ChatterBank1 min ago
can a mortgage just be withdrawn anytime?
me and my partner were looking at purchasing a house, brand new on a brand new developement. we applied with halifax who refused us, on the basis that they thought we couldn't afford repayments - the condition they set was pay off our car finance, we met the condition within a week and reapplied again. we actually phoned the mortgage department ourselves and asked if we met the condition could we be refused any other way and was told no. inbetween us applying halifax had told our financial advisor that they weren't offering 97% mortgages, only 95% ones - which obv. meant we needed extra deposit - which we went along with etc. and sorted out. our solicitor told us to reserve the house and our financial advisor and sales rep for the house/developement were happy to reserve also. after we reapplied we were approved. a week later we were told the halifax had withdrawn the mortgage due to 'over exposure' apparntly the developement we wanted to purchase our house on was apparntly mainly mortgaged by the halifax. can they do that? of course we had paid solicitors fees up front etc. and when we had to cancel due to halifax pulling out we lost some of our money. is there anything we can do to/over halifax? in the end we cancelled the house completly just because of all the stress and hassell it had caused. anybody know if anything can be done? thanks.
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