a few weeks ago my partner and myself had a meeting with a mortgage advisor at the halifax. We were offered a 90% LTV mortgage where halifax would pay the stamp duty if the property was worth up to £250,000. during the meeting we were asked what sort of properties we had in mind and we said we would look at anything, ranging from new build flats, houses converted into flats, literally anything that was on the market in our price range.
we were given a mortgage promise document and told that if we found somewhere to show this to the estate agent to prove we had finances in place.
to cut a long story short we found a property at the weekend and put an offer in. On calling halifax to tell them this and that we needed a survey they then said as the property was a new build flat we would in fact need a 20% deposit. This had not been mentioned at any stage before and is totally at odds with the information given previously and it now looks like we will lose the property that the offer has been accepted on.
Can they do this? Do we have any rights in this situation as the bank were fully aware of the types of properties we were looking at and it was never an issue at any stage before??
we were given a mortgage promise document and told that if we found somewhere to show this to the estate agent to prove we had finances in place.
to cut a long story short we found a property at the weekend and put an offer in. On calling halifax to tell them this and that we needed a survey they then said as the property was a new build flat we would in fact need a 20% deposit. This had not been mentioned at any stage before and is totally at odds with the information given previously and it now looks like we will lose the property that the offer has been accepted on.
Can they do this? Do we have any rights in this situation as the bank were fully aware of the types of properties we were looking at and it was never an issue at any stage before??