Halifax mortgage illustration sudden change

burkitt1986

Hi everyone!

This time last week we had sold our house and an offer had been accepted on our new house. everything was going smoothly and all was well.

Our initial offer from halifax was for a property up to £200k but we bought one for just over £180k

This week our mortgage adviser has put our details through to Halifax to port our mortgage and buy a more expensive house as well as a further advance to pay off some debt, but the new illustration has come back saying we are £14k short for the deal to go through!!! so around £30k less than we had on the table days before!!!

Our previous illustration ended on the 2nd and was only printed out for a hard copy for us the same week. so how can an offer change so much in such a short period of time?

Obviously were devastated in our house because it is meant to be our forever home but now things are in the balance unless we can find the extra money from somewhere.

Ill be ringing Halifax tomorrow to ask a few questions but i really don't know what is going to happen now, as obviously something like this changes our while future!

Gutted!!!

kingstreet

You mean due to affordability or credit score you are being offered a lower amount or a lower loan to value than expected?

Is there something in your financial make-up to suggest this might happen? Was some income wrongly used, or used 100% when it should have been 60%, such as overtime, bonus or commission?

Was there a difference in the outcomes of the full credit search to the soft search at agreement in principle?

burkitt1986

I have no idea really. All I know is that the £200k amount was there on the 2nd of March but by the Monday it had dropped by £30k.

Not sure if something was handled incorrectly as our mortgage advisor did everything so I suppose a mistake may have been made?

We have this morning spoke to a friend of mine that is a newly qualified mortgage advisor who has found a list of possible lenders for us so hopefully by this afternoon we may know more.

Buying houses is not fun! Lol