Mortgage withdrawn due to change in circumstances

reagan2022

I'm after some advice, please...
Halifax withdrew our mortgage offer following a change in employment. 
My wife remains employed. However, my situation has changed from full-time employment to consultancy. 
I understand the bank can do this, but I wondered if there is any mileage in asking for a review as my wife has been given a pay rise which means our employed income remains the same.
Our broker has indicated this will not make a difference as the affordability criteria has changed since we applied. 
Thanks

kingstreet

Please define "consultancy." Do you actually mean self-employed?

reagan2022

Correct, self-employed

kingstreet

In which case, you are unlikely to be successful with Halifax or any other lender at this time.

Typically, no lender will accept the income of a self-employed applicant until they have at least a year's trading record. If your wife's income alone is sufficient to meet affordability, you may see your Halifax application re-offered.

reagan2022

I was previously self-employed, so do have a trading record (3 years in fact).

I'm not sure what multiple was applied to our original offer so difficult to assess.

Thanks for feedback though..

kingstreet

reagan2022 said:

I was previously self-employed, so do have a trading record (3 years in fact).

I'm not sure what multiple was applied to our original offer so difficult to assess.

Thanks for feedback though..

Try this.

https://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

Most lenders use an online calculator. Income multiples only really apply for higher-LTV income capping.

reagan2022

Can you appeal directly, or do you have to go via your broker?

zarf2007

another example which proves honesty definitely isn't the right policy.....why tell them !!!!!!?

kingstreet

reagan2022 said:

Can you appeal directly, or do you have to go via your broker?

If you meet affordability without your income, let your broker know and he can report this to Halifax.

BikingBud

zarf2007 said:

another example which proves honesty definitely isn't the right policy.....why tell them !!!!!!?

Are you suggesting that applicants fail to notify material facts? 

simon_or

zarf2007 said:

another example which proves honesty definitely isn't the right policy.....why tell them !!!!!!?

That's called mortgage fraud....