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Halifax Reduced Offer! help

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  • Halifax Reduced Offer! help

    hi,

    i had a mortgage offer in place with the halifax which is/was valid until end of june 2015.

    but my interest rate was only valid until 31st march.

    now 3 weeks ago i had to change lawyers, i told the halifax this and was told no problem will get new paperwork sent out.
    waited and waited now to be told last friday that my mortgage offer has been reduced by £10,000.
    they cant tell me why. i was told changing lawyers and rates was easy and that it wouldnt affect my application. but it has triggered a new application.

    i dont know what to do, i have no way of raising the extra deposit money!

    only thing i have done since my offer was i put about £2500 on my credit card, i now know i shouldnt have done this, but i can pay this all back now.

    do you think this will help, as i have a good credit score and havent taken out new credit. so only this extra spending.

    can anyone advise?

    thanks

  • #2
    Re: Halifax Reduced Offer! help

    I can understand your concern.

    I'm not a mortgage expert but have had mortgage issues myself through the years so know the stress unforeseen changes like this can cause.

    I can't see that changing lawyers would cause this problem so would forget that.

    Therefore I'd guess it may be linked to the £2.5k CC balance you've now got but the Halifax should be able to tell you why the figure has been reduced, mortgage offers don't just 'reduce' automatically. My suggestion would be for you to speak to the Halifax and ask them to rerun a credit check on you to show both the £2.5 balance and without it, that is a reasonable request and can't see they'd refuse as it only takes 5-10 minutes for you to confirm some income / expenses.

    In addition to speaking to the Halifax direct, how was this mortgage processed? Did you do it yourself through a branch / online or go through a broker? If through a broker, then they should also be contacted and do some of the investigation work for you.

    Good luck with it though, let ue know how things proceed.

    Comment


    • #3
      Re: Halifax Reduced Offer! help

      thanks for that.

      it is through a broker, but hes not very quick off the mark sometimes.

      spoke to the halifax a few times but they always tell me they cant tell me what the reason, although they told me this morning that they know i booked a holiday on my card(paid the deposit for security) how would they know this?

      Comment


      • #4
        Re: Halifax Reduced Offer! help

        Hi Susanne,

        The lender probably checked and found the extra money on your credit card. This will reduce your free income and hence they adjusted the mortgage amount. Or it could be a change in criteria that they have put in place. Dont expect them to tell you the reason though as they in theory dont have to and wont in my experience. I have seen lender pull all sorts of stunts and they have the right to do this unless you have paid a booking fee to reserve the rate. Even then they could refund you and change the rate regardless. The FCA are a bunch a faceless @rseholes that are all in it because of their bonuses from the monies paid by the brokers and the banks.

        Ged
        http://www.premierexpatmortgages.com
        [email protected]

        Comment


        • #5
          Re: Halifax Reduced Offer! help

          Originally posted by Premier Expat Mortgages View Post
          Hi Susanne,

          The lender probably checked and found the extra money on your credit card. This will reduce your free income and hence they adjusted the mortgage amount. Or it could be a change in criteria that they have put in place. Dont expect them to tell you the reason though as they in theory dont have to and wont in my experience. I have seen lender pull all sorts of stunts and they have the right to do this unless you have paid a booking fee to reserve the rate. Even then they could refund you and change the rate regardless. The FCA are a bunch a faceless @rseholes that are all in it because of their bonuses from the monies paid by the brokers and the banks.

          Ged
          So would a worthwhile suggestion for Susanne be to pay off the CC balance and then have a credit review which would possibly put her rating back up and therefore free up the full amount she requires?

          Comment

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