We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help! Mortgage offer issue!
FTBbelle
Posts: 15 Forumite
Updated my old thread, but this is a separate issue really.
MB called us today with our mortgage offer from Halifax, We were approved at 85% LTV, but they have now changed the offer to 80% LTV, which is an extra £16k deposit that we don't have!
They said it was because 'there'd been a change on our credit report between 8th and 28th of May'
The only thing that's changed is that i've paid off MORE of my car loan, same regular monthly payments i've always made, and my partners car insurance has auto renewed. Obviously Halifax themselves have made hard searches that will have affected our file, but it's THEIR search!
I'm so confused and upset, anyone shed any light or have any knowledge as to how this has happened or what can be done in situations like this?
Broker is calling them back tomorrow to plead our case!
MB called us today with our mortgage offer from Halifax, We were approved at 85% LTV, but they have now changed the offer to 80% LTV, which is an extra £16k deposit that we don't have!
They said it was because 'there'd been a change on our credit report between 8th and 28th of May'
The only thing that's changed is that i've paid off MORE of my car loan, same regular monthly payments i've always made, and my partners car insurance has auto renewed. Obviously Halifax themselves have made hard searches that will have affected our file, but it's THEIR search!
I'm so confused and upset, anyone shed any light or have any knowledge as to how this has happened or what can be done in situations like this?
Broker is calling them back tomorrow to plead our case!
0
Comments
-
Have you checked all 3 credit reference agency reports?0
-
They could have changed their lending policy which would limit certain credit score results to specific LTV limits however you also should be bound by the current policy at the time of the application.
It's easy to say don't worry but until your broker has spoken to them you'll just whip yourself up into a frenzy when this may be easily solved.
If your broker doesn't get anything tangible then let us know!0 -
You are talking about an ‘offer’ but do you mean an offer in principle?
In other words you had an offer in principle early this month for 15% deposit and Halifax are now asking for 20% deposit to progress?
Has the intended purchase price or requested lending changed?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thanks Amst, trying to be patient and not worry!
amnblog, no we had our AIP back in April, had mortgage offer subject to valuation of 85% LTV then had the valuation, final offer comes through wanting the 80% LTV due to this 'change'0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards