Broker advice on declined by Halifax?

Gem_M90

Vestraun said:

Surely you just need to pay off the £5k from your deposit, you will then still be able to get a mortgage at less than 75% LTV? 

£134k mortgage was the most I could get on my own, the property value is £196,500 and I'm receiving 15% from help to buy, therefore had to put down £33k deposit to make up the deficit. If I have to find another 5k from somewhere to pay off what I have then that's what I'll need to do. There's just alot of confusion as it was deemed affordable on initial application. Halifax now aren't offering the rates my broker applied on but he pushed on the application anyway and it's been declined. Perhaps they just simply don't want to honour the initial rate. A director of the broker firm I'm using is taking it to an appeal as they're confident I passed all checks and it shouldn't be declined. 

Cscott139

It may be best to try find a lender that will accept your partners adverse credit so you can utilise both incomes. This may lead to a slightly higher interest rate etc but worth exploring.

Gem_M90

Cscott139 said:

It may be best to try find a lender that will accept your partners adverse credit so you can utilise both incomes. This may lead to a slightly higher interest rate etc but worth exploring.

Good advice, might be something to explore. Neither brokers were keen as they were confident they could get me enough on a much lower rate on my own. 

LRmortgage

Are you including 3% of the help to buy loan amount as an annual expense? 

Halifax treat this as a commitment and you need to add it into the calculator to get a proper borrowing amount. 

Gem_M90

LRmortgage said:

Are you including 3% of the help to buy loan amount as an annual expense? 

Halifax treat this as a commitment and you need to add it into the calculator to get a proper borrowing amount. 

Hi, 
I'm in Scotland so the help to buy is 15% equity share and not a loan. 

Gem_M90

Broker just called... mortgage is approved! It didn't need to go to an appeal, my broker pushed it through to the business development manager with Halifax and she managed to get it approved as it had met all criteria in the 1st instance. Approved pending valuation survey but I'm buying a new build and the foundations haven't even been laid so I'm assuming that will go through fine

amnblog

£134,000 with the credit cards/catalogues cleared. Otherwise, not even close.
What about the affordability for the H2B equity loan? Seems very tight on that?
Have you got the H2B authority to proceed? 

Gem_M90

amnblog said:

£134,000 with the credit cards/catalogues cleared. Otherwise, not even close.
What about the affordability for the H2B equity loan? Seems very tight on that?
Have you got the H2B authority to proceed? 

Hi, I got my approval through today! Application was based on the 5k credit being cleared anyway (which it will be, just wasnt possible before application) and I'm in Scotland so the H2B is shared equity repayable on sale of house and not a loan