Mortgage pulled at last minute

Spikeisbroke

Hi All,
We were 2 weeks away from completing on a new build property when i was put on furlough for 5 weeks. Despite having the mortgage agreed and help to buy arranged our mortgage provider pulled all applications that weren't complete! I'm back at work and they have said they just scrapped all applications for anyone that went on furlough not put them on hold but didn't tell us. We only found out this week because we were chasing for updates. It appears this has happened to many others too.
Anyone else had this situation or can advise we would be extremely grateful.
Thanks in advance.

[Deleted User]

You need to look at alternative lenders ASAP.

csgohan4

get a broker to do the legwork and find the best lender for your circumstances

Treshan16

Which lender did this. That’s awful. Get a broker asap

[Deleted User]

Quite a few lenders did this unfortunately. 
But on the flip side, you were supposed to tell them if you had a change in circumstances and they would have pulled it anyway once they realised you were furloughed. 

Most lenders have pulled offers for furloughed people if it fails affordability on lower income

jamesm5094

Hi,  can anyone help? 

I put a mortgage application in through a mortgage broker to HSBC back in beginning of May, I am purchasing my next house privately so get chatting to the sellers and on the 22nd a valuation was completed. I was told on Friday (2 days ago) by my mortgage broker that my mortgage has been cancelled because banks aren’t accepting 10% deposits currently as well as HSBC aren’t taking into account any overtime. 

I phoned HSBC and the woman on the phone couldn’t see any information on my file because it was through a mortgage broker but she said they are doing 10% mortgages but are not taking into account overtime. 

I don’t feel my mortgage broker is telling me the truth as the story doesn’t add up, a valuation has been done, 2 weeks ago HSBC requested proof of income for my partner as she is self employed but in the 8th the whole mortgage was cancelled.

can anyone help please?

haras_n0sirrah

hsbc are doing 10% (if you can get one - brokers will know what I am talking about here) however they are only accounting for any overtime/ bonus etc if you are an nhs worker. Not even a key worker - just an nhs worker.
If your application depended on overtime and you do not work for the nhs then that would be the reason

jamielutz1987

@jamesm5094 To me it sounds like your broker may have messed up on income criteria before submitting the application. 
Have you incurred any costs for this mortgage application - broker fee, valuation fees, etc?

caw379

haras_n0sirrah said:

hsbc are doing 10% (if you can get one - brokers will know what I am talking about here) however they are only accounting for any overtime/ bonus etc if you are an nhs worker. Not even a key worker - just an nhs worker.
If your application depended on overtime and you do not work for the nhs then that would be the reason

Hi @haras_nosirrah, we have submitted for 10% with HSBC - what do you mean by "if you can get one"? 

caw379

@jamesm5094 we have also gone for a 10% with HSBC submitted slightly after you, I've checked the website and they are still offering them, like others have said without overtime, I think you broker needs to give you better info? Are they the only one in the company or is there a boss - perhaps you could speak with them? 

Thrugelmir

caw379 said:

haras_n0sirrah said:

hsbc are doing 10% (if you can get one - brokers will know what I am talking about here) however they are only accounting for any overtime/ bonus etc if you are an nhs worker. Not even a key worker - just an nhs worker.
If your application depended on overtime and you do not work for the nhs then that would be the reason

Hi @haras_nosirrah, we have submitted for 10% with HSBC - what do you mean by "if you can get one"? 

Meet the lenders criteria.