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Halifax went back on mortgage offer
Comments
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OP Could try asking seller to reduce price.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
The lender probably made their decision in happier times. It is harsh but this happens when major shifts in market sentiment occur. Your daughter should count herself lucky. Some people are losing huge deposits because lenders are changing their minds after exchange of contracts.
Rather than complain about it, you and your daughter should take a leaf from Halifax's book and take a long hard look at the tea leaves in the bottom of the cup. These are very turbulent times in the property market.
I know we should not grumble it's just so dissapointing for them. But you are right. Many Thanks to you and everyone else.
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mr.broderick wrote: »Thats a nice helpful post.
Not sure property is such a surefire bet but until joining this network i never realised how desperate people were to buy a house hence the will for price correction to enable them to do this.It's strange how us in the uk buck the trend in europe and really crave home ownership.
TBH I think this idea that many have that Anglo Saxons buy and Europeans rent is a bit of a myth. Renting in most of Europe is more appealing but the family settling down in France or Spain want to do so in a place of their own (esp the 30 somethings).
The biggest difference for me is that most Europeans see a house as a thing to live in first and foremost rather than an investment. Rises in prices are seen as bad in France for example as it drags 'ordinary people' into a position where they have to pay the dreaded wealth tax.
IIRC, a slightly higher % of French people own their homes than Brits I think. They like to buy something new mostly as that way they have no maintenance to do.0 -
Yes, If they get nowhere with them I've told them to stand outside the branch and tell everyone not to get a mortgage with them. See how they like bad publicity.
They wouldn't withdraw the mortgage offer for no reason, so perhaps Halifax are doing them a favour i.e. either the house is worth less than they offered, or they're not convinced they can afford the monthly payments (gas/elec prices up, CT up, petrol up, below inflation pay rises) and thus need a bigger deposit.
It could be a blessing in disguise, so try seeing it as a good thing rather than a bad thing!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Can the OP clarify if it was a mortgage offer or an agreement in principal that was withdrawn? It reads to me like the latter.0
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