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smurray139

First Time Buyer - Halifax Withdrew Offer Days Before Completion

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Basically my completion date was set for next Tuesday. I am buying the house off my mum and dad. House is valued at just under £60k and they are selling it for £36k which is fine to me. Mortgage was agreed with Halifax, they credit scored me several times and I passed. There were a few amends to the offer but they amended and made another followed by credit scoring etc. I passed them all.

 

Mortgage adviser phoned me today to tell me they had withdrew the offer after they credit scored me today. I have checked my report on all 3 credit report sites and absolutely NOTHING has changed. I have no outstanding debt, I have never had a missed payment, I do not owe anything.

 

I recently closed a bank account and that is showing as a negative on Experian. I changed bank from one to Halifax after we had agreed on the mortgage offer. I asked Halifax if this would be an issue in branch and they informed me it would not affect my mortgage application whatsoever, but that is the only thing I can think of. Nothing else has changed. The house is being sold below its actual value. Everyone is making money here. Can anyone please advise me?

 

Everything had been set up with the Halifax to release the funds on Tuesday and they had agreed to do so, but they have pulled out at the last minute. They have said it is due to a credit score, but again they have repeatedly credit scored me and been fine and have told my adviser that I had passed their scoring criteria.

 

I am at my wits end here.

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I'm inclined to think the problem is with the valuation.

 

Somewhere in the back of my head I seem to remember mortgage companies do not like giving mortgages on ubder valued properties. I may be wrong.

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http://www.amortgagenow.co.uk/buying-from-mum-or-dad-under-market-value-concessionary-purchase

 

Have a quick look here

 

Concessionary purchase complications

 

Only selected mortgage lenders accept concessionary purchases.

Nearly all lenders that accept concessionary purchases expect the vendor or to move out on completion (vacant possession). Therefore if you intend to buy mums home and then have her continue to live with you, then you will have very few lending options.

Some lenders will accept concessionary purchases but require the purchaser to put in a minimum five or 10% deposit from their own funds (not gifted by the parent).

There are further complications in that where lenders do allow the parents to remain in the property, some lenders will not, for example, allow an annex to be built to house the parent.

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Yes, they had previously raised that issue twice with the mortgage adviser. I forgot about that. Mum has moved out last week and got her own flat. As I said they previously raised this as an issue, but they were informed she would not be living here and were happy to proceed further.

 

I have to meet the adviser tomorrow. I will raise that also. Any other advise is much appreciated and thank you folks.

 

They were informed at the very start about this and were happy to proceed, but they halted the application about 3 months ago because they wanted information on where my mum would live which they were given and they proceeded with the application after they were satisfied with the information we gave them.

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