Failed audit check with Halifax- advice please?

London2018

Hi all,

Hoping for some advice from someone who has been in the same situation.
Myself and my partner had an AIP thorough our broker with Halifax, and a week later we put an offer in on a house which was accepted. Our broker then made the full application with Halifax which we were told was fine, and money for the valuation was taken.
Fast forward over 2 weeks later, and we still hadn't had a date for the valuation, our broker assured us it was due to them not being able to get hold of the seller to book it in. We provided an alternative number for the seller and also let the seller know to expect the call.
Our broker is very hard to get hold of, so when our buyer still hadn't been called to book the survey in, I called Halifax myself. They then told me our application had failed the audit check?!
I am now totally stressed out, has anyone had this happen and if so what was the outcome?
(We have emailed our broker this info, but his replies take days, so I am hoping for some help via this forum!)

Carrot007

London2018 wrote: »

(We have emailed our broker this info, but his replies take days, so I am hoping for some help via this forum!)

Ring him if you think it is urgent.

London2018

We have, no answer....

WillyWonga

What was the deposit, Purchase price, joint income details, debts etc. From this can determine if the application was on rocky ground??

As you only had agreement in principle it could be something not obvious which failed the auditors like high credit card utilisation etc

London2018

We had an update, that the audit failed as 'unable to verify income'. After our broker spoke to the MBN, it transpired it was to do with me over a couple of things.

-My company changed the whole of their business activities to a new name, this didn't affect any of my actual employment. But, the name change was reflected on my payslip, causing them confusion. Although, the name is pretty much the same, just with a 'technology group' added in. I have now provided a letter from my company explaining why etc.

- I left my previous company end of Dec 2017, and started my new one start of Jan 2018. Annoyingly, my previous company continued to pay me for two months after I had left. Each time, I made them aware and paid it back. But again this has caused them confusion. I have sent them the correspondence I had with the company, and me paying it straight back is reflected on my bank statements.

I am slightly annoyed, as I feel both things had fairly obvious explanations, even without the additional proof and didn't warrant an instant rejection . If we had not used a broker, we would probably would have had to just accept their decision, and now be frantically trying to find a new lender.
So, it has now been appealed, and we are waiting on their decision which is incredibly stressful.
What do you think you think our chances may be?!

ALIBOBSY

I would have thought that Halifax would have raised these issues before rejecting the application outright. I would wonder if the broker has failed to answer their queries and then they did the rejection, especially as you seem to have some issues getting contact from the broker.

Also even without a broker you can challenge bank decisions and send extra info if needed.

Hopefully this gets sorted asap and you can get on with moving, good luck

ACG

I know people moan about fee charging brokers, but one of the reasons we charge is so we can afford to limit the amount of work we take on - If means we are around if needed should things go wrong.

Anyway... I would imagine both of these can be overcome. It is really frustrating when lenders do this without picking up the phone. Although in fairness, the broker should have picked up on both of these things and put notes on the application to explain them. If in doubt, add a note!..That is my method. It is rare that I submit an application with no notes attached.

I think you will be fine, it might just take a few days to sort out.

London2018

Thanks both, we are keeping everything crossed that they will say yes. Everything else is as it should be, we have been 100% honest about everything, and just hope they can see the issues are totally legit!
I will let you know the outcome

laur3en1

What was the outcome?

Laura

kingstreet

This suggests nothing good;-

https://forums.moneysavingexpert.com/discussion/comment/74505777#Comment_74505777