Halifax now refusing to mortgage our property

Gavin83

canaldumidi said:

NiseMya said:

canaldumidi said:

NiseMya said:

emmajones1976 said:

Is it a flat?

It is yes. It’s a non-standard construction flat above garages. 

Well there you go. Two quite possible explanations.

But it’s always been a non standard flat above garages? Halifax we’re fine to mortgage it 3 years ago but are now refusing without giving us any explanation. 

Non standard construction: definition can change. Quite likely to be this.

Flat: lenders are cautious post Grenville. Quite likely to be this.

Above garages: as with flats above chippies or next to late-night eateries, increasing wariness by lenders. Quite likely to be this.

Your mis-selling complaint is pointless I'm afraid.Worse, it is just time and money wasting.

I agree with all the above. At the end of the day it’s Halifax risking their money here and honestly flats are a risky option at the moment. The other issues with your flat (non standard construction, above garages) just add to this. Ultimately Halifax don’t have to lend and as far as I’m aware don’t have to give a proper reason for the refusal.

Unfortunately your flat is a risky purchase. I’d expect this to get worse before it gets better so expect more and more lenders to refuse a mortgage.

And please don’t waste everyone’s time with a mis-selling complaint. They haven’t mis-sold you your mortgage. They chose to lend at the time, that was their choice. The fact they’ve chosen not to lend this time has nothing to do with you. You aren’t their customer.

This is ignoring the possibility that your buyer is just lying about the whole thing and felt a mortgage refusal was an easier get out than just telling the truth. Wouldn’t be the first time this has happened.

I do honestly have some sympathy for you but I think you need to forget this, move on and find another buyer.

canaldumidi

lincroft1710 said:

I doubt you could successfully complain to Halifax about them refusing to offer a mortgage to a third party. Your contract with them is to provide you with a mortgage, not someone else 3 years down the line. They may actually may have made a mistake in giving you a mortgage, but having realised their mistake,are continuing to honour their agreement by not foreclosing

I suspect the OP is suggesting that Halifax mis-sold to them 3 years ago, with the result that they are now stuck unable to sell.

Had Halifax not 'mis-sold' 3 years ago, OP would be living somewhere else instead, and not have the current problem.

But that argument is not going to hold water.....

london21

Find out why it is now not suitable and rectify if possible or might have to wait and move to a different lender when deal ends. 

lincroft1710

canaldumidi said:

lincroft1710 said:

I doubt you could successfully complain to Halifax about them refusing to offer a mortgage to a third party. Your contract with them is to provide you with a mortgage, not someone else 3 years down the line. They may actually may have made a mistake in giving you a mortgage, but having realised their mistake,are continuing to honour their agreement by not foreclosing

I suspect the OP is suggesting that Halifax mis-sold to them 3 years ago, with the result that they are now stuck unable to sell.

Had Halifax not 'mis-sold' 3 years ago, OP would be living somewhere else instead, and not have the current problem.

But that argument is not going to hold water.....

Yes, I think the OP needs to realise that a mortgage is a form of secured loan and the lender weighs up the risk to themselves before offering that mortgage. If the lender is happy with the risk, they offer the mortgage, if not they don't. Their attitude to risk can change especially when problems with certain property types come to light.

Seb3013

How could this be possibly wasting our time ? 

The fact is , the policy has not changed since we purchased the property. The structural report is the same , and our buyer was in a better financial state offering a lot of the deposit. His credit was in a much better position to us and they wouldn of lent him less. 

The issue is, the policy didn’t change, and now no one is willing to lend on our property.  It’s not about the buyer in this case they said that “ We don’t lend on this property type”. 

The buyer passed all the relevant credit checks and was ready to go. It was the property that was at fault. 

So we have them saying their policy hasn’t changed since we brought it , but they said they don’t lend on this property. But they have done, which is where the confusion arises. Yes they have the basis to refuse potential lendees, but like I said, the issue was with the property it self and whether or not it was suitable then. 

Again, their  policy has not changed, and nor as the structure. So someone on their end has either messed up with us, or has messed up with the buyer.  Either or, they have accepted that this is a weird case and they don’t know what is wrong or why the values have done this. So they are investigating, and have said this is a very rare occurance. 

Seb3013

Additionally, this was ongoing for a while abs the buyer pulled out due the hassle. And the fact no one wanted to lend to him with a considerable deposit 

74jax

We own an apartment in the North East where other owners are saying they can't currently sell due to buyers finding it nigh impossible to get a mortgage.  

It's very, sadly, all the more common in recent times until cladding issues and such like resolves. 

MaryNB

Snookie12cat said:

NiseMya said:

user1977 said:

That's not really what "mis-selling" means.

If it was suitable for them when you bought, and now isn't, then obviously either something has changed in their criteria, or the valuers had different opinions about the property. Haven't your buyers investigated other lenders? 

Luckily we are using the same mortgage broker now as we did 3 years ago and she is the one who told us to raise the complaint as she has investigated herself and told us that something doesn’t add up. 

She potentially found one other lender to try but our buyer has now pulled out due to the hassle of all this. 

Your buyer couldnt have been all that serious if they wouldnt even try another lender...

Having a high street lender deem a property unmortgageable could be enough to put me off a property. I know other lenders might be ok with it but lenders can change criteria and others may follow suit further down the line. I'd be concerned that if I wanted to sell it on in a few years I'd have trouble finding a buyer for the same reason. 

emmajones1976

Why has the OP chosen to create a new username to continue the discussion? Odd.

MH1927

If its a complaint that the original mortgage is mis-sold shouldn't the complaint be made against the OP's Broker?