Halifax says NO mortgage if SEISS taken

Thrugelmir

bcopie said:

K_S said:

@bcopie Sorry your post isn't very clear - is this a broker or a Halifax advisor? And what does furlough have to do with the case?

This is the Halifax advisor.
SEISS is what the Halifax say is the self-employed equivalent of furlough, so in their eyes the same thing.

An advisor might not understand themselves. It's simply their answer to a question posed. 

Thrugelmir

bcopie said:

Just as a follow up on this.

We've been told that one of us can actually port the existing mortgage (its twice the amount and monthly payments are x3 more than a new mortgage would be. This is clearly insane, I was under the impression that banks couldn't trap customers like that or did I misread that (quite possible tbf).

Porting is subject to current underwriting criteria. Still a new mortgage just the terms and conditions of the existing product are ported. 

bcopie

Deleted_User said:

bcopie said:

Deleted_User said:

SEISS and Furlough are 2 different things. In my experience Halifax dont lend to furlough but are fine if you have used SEISS in the past

I'm guessing this has now changed, in my conversation with them they are classing them as the same thing.

Halifax has a clear written policy on furlough.  As long as client is back to work and furlough pay doesn't show on payslips they will take the income as normal. They wont even question how long furlough was for, or anything around the likelihood of being furloughed again. They see the payslip, they take the income. Simples.

Aa far as self employed is concerned they are less clear. However they are widely regarded in the broker industry as rhe easiest lender to deal with as self employed.  In my multiple, multiple applications submitted they dont care about seiss payments taken. They will take income off the sa302 and occasionally ask for bank statements tp confirm business is trading normally.  A lot of cases they haven't even asked for those.

Halifax direct and halifax intermediaries have long had different underwriting pathways. Since increased regulation came in and they shoved most of the longstanding advisors out the door they have more and more limited the scope of what a branch 'advisor' can do.



Re the porting, its your decision to sell so you arent being trapped by the bank. Mortgage prisoners are people who have a good repayment history and want to do a like for like remortgage to a better lender as theirs isn't trading anymore. For whatever reason they dont qualify under normal underwriting so the regulator allows flexibility.  Completely different situation 

I've been on the phone with them for 3 or 4 hours today. Every advisor I speak to has given me different information.

Just to clarify they are now treating SEISS like furlough and they won't take it as income or a substitute for income. Okay you may have had it in the past I'm not disputing that. However you aren't likely to get it in the future. They really, really care about the SEISS payments currently.

Funnily enough having been told by 3 advisors that I could port I've now been told its not possible. Honesty if you think that is easy to deal with you really like a hard life. I've been given so much conflicting information by them in the last week it's unbelievable. Every advisor says something different.

Ah right thanks, knew it was something like that but couldn't really remember.

[Deleted User]

I dont really know what to tell you.   What you are being told isnt being reflected in the cases that are getting underwritten and offered in a matter of days with myself and friends in the industry.  We all see Halifax as the simplest lender.   I key the figures on the sa302, someone at Halifax checks those figures match the documents I send, and then it goes to offer.   

They do not strip the seiss payment from income which is in line with a good number of prime lenders, they have taken whatever is showing on the sa302.  On my case i submitted Sunday and it went to offer yesterday they asked for business bank statements to confirm the business is in a good way.  Obviously fairly happy with those.   
That client hadn't taken the most recent seiss payment though.  I wouldnt be submitting a case in the first place if they had taken the most recent one.

fewcloudy

bcopie said:

I've been on the phone with them for 3 or 4 hours today. Every advisor I speak to has given me different information.

Just to clarify they are now treating SEISS like furlough and they won't take it as income or a substitute for income. Okay you may have had it in the past I'm not disputing that. However you aren't likely to get it in the future. They really, really care about the SEISS payments currently.

Funnily enough having been told by 3 advisors that I could port I've now been told its not possible. Honesty if you think that is easy to deal with you really like a hard life. I've been given so much conflicting information by them in the last week it's unbelievable. Every advisor says something different.

Ah right thanks, knew it was something like that but couldn't really remember.

This my friend, is why I have used a mortgage broker on every house move I ever did, 5 so far and counting (house moves that is, not brokers!).

I doubt I've spent 3 to 4 hrs on the phone if I added them all together, sounds hideous...

Add in the fact that I am tens of thousands of pounds better off today than I would've been without him, it's a no brainer.

fc

Thrugelmir

bcopie said:

Deleted_User said:

bcopie said:

Deleted_User said:

SEISS and Furlough are 2 different things. In my experience Halifax dont lend to furlough but are fine if you have used SEISS in the past

I'm guessing this has now changed, in my conversation with them they are classing them as the same thing.

Halifax has a clear written policy on furlough.  As long as client is back to work and furlough pay doesn't show on payslips they will take the income as normal. They wont even question how long furlough was for, or anything around the likelihood of being furloughed again. They see the payslip, they take the income. Simples.

Aa far as self employed is concerned they are less clear. However they are widely regarded in the broker industry as rhe easiest lender to deal with as self employed.  In my multiple, multiple applications submitted they dont care about seiss payments taken. They will take income off the sa302 and occasionally ask for bank statements tp confirm business is trading normally.  A lot of cases they haven't even asked for those.

Halifax direct and halifax intermediaries have long had different underwriting pathways. Since increased regulation came in and they shoved most of the longstanding advisors out the door they have more and more limited the scope of what a branch 'advisor' can do.



Re the porting, its your decision to sell so you arent being trapped by the bank. Mortgage prisoners are people who have a good repayment history and want to do a like for like remortgage to a better lender as theirs isn't trading anymore. For whatever reason they dont qualify under normal underwriting so the regulator allows flexibility.  Completely different situation 

I've been on the phone with them for 3 or 4 hours today. Every advisor I speak to has given me different information.

The application was declined when your Ex had the appointment yesterday. What are you hoping to achieve? 

bcopie

Thrugelmir said:

bcopie said:

Deleted_User said:

bcopie said:

Deleted_User said:

SEISS and Furlough are 2 different things. In my experience Halifax dont lend to furlough but are fine if you have used SEISS in the past

I'm guessing this has now changed, in my conversation with them they are classing them as the same thing.

Halifax has a clear written policy on furlough.  As long as client is back to work and furlough pay doesn't show on payslips they will take the income as normal. They wont even question how long furlough was for, or anything around the likelihood of being furloughed again. They see the payslip, they take the income. Simples.

Aa far as self employed is concerned they are less clear. However they are widely regarded in the broker industry as rhe easiest lender to deal with as self employed.  In my multiple, multiple applications submitted they dont care about seiss payments taken. They will take income off the sa302 and occasionally ask for bank statements tp confirm business is trading normally.  A lot of cases they haven't even asked for those.

Halifax direct and halifax intermediaries have long had different underwriting pathways. Since increased regulation came in and they shoved most of the longstanding advisors out the door they have more and more limited the scope of what a branch 'advisor' can do.



Re the porting, its your decision to sell so you arent being trapped by the bank. Mortgage prisoners are people who have a good repayment history and want to do a like for like remortgage to a better lender as theirs isn't trading anymore. For whatever reason they dont qualify under normal underwriting so the regulator allows flexibility.  Completely different situation 

I've been on the phone with them for 3 or 4 hours today. Every advisor I speak to has given me different information.

The application was declined when your Ex had the appointment yesterday. What are you hoping to achieve? 

To find out why they were giving conflicting information and to find out who was correct. They continued to do so today. Thought that was fairly obvious.

bcopie

fewcloudy said:

bcopie said:

I've been on the phone with them for 3 or 4 hours today. Every advisor I speak to has given me different information.

Just to clarify they are now treating SEISS like furlough and they won't take it as income or a substitute for income. Okay you may have had it in the past I'm not disputing that. However you aren't likely to get it in the future. They really, really care about the SEISS payments currently.

Funnily enough having been told by 3 advisors that I could port I've now been told its not possible. Honesty if you think that is easy to deal with you really like a hard life. I've been given so much conflicting information by them in the last week it's unbelievable. Every advisor says something different.

Ah right thanks, knew it was something like that but couldn't really remember.

This my friend, is why I have used a mortgage broker on every house move I ever did, 5 so far and counting (house moves that is, not brokers!).

I doubt I've spent 3 to 4 hrs on the phone if I added them all together, sounds hideous...

Add in the fact that I am tens of thousands of pounds better off today than I would've been without him, it's a no brainer.

fc

Thanks, yes I've tried a couple of brokers, still waiting to hear back about any actual figures though.

bcopie

Deleted_User said:

I dont really know what to tell you.   What you are being told isnt being reflected in the cases that are getting underwritten and offered in a matter of days with myself and friends in the industry.  We all see Halifax as the simplest lender.   I key the figures on the sa302, someone at Halifax checks those figures match the documents I send, and then it goes to offer.   

They do not strip the seiss payment from income which is in line with a good number of prime lenders, they have taken whatever is showing on the sa302.  On my case i submitted Sunday and it went to offer yesterday they asked for business bank statements to confirm the business is in a good way.  Obviously fairly happy with those.   
That client hadn't taken the most recent seiss payment though.  I wouldnt be submitting a case in the first place if they had taken the most recent one.

Deleted_User said:

I dont really know what to tell you.   What you are being told isnt being reflected in the cases that are getting underwritten and offered in a matter of days with myself and friends in the industry.  We all see Halifax as the simplest lender.   I key the figures on the sa302, someone at Halifax checks those figures match the documents I send, and then it goes to offer.   

They do not strip the seiss payment from income which is in line with a good number of prime lenders, they have taken whatever is showing on the sa302.  On my case i submitted Sunday and it went to offer yesterday they asked for business bank statements to confirm the business is in a good way.  Obviously fairly happy with those.   
That client hadn't taken the most recent seiss payment though.  I wouldnt be submitting a case in the first place if they had taken the most recent one.

Interesting, thanks. Maybe it is because we took the latest one, I don't know they won't clarify. Although the latest one was for Feb / Mar / Apr, and it was lockdown so we couldn't open. Its now mid June and we aren't locked down and can open. I have to say that it really depends who you speak to at the Halifax, I spoke to another one today who a said that the underwriters would be fine with it, and it wouldn't be an issue. Although this was the same one that said porting wouldn't involve a new mortgage application which the next person I spoke to said it would. Honestly think it might just be a lack of training and unfamiliarity with SEISS by some of the advisors.  

[Deleted User]

Using the latest seiss is a different ballgame.   Fairly standard request is for 3months trading statements which you cant provide.  Its the reason i wont submit a case for anyone who took the latest one. 

So its not seiss that's the issue, its the fact you took the latest one.   I doubt you'll have much luck anywhere without 3 months of business statements to be honest