Halifax help to buy

REArmstrong

Hello,
Hoping for a bit of help with this one!

I’m a first time buying going through Halifax on a help to buy. Looking to buy a 124000 house with a 5% deposit and 20% deposit from the government. The mortgage only works out at about 93 thousand.
I have a mortgage in principle for up to 213000. All the documents have been sent to them and it was the pin referred. The underwrightrs have come back with a yes but only for 55% of the mortgage amount! Our mortgage advisor has already done an appeal letter and sent it back with some ‘information’. my hubby and I are a little stressed, we are not sure why this would be the case. On a positive they said yes but only partial when they could have rejected straight away. So we are thinking the mortgage advisor clearly thinks it’s something they can get round.
Would any one know the common reasons for only a partial agreement?

I had a feeling it would be rejected as I was made redundant in July from a job I loved. I went to a different company but was asked back to my old company in a different position in November so have only had 2 payslips. I did give them a copy of my contract and offer lette as I’m not on probation as it’s an old employer and it’s a permanent job.

Sorry for the essay any advice would be greatly appreciated!

juniordoc

Could you not wait another week and then give them 3 pay slips?
Are you able to contribute more to the deposit and make lending you a mortgage less risky?

amnblog

Something has changed since the offer in principle as far as the lender is concerned.

Either something was picked up on the credit search which was different to the OIP stage, or different details were keyed in.

Your mortgage adviser working on i, has the best chance to establish what is going on. The best you will get here is guess work, informed or otherwise, as we do not know the details of your case.

I suspect this is just an error and will be resolved.

REArmstrong

Thanks for the reply’s. We are still waiting on a decision and I have no nails from the nerves!.

Is this quite a common thing?

There is always the option of a bigger deposit but that would set us back a couple of years and we want to go for it before something else decides to come up and we end up with no deposit! As it does for a lot of families.

I did provide 4 payslips 2 from my current job and two from my old job, I can even supply a third from Friday when I get paid again. I have my boss and the MD of my company offering to help with a reference, just in case. I also provided my contract and offer letter so hopefully if it is that then that’s all the information I can give really. I’m hoping there’s a simple error somewhere and it can be rectified.
The waiting for any information is stressful! I was hoping it would be a couple of days max but looks like it’s dragging on.