Halifax Mortgage Application

Mrh1019

Hi all, just wondering if anyone could advise. We applied for a Halifax mortgage through a broker two weeks ago and the home buyer survey/valuation was booked in a few days later. That took place on Monday and the house was valued slightly less. My broker got an email saying ‘unable to offer as cannot meet illustration’ or something. The people I’m buying from agreed to reduce the price and yesterday my mortgage advisor went back and played around with the figures and re-inputted them. We previously were borrowing 83%, now 84%. What’s the process from here please? I was (naively) hoping it was as straight forward as meeting their figures in terms of the valuation and then we would get an offer. What would the process normally be after a situation like this?

thank you xxx

Mrh1019

Can anyone help? X 

allygate

What you have described isn't very clear to me. Are you adding to the deposit or borrowing more? If you are borrowing more, do you meet affordability for the increased amount?

Afaik, even when a property is down-valued by the lender, if the rest of the case stacks up, they will still make an offer at a lower amount. Is that not what Halifax did?

Follow up with your broker, they will be best placed to answer your questions.

Mrh1019

Hi thanks for replying. The down value meant the original product could not be applied for as it took us over the 85% threshold. Our buyer reduced the price inline with the Halifax figures so we are now back within the 85% and have gone back to Halifax with the new amount xx