Rate switch triggered underwriter

taylor86

I contacted Halifax to request a rate switch following our mortgage offer several months ago as rates are much more favourable now. 

They went through the process and said it will be referred to the underwriter because their affordability has changed and we can now only borrow 2k less than our current offer. (Our current offer was about 10k off our max at the time we applied)

Anyone had experience of this? Feeling very nervous as we are waiting for confirmation of an exchange date… likely this Friday!

Strummer22

Do you have £2k in the bank to make up the difference, if necessary?

taylor86

Strummer22 said:

Do you have £2k in the bank to make up the difference, if necessary?

Not easily. I mean we could get our hands on it but we’ve put in as much cash as we can to keep the LTV down. 

amnblog

Get the extra ready, and from a source that you can easily evidence.

Not borrowed
Saving account statement is fine
If gift from family have a gift letter prepared, or if there is a current gift letter a new version with the extra £2K

taylor86

Just an update, they’ve come back and offered the original amount, relief! No more rate changes now for us, lesson learned!

snowqueen555

I am applying through Halifax direct with the same issue I suppose as rates have dropped slightly.

What doesn't make sense is that my previous broker was always able to update the rate as soon as they come in and send me the updated agreement without even having to ask.