This is my first post on here and I'll try to keep it brief.
My wife and I fell for a house in Sussex last January. It needed a lot of work but the owners agreed to a completion delayed until the end of May. We applied to Halifax for a mortgage via a broker. We passed the initial checks and paid a valuation fee. The valuer said he could not value the property due to its condition but that when his list of essential works were completed he would value the house at the contract price.
An architect looked over the house and gave us a ball-park figure to put things right. Reassured by this and the time we had in hand, we exchanged contracts mid. February with completion set for the end of May, which has now been extended to the end of June.
We have worked flat-out for three months to get the house right, doing a very lot of the work ourselves. We contacted Halifax at the end of May who reappointed the valuers who confirmed a new value at the required figure.
However, last week Halifax start asking loads more questions about why we wanted the property? Source of deposit? (Which I explained was a loan from a friend to be repaid against the sale of our house in France, ie. nothing to do with this property) However, they have now declined our application even though there have been no changes in our circumstances.
With only eleven days to go until we are in default on our completion we feel totally shafted by Halifax BS. We were not told at any point that there could be additional hoops to jump through at this late stage and we cannot understand why these points were not cleared up before the original valuation fee was taken back in February. Any advice or suggestions where we might go from here would be very welcome. Ironically our loan to value is only 65% anyway.
Thank you for taking the time to read this.
My wife and I fell for a house in Sussex last January. It needed a lot of work but the owners agreed to a completion delayed until the end of May. We applied to Halifax for a mortgage via a broker. We passed the initial checks and paid a valuation fee. The valuer said he could not value the property due to its condition but that when his list of essential works were completed he would value the house at the contract price.
An architect looked over the house and gave us a ball-park figure to put things right. Reassured by this and the time we had in hand, we exchanged contracts mid. February with completion set for the end of May, which has now been extended to the end of June.
We have worked flat-out for three months to get the house right, doing a very lot of the work ourselves. We contacted Halifax at the end of May who reappointed the valuers who confirmed a new value at the required figure.
However, last week Halifax start asking loads more questions about why we wanted the property? Source of deposit? (Which I explained was a loan from a friend to be repaid against the sale of our house in France, ie. nothing to do with this property) However, they have now declined our application even though there have been no changes in our circumstances.
With only eleven days to go until we are in default on our completion we feel totally shafted by Halifax BS. We were not told at any point that there could be additional hoops to jump through at this late stage and we cannot understand why these points were not cleared up before the original valuation fee was taken back in February. Any advice or suggestions where we might go from here would be very welcome. Ironically our loan to value is only 65% anyway.
Thank you for taking the time to read this.