Fed up.

sarah539_2

Finally found a house we love, desperate to put an offer in. Only issue is the AIP expired over the weekend, it's no problem of course as you just get another one. WRONG 😭

Nothing changed between then and now and Halifax just decided we no longer qualify for a 10% deposit mortgage only a 15. 

Honestly, just when you think you might have a small light at the end of the tunnel. 

Speaking to a whole of market broker on Monday to see what our options are.

Just to point out, we don't know why they said no. Been advised our scores are 'weak' due to not having credit cards etc. We have car finance and mobile phones, nothing sinister on our accounts, never missed a payment etc. 

I don't think I need advice, just needed a place to vent as I know many FTB are feeling just as fed up as I am. 

Ramouth

So sorry for you.  Really hope the broker can help you on Monday and you can get your offer in.

tdawber

Rubbish isnt it!! 

Antman27

I really feel for you. Thanks for sharing though. Our AIP expires next month and we still haven't found a house. So could well face a similar situation.

Justonemorecupoftea

So sorry! Hopefully your broker can find you an alternative solution.

Will they let you put the offer in with an expired aip?

K_S

@sarah539_2 Sorry to hear that. It doesn't help you but Halifax has been tweaking its "credit score" requirements for 90% and 95% LTV mortgages over the past couple of months so that might be one reason for the change in decision.

If you're on the Halifax 85/90% border, your broker should be able to place you with another mainstream lender at 90%. Good luck!

lookstraightahead

I do feel for you.

Estate agents and vendors are slowly 'killing' off buyers by their ridiculous valuations and the time vendors want to hang around before moving - making AIPs invalid and out of date.

Valuations are being corrected by mortgage lenders left right and centre and then vendors feel the need to ask buyers to make up the difference.

I think the tables will turn shortly, hold out for a while.

ukri

Hi @K_S are you seeing a lot of down-valuations happening?

sarah539_2

K_S said:

@sarah539_2 Sorry to hear that. It doesn't help you but Halifax has been tweaking its "credit score" requirements for 90% and 95% LTV mortgages over the past couple of months so that might be one reason for the change in decision.

If you're on the Halifax 85/90% border, your broker should be able to place you with another mainstream lender at 90%. Good luck!

I hope so but knowing how much luck we have had this far the house will probably sell over the weekend before our appointment with the broker!

K_S

ukri said:

Hi @K_S are you seeing a lot of down-valuations happening?

@ukri Not really. A bit more than "normal" but that's about it. If I had to put a number on it I'd say 1 in 10. Over the last 6 months I've only had one downval that scuppered the transaction. The few remaining ones were either valued at purchase price by the back-up lender or the client was willing to bridge the gap.

Unfortunately the vendors didn't budge in any of these cases as there was a queue of buyers willing to offer if the client pulled out.

jimbog

lookstraightahead said:

Valuations are being corrected by mortgage lenders left right and centre and then vendors feel the need to ask buyers to make up the difference.

Do you have evidence for this? Do you work in the sector?