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Mortgage offer problems

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Hi

We have sold our house and had offer accepeted on a new house, surveys done etc

We currently are in a 5 year fixed deal with the halifax for 160k on our current property, we require a 190k mortgage for the new house.

Since buying our first property we have had 2 children and my wife no longer works, I earn 53k plus 7k a year in bonus. We have 3 loans - 1 for 6k with the halifax, 2.5k car HPI and 25k unsecured with barclays.

From the sale of our property we will be paying off the 6k and 2.5k loans.

We have never missed a mortgage or loan repayment and easily cope with our monthly commitments but not in the halifaxs affordability systems eyes.

The halifax have agreed to give us an offer and have agreed to give us the 190k but only if the 2.5k and 25k loan are repaid. We are not in the position to repay the 25k loan at this time so have hit a brick wall.

Is our only option to leave the halifax facing a 5k early repayment fee?

Thanks

Comments

  • funny how the halifax are not asking for the 6k halifax loan to be repaid!?

    can you sell anything to pay off the loan? are you moving to a bigger house? could you move to a cheaper house (which is more the halifax penalty or the costs already incurred on the new purchase). you could either go to another lender or renegotiate on the purchase price.

    did you get a mortgage in principle offer for £190 before you sold your house? i don't know what your monthly take home pay is, but could you stretch out the sale time and tighten your belt for the next few months to rein some money in?
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