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    • solojedi2013
    • By solojedi2013 9th Jul 18, 12:51 PM
    • 16Posts
    • 4Thanks
    solojedi2013
    Remortgage with Halifax declined is it worth appealing?
    • #1
    • 9th Jul 18, 12:51 PM
    Remortgage with Halifax declined is it worth appealing? 9th Jul 18 at 12:51 PM
    Hi All,

    I am having a issue trying to secure a remortgage with the Halifax basically used a broker FAC, seemed very good. He completed a DIP in my and my wife's name which Unforntantley failed but said it passed in my name. He advised to look at other lenders but would be subprime Magellan 3.14% with 2,500 lender fee plus broker fee of 750 or alternatively we could proceed with Halifax in just my name at 1.8% no lender fee and a 500 broker fee but this would mean my wife would need to come off the deed. I discussed this with my wife and we agreed it made sense for her to come off the title and to go back on when we could remortgage which would be 2 years without any early payment charges.

    Anyway everything was going fine until we where told she would not be allowed to live in the property after completion. This raised some concerns as we where not aware of this, I raised it and asked if this could be changed but Halifax would not budge. So we decided to agree to her moving out of the property to my mother's as would be having some building work carried out at the house and could all stay at my mum's who live alone in a fairly big house on her own.

    Again we provided a forwarding address and everything was fine . We where due to complete on the 27th of June but where told it had to go to the underwriters for approval.

    They declined the application and said we tried to circumvent their lending policy!

    I am so stressed out now due to this and desperately need to find a solution and am considering appealing. Is this something I should do or just go the subprime lender.

    Any advice, experience any one can offer would be greatly appreciated.

    Many thanks for reading.
Page 1
    • Typhoon2000
    • By Typhoon2000 9th Jul 18, 12:59 PM
    • 864 Posts
    • 421 Thanks
    Typhoon2000
    • #2
    • 9th Jul 18, 12:59 PM
    • #2
    • 9th Jul 18, 12:59 PM
    Are you borrowing more money? If not, it would be easier to get a retention product with your existing lender, rather than remortgaging.
    • Samsung_Note2
    • By Samsung_Note2 9th Jul 18, 2:25 PM
    • 494 Posts
    • 194 Thanks
    Samsung_Note2
    • #3
    • 9th Jul 18, 2:25 PM
    • #3
    • 9th Jul 18, 2:25 PM
    Hi All,

    I am having a issue trying to secure a remortgage with the Halifax basically used a broker FAC, seemed very good. He completed a DIP in my and my wife's name which Unforntantley failed but said it passed in my name. He advised to look at other lenders but would be subprime Magellan 3.14% with 2,500 lender fee plus broker fee of 750 or alternatively we could proceed with Halifax in just my name at 1.8% no lender fee and a 500 broker fee but this would mean my wife would need to come off the deed. I discussed this with my wife and we agreed it made sense for her to come off the title and to go back on when we could remortgage which would be 2 years without any early payment charges.

    Anyway everything was going fine until we where told she would not be allowed to live in the property after completion. This raised some concerns as we where not aware of this, I raised it and asked if this could be changed but Halifax would not budge. So we decided to agree to her moving out of the property to my mother's as would be having some building work carried out at the house and could all stay at my mum's who live alone in a fairly big house on her own.

    Again we provided a forwarding address and everything was fine . We where due to complete on the 27th of June but where told it had to go to the underwriters for approval.

    They declined the application and said we tried to circumvent their lending policy!

    I am so stressed out now due to this and desperately need to find a solution and am considering appealing. Is this something I should do or just go the subprime lender.

    Any advice, experience any one can offer would be greatly appreciated.

    Many thanks for reading.
    Originally posted by solojedi2013
    Seriously...ive just checked the date and its Not April 1st...
    If my appalling spelling offends you that much...dont read my posts.
    • solojedi2013
    • By solojedi2013 9th Jul 18, 3:00 PM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    • #4
    • 9th Jul 18, 3:00 PM
    • #4
    • 9th Jul 18, 3:00 PM
    Hi,

    Thanks for the quick replies.

    Typhoon2000
    I am trying to raise extra funds for a rear extension I've already started. Also with Whistletree on 4.3% , they have said I maybe eligible to switch but need to go through a full income/expenditure , booked a telephone call for Wednesday however they wont lend anymore.

    Samsung_note2
    I was very surprised to be told my wife needed to move out on completion and was advised this was standard practice just in case she claims squatters rights if I defaulted and they wanted to repossess the property even though they asked her to sign her rights away to the property in case of my death, repossession etc she would not have a leg to stand on. Which she signed the underwriter said the the following in a email to the broker. Is she correct in saying I am doing something incorrect. As I think I meet all there requirements, literally refused to pay when solicitors requested release of funds...everything else has been done.



    Good Afternoon

    I have considered your proposition for the app and his wife to move from the property to his mothers whilst works carried out and then for her to not return until they can remo again and am not happy with this proposition.

    The decision remains declined, this lending is not within our lending policy and I am not willing to accept a proposition which looks to circumnavigate our lending policy,

    Many thanks

    Regards
    • bertiewhite
    • By bertiewhite 9th Jul 18, 3:24 PM
    • 1,170 Posts
    • 1,282 Thanks
    bertiewhite
    • #5
    • 9th Jul 18, 3:24 PM
    • #5
    • 9th Jul 18, 3:24 PM

    Anyway everything was going fine until we where told she would not be allowed to live in the property after completion.
    Originally posted by solojedi2013
    Were you given a reason?

    I've been with my wife for 8 years now, and we've been married for 5 of them. In the time we've been together I've had 2 houses with 2 mortgages solely in my name and not once have we been told she can't live in the house.
    • solojedi2013
    • By solojedi2013 9th Jul 18, 3:27 PM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    • #6
    • 9th Jul 18, 3:27 PM
    • #6
    • 9th Jul 18, 3:27 PM
    Thanks Bertiewhite...

    Please see the underwriters reason below. Do you think I should ask for a copy of their lending policy or escalate to a manger maybe. Struggling to make sense of it all.


    Good Afternoon

    I have considered your proposition for the app and his wife to move from the property to his mothers whilst works carried out and then for her to not return until they can remo again and am not happy with this proposition.

    The decision remains declined, this lending is not within our lending policy and I am not willing to accept a proposition which looks to circumnavigate our lending policy,

    Many thanks

    Regards
    • bertiewhite
    • By bertiewhite 9th Jul 18, 4:11 PM
    • 1,170 Posts
    • 1,282 Thanks
    bertiewhite
    • #7
    • 9th Jul 18, 4:11 PM
    • #7
    • 9th Jul 18, 4:11 PM
    Thanks Bertiewhite...

    Please see the underwriters reason below. Do you think I should ask for a copy of their lending policy or escalate to a manger maybe. Struggling to make sense of it all.

    Originally posted by solojedi2013
    I'm not sure, my ex wife was never on the mortgage either (mainly because her credit history was bad) and we had no problems. Maybe it's just that lender?

    I've had mortgages with Barclays, Woolwich, Northern Rock & Virgin and like I say, none of them have ever said that I couldn't have a mortgage solely in my name for a house that both of us would be living in. I have always had to state that my wife would be occupying as well.

    It's as if the Halifax are saying they only give joint mortgages. What about other occupants of houses that are resident, such as children?

    I'm just wondering if it's because you initially made a joint application whereas I've always made applications in my name from the start.
    Last edited by bertiewhite; 09-07-2018 at 4:14 PM.
    • kingstreet
    • By kingstreet 9th Jul 18, 4:22 PM
    • 33,678 Posts
    • 18,263 Thanks
    kingstreet
    • #8
    • 9th Jul 18, 4:22 PM
    • #8
    • 9th Jul 18, 4:22 PM
    Halifax was always the wrong lender for this.

    Is your broker going to put it right and place it with a lender which would accept such a proposition?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • solojedi2013
    • By solojedi2013 9th Jul 18, 4:50 PM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    • #9
    • 9th Jul 18, 4:50 PM
    • #9
    • 9th Jul 18, 4:50 PM
    Thanks Bertiewhite apprieciate your insight.

    It could be because the broker applied in both names, and then switched it just in my name but they where aware of this when I queried why my wife had to move out. They explained it was normal practice and a requirement by law! So I discussed our options with my wife and we decided we could move out and stay at my mother's. This would mean the issue with my wife not remaining as a occupier would be resolved.

    Thanks, Kingstreet
    The broker has not offered any other options other then Magellan who i am not comfortable with as the rate is much higher and their fees are 2500, he said my credit rating has been affected due to the number searches carried out.

    I tried another broker who said Natwest would be fine with my situation, but that has been declined this afternoon.

    I am going around in circles , the underwriter is making this very difficult as when I queried my wife having to move out they said it was their policy which meant that if I am solely named on the property she can't stay there.

    We have now agreed she will move but they are now saying I am trying to circumvent their policy when I am trying to meet the requirements they have set.

    Can I fight my case or it a case of their decision is final.

    It's left me exhausted and in a worse situation than I started with.
    • haras_nosirrah
    • By haras_nosirrah 9th Jul 18, 5:32 PM
    • 1,444 Posts
    • 2,722 Thanks
    haras_nosirrah
    The difference is that your wife was formerly on the deeds and is now coming off. Therefore half the house is her equity. If she had never been on the deeds it would be different as she would have never 'owned' the house. Her rights are much stronger having been a former owner which is why halifax won't allow her to come off the deeds and stay in the property.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 9th Jul 18, 5:41 PM
    • 59,211 Posts
    • 52,601 Thanks
    Thrugelmir
    What's wrong with your wife's credit record? Therein lies the root of your problems. As you are married you are have become financially interlinked in law. Unfortunately not possible to become separate individuals when it's convenient to you. Life isn't that easy.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • solojedi2013
    • By solojedi2013 9th Jul 18, 6:27 PM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    Thanks Haras_nosirrah, That makes sense but why did they say she can't live in the property on completion and now saying it makes no difference?

    Thanks - Thrugelmir, she has managed to recently 2 months ago received a CCJ on for 600 both is where unaware, it seems to be incorrect. Is it better to try and get it set aside first,it's just I need the money asap and wanted to get the mortgage and then try and fix her credit issue.
    • haras_nosirrah
    • By haras_nosirrah 9th Jul 18, 6:29 PM
    • 1,444 Posts
    • 2,722 Thanks
    haras_nosirrah
    I think the issue is they don't think your wife will move out of the property but that you are just saying she will to get round their criteria i.e. they think it more likely that she will live in the property with her family than live with your mother for the rest of the 20 odd years in the mortgage.
    Last edited by haras_nosirrah; 09-07-2018 at 6:32 PM.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • bertiewhite
    • By bertiewhite 10th Jul 18, 8:11 AM
    • 1,170 Posts
    • 1,282 Thanks
    bertiewhite
    What's wrong with your wife's credit record? Therein lies the root of your problems. As you are married you are have become financially interlinked in law. Unfortunately not possible to become separate individuals when it's convenient to you. Life isn't that easy.
    Originally posted by Thrugelmir
    That was exactly the reason I applied for mortgages in my name only with my ex - because she admitted her credit history would ruin our chances.
    • solojedi2013
    • By solojedi2013 10th Jul 18, 9:20 AM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    Thanks again for your comments....

    Haras_nosirrah
    Yes I suspect they don't believe me when I say she will move out...our intention is to do the building work and apply for a remortgage after the 2 year fixed period. Is it worth disputing it with them or do you think I should try elsewhere . I have a option for a secured loan with Paragon or remortgage with Megallan home loans.

    Bertie white
    Unforntantley I was told I couldn't in just my name as we jointly own the property. I think that is why the broker looked at the application in just my name. Not sure whag to do. Maybe go with Megallan? Or secured loan and the remortgage when sort out this mess.

    Really looking to find a solution getting a bit desperate now.
    • solojedi2013
    • By solojedi2013 10th Jul 18, 1:08 PM
    • 16 Posts
    • 4 Thanks
    solojedi2013
    Hi,

    Can I find a mortgage specialist / solicitor who might be able to help on here. I think it is unfair as we have done everything they have asked and still being declined!

    I have checked with whistletree and I am currently on 4.78 interest rate so urgently want to change lenders even if it means moving out of the property.

    Any advice help would be greatly appreciated.
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