Halifax offer going back to underwriters?

Firsttimebuyer1991

Hello,

We have had a formal offer from Halifax for 90% ltv. When we saw our Halifax mortgage advisor today for life cover and buildings insurance she told us to “try not to worry” but our rating has gone from an A rating to a B rating and needs to go back to underwriters! Even thought we have had a formal offer in the post!
Our circumstances have not changed, we haven’t taken out any finance or credit.. there is no reason for it at all! We do not have 15% deposit either which is what a B rating requires!

Is this right? It seems so unfair

[Deleted User]

It doesnt seem right to me. Offers are binding on the lender:

Binding offers were brought in with the Mortgage Credit Directive regulation in March 2016. The MCD says lenders cannot cancel or re-underwrite binding offers unless the borrower has given false information or there has been a “material change to the facts and circumstances” of the offer

Something is happening in the background and I would be demanding answers even if a new offer is issued

Firsttimebuyer1991

Thank you so much for this, I will be going straight back on Monday and demanding it is sorted that day.
It’s so unfair when the only thing that has changed it the fact the have credit checked us 3 times.. I just really don’t understand it at all

LRmortgage

I agree with JMA above, what has changed to make them run the credit check again? Something must have, they don’t just decide to re score you every few weeks. Occasionally they will just before completion but something fairly big would need to have changed for them to pull the offer.
Something not adding up here.

Firsttimebuyer1991

Exactly and absolutely nothing has changed at all so we don’t understand!

Firsttimebuyer1991

We’ve just checked our credit and we were credit checked 4 times yesterday and 3 times at application.. surely that’s excessive? Could that be the reason our rating with them has gone down?

MovingForwards

https://forums.moneysavingexpert.com/discussion/6032796/multiple-credit-check-from-lender-before-and-after-offer

No point starting another thread about it.

Let the brokers get up, eat breakfast, have coffee and play with their kids before coming on here to offer guidance.

Firsttimebuyer1991

I was asking a different question regarding the credit checks. As far as I know there isn’t any rules on how many threads I can post. Yes same circumstances but a different question regarding it. You don’t need to comment. I’m very stressed about this as it is without unneeded comments such as yours

[Deleted User]

Keep it in the one post so ;

a. the history is there
b. there’s no cross-commenting or conflicts of replies

muhandis

Yes that is excessive. Absolutely.

In your place, if I was 100% sure that they’ve done that many hard credit checks, I would make a formal complaint on the Halifax website.

As to whether that might be the reason for the change in “credit rating”, it could well be.

Firsttimebuyer1991 wrote: »

We’ve just checked our credit and we were credit checked 4 times yesterday and 3 times at application.. surely that’s excessive? Could that be the reason our rating with them has gone down?

Firsttimebuyer1991

Okay understood, I wasn’t sure of how it really worked as I’m new to the forum.

Thank you Muhandis, I will be contacting Halifax tomorrow