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Switching type of mortgage application
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SteveA12345
Posts: 23 Forumite
Hi everyone.
We have recently applied for a mortgage with Halifax using Htb and a 10% deposit.
Our application went through underwriters, and valuation has been done.
Unfortunately our buyer pulled out of the sale at the last minute, leaving us devastated.
Luckily the builder has offered to buy our home, and give us 5% towards our deposit, which gives us a 15% deposit in total.
Our broker has told us Halifax will give us a mortgage with 15% without the need of htb, but my question is, will Halifax look at this type of mortgage as more or less of a risk?
Ultimately we are lending less overall, but more from Halifax. I.e. With htb we would be borrowing 150k plus 40k government loan,
But with the part ex way we would be lending 180k from Halifax with no government loan.
Hope that makes sense.
Do
We have recently applied for a mortgage with Halifax using Htb and a 10% deposit.
Our application went through underwriters, and valuation has been done.
Unfortunately our buyer pulled out of the sale at the last minute, leaving us devastated.
Luckily the builder has offered to buy our home, and give us 5% towards our deposit, which gives us a 15% deposit in total.
Our broker has told us Halifax will give us a mortgage with 15% without the need of htb, but my question is, will Halifax look at this type of mortgage as more or less of a risk?
Ultimately we are lending less overall, but more from Halifax. I.e. With htb we would be borrowing 150k plus 40k government loan,
But with the part ex way we would be lending 180k from Halifax with no government loan.
Hope that makes sense.
Do
0
Comments
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Higher loan to value = riskier to lender.
Are you using a specialist newbuild broker and buying from a larger builder? Halifax usually only lends upto 80% on newbuilds unless the former applies.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 -
No I wasn't aware that they only do 80%.
That doesn't sound good.
We are using the broker that the builder uses yes.
Don't you think this will work out for us?0 -
No idea, sorry.
Your broker knows your case much better than I.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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