get those back.received an email from our MA saying that he has been asked by his compliance team to pull out our application and he was going to tell Halifax to do the same .....
We decided To go ahead with it since we had already lost the broker fees we paid0 -
yes he kept the fees0
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