Halifax Mortgage, Change Of Property.

Gamehungry

Hi,

We're 4 months into our sale/purchase & today had news that the top of the chain have pulled out as they couldn't get a mortgage extension! Leaves us in a bit of a pickle as it will likely mean our sellers also pull out, we're waiting to hear more on that tomorrow.

What we're wondering is if we find a different property that is the same or lesser amount will it go back through the underwriters at Halifax or is it impossible to say?  We wouldn't want to have to go through the whole process again given the delays etc at the moment. 

There's a new build that falls exactly to our approved application amount & it's the quickest way of us proceeding to completion on something while asking our buyers to hold on. 

Thanks. 

Lorenzo94

Hi, I’m more or less in your situation (just need the EWS1 to complete, but no timeframe) and Halifax told me that as long as the price of the property is the same or lower than the offer, they will just update the address and carry out a second evaluation without going back to underwriters. Hope that helps

Gamehungry

Lorenzo94 said:

Hi, I’m more or less in your situation (just need the EWS1 to complete, but no timeframe) and Halifax told me that as long as the price of the property is the same or lower than the offer, they will just update the address and carry out a second evaluation without going back to underwriters. Hope that helps

Hi, thanks very much! I have fired over the question over to our mortgage broker but they haven't got back to me yet. The people we're buying from have asked if we wait while they find another property but we're really unsure as to what to do. 

nicthemighty

Lorenzo94 said:

Hi, I’m more or less in your situation (just need the EWS1 to complete, but no timeframe) and Halifax told me that as long as the price of the property is the same or lower than the offer, they will just update the address and carry out a second evaluation without going back to underwriters. Hope that helps

Did this work out for you? We're in same boat with HSBC and they've denied the change (new property was slightly more expensive) - broker is going back and seeing if we cover the shortfall they will approve it, problem is they've temporarily removed 90% LTV.

Lorenzo94

Just found the property. Halifax said it should be ok, I will amend the offer in the next days. Will let you know .

kingstreet

I've done one in the last hour. Change property. Pick new product. Do new quote. Pay another valuation fee. Press submit. Done.

Lorenzo94

kingstreet said:

I've done one in the last hour. Change property. Pick new product. Do new quote. Pay another valuation fee. Press submit. Done.

So they won’t be able to keep the same rate of the previous offer?

kingstreet

It depends on the product. I think the existing product drawdown deadline was 30/09/2020 so we would have had to change it next week either way. Our new product was a lower rate too.

Lorenzo94

My offer expires in March 2021. I really hope they can keep the same rate as otherwise I will end up paying around £40 more a month.

nicthemighty

kingstreet said:

I've done one in the last hour. Change property. Pick new product. Do new quote. Pay another valuation fee. Press submit. Done.

Guessing that scuppers me though as HSBC don't have a 90% product available...

kingstreet

No experience of HSBC in such circumstances.