Halifax now refusing to mortgage our property

Seb3013

Snookie12cat said:

The bank isn't required to lend to someone even if they meet all the criteria. 

They could have too many in that area, or in that development, maybe the buyer planned to rent it and there are too many in that area that are rented, the list goes on. 

At the end of the day, other lenders will likely lend on it, they just might not be a high street lender. 

Multiple brokers have been involve  with this and suggested multiple lenders, and no one wants to lend , which is their right to, but not the issue. 

The issues was the reason behind it, and the fact that they said they do not lend on this property. Meaning they should not of lent to us , which is why the confusion arises. Anybody could of applied, the bank apparently never lend on this type of property 

Snookie12cat

Seb3013 said:

Snookie12cat said:

The bank isn't required to lend to someone even if they meet all the criteria. 

They could have too many in that area, or in that development, maybe the buyer planned to rent it and there are too many in that area that are rented, the list goes on. 

At the end of the day, other lenders will likely lend on it, they just might not be a high street lender. 

Multiple brokers have been involve  with this and suggested multiple lenders, and no one wants to lend , which is their right to, but not the issue. 

The issues was the reason behind it, and the fact that they said they do not lend on this property. Meaning they should not of lent to us , which is why the confusion arises. Anybody could of applied, the bank apparently never lend on this type of property 

I completely get why you are annoyed, but it's going to be something that you probably won't win. 
When you bought it potentially loads of lenders would have lent to you and in the years gone by things have changed and now they won't. This is unavoidable and could happen and has happened to lots of people. Although you have been told their lending policy is unchanged, clearly it has or the surveyor made an error when you bought it and it slipped through the net, in which case your complaint would be with the surveyor.

Thrugelmir

What precisely was your potential buyer told?  Unsuitable is rather vague and has no context. Whatever criteria the property failed on must have been quite specific. Internal lending policy is the result of much deliberaton and discussion at senior level. Not done on a whim. 

csgohan4

Seb3013 said:

canaldumidi said:

I think we all understood the context. Repeating it is unlikely to change the responses.

I'm not sure why it's so important to you for us to agree though. You've clearly made up your mind that Halifax is at fault.You've raised a complaint. You believe the complaint is justifed.

What advice exactly are you seeking here?

No, I don’t want you to agree, I want you to understand the problem and give your opninon based off that.  Like we had the same issue with the complaint. They said that it the fault with the buyer and their credit but it not. 

The problem is ,”  did their  policy back then say they shouldn’t of lent us the money” that the problem right, which is what we should of asked initially.  If that is the case, the don’t we have the grounds to complain. 

policy/criteria 'back then' is different to it now. What it was 'back then' does not matter for the now. It is current criteria for lending.

Your confusing policy/criteria with insurance products where it would be the policy you were offered at the time to be valid for the duration of the policy/contract

Lending is very much different and legacy policy/criteria have no bearing on current criteria

It seems OP your clutching for straws which is futile since your buyer has bailed and understandably so. Even if they got a lender, there may not be  a guarantee of getting one when they sell given the trouble they have had

user1977

Seb3013 said:

Snookie12cat said:

The bank isn't required to lend to someone even if they meet all the criteria. 

They could have too many in that area, or in that development, maybe the buyer planned to rent it and there are too many in that area that are rented, the list goes on. 

At the end of the day, other lenders will likely lend on it, they just might not be a high street lender. 

Multiple brokers have been involve  with this and suggested multiple lenders, and no one wants to lend , which is their right to, but not the issue. 

The issues was the reason behind it, and the fact that they said they do not lend on this property. Meaning they should not have lent to us , which is why the confusion arises.

It's entirely up to the lender whether to accept the property as security or not. There's no implied advice by them to you about whether it's a good idea or not. Like I said at the outset, this is not "mis-selling" and you have no grounds for complaint. 

[Deleted User]

NiseMya said:

emmajones1976 said:

Is it a flat?

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

Ah, another victim of the fire safety scandal.

lincroft1710

Seb3013 said:

Snookie12cat said:

The bank isn't required to lend to someone even if they meet all the criteria. 

They could have too many in that area, or in that development, maybe the buyer planned to rent it and there are too many in that area that are rented, the list goes on. 

At the end of the day, other lenders will likely lend on it, they just might not be a high street lender. 

 

The issues was the reason behind it, and the fact that they said they do not lend on this property. Meaning they should not of lent to us , which is why the confusion arises. Anybody could of applied, the bank apparently never lend on this type of property 

No it does not.


A lender can choose to whom they lend and on what they lend. Criteria can and does change, they may now choose not to lend on property or property type X or to person Y. What risk(s) may have been acceptable then may not be acceptable now. 

3 years ago you wanted a mortgage. Halifax decided you and the property were acceptable risks and thus lent you the money. They have no duty of care to you regarding the suitability of the property for any subsequent mortgage or its value at the end of the mortgage term.

firsttimesellerldn

When I sold my flat my buyer was refused a mortgage by my lender. It happens. (They went on to get a mortgage elsewhere.)  Banks’ criteria and risk appetite do change over time. You’re not going to get anywhere worth challenging their decision to lend to you previously. I completely sympathise though. 

jkrbec

I think you’re clutching at straws tbh, as everyone else has said, completely upto the lender and a lot can change in 3 years, I would personally never buy a flat due to the resell factor and I think that’s a risk you take when buying one…

Slithery

I find it impossible to believe that Halifax haven't changed their lending criteria at all in the last 3 years.