If my circumstances haven't changed, can the Halifax decline a mortgage if a mortgage promise has been given?
We have 5 rented properties, 3 with mortgages, all with at least 50% equity, the other 2 mortgage free. We also have our own house, all with the Halifax. We are buying another house for ourselves which will also have 50% equity in it.
We went to see them at Christmas, met all their criteria, once offer was accepted on 29th january, we went to see them and got a mortgage promise. All great. We've had a homebuyers report done on the new property, all good, valued over what we are paying. Sent the survey to the Halifax (they said we wouldn't need there's doing). Nothing has changed, they have all the information, yet the mortgage has been declined. When we asked her why, she said the new mortgage will take us over their threshold of £500,000 mortgages. I said that she knew all this when the promise was made, she said this new threshold amount was a new figure (so only came in over the last few weeks). Surely as the promise is Within the deadline (open until 21st march) they should honour this?
Any advice would be great as I'm against the clock as we are supposed to complete in 3 weeks! She told is we would be fine and now I'm left dangling!
We have 5 rented properties, 3 with mortgages, all with at least 50% equity, the other 2 mortgage free. We also have our own house, all with the Halifax. We are buying another house for ourselves which will also have 50% equity in it.
We went to see them at Christmas, met all their criteria, once offer was accepted on 29th january, we went to see them and got a mortgage promise. All great. We've had a homebuyers report done on the new property, all good, valued over what we are paying. Sent the survey to the Halifax (they said we wouldn't need there's doing). Nothing has changed, they have all the information, yet the mortgage has been declined. When we asked her why, she said the new mortgage will take us over their threshold of £500,000 mortgages. I said that she knew all this when the promise was made, she said this new threshold amount was a new figure (so only came in over the last few weeks). Surely as the promise is Within the deadline (open until 21st march) they should honour this?
Any advice would be great as I'm against the clock as we are supposed to complete in 3 weeks! She told is we would be fine and now I'm left dangling!