Am I the only broker trying to deal with stupid rules and regulations set by Halifax policymakers?Until recently Halifax seemed to have a relaxed approach to documentation but I have spent the past few days trying to understand why it is now making our job more complicated than it needs to be. First, it applies the formula that if you have children it will lend less, but if you have children you receive a family allowance and it will lend more. Is it me going ga-ga here? I always thought it was a case of ‘keep it simple, stupid’. Will someone please tell the powers that be at Halifax this? It then asks for three months’ payslips which I photocopy and certify only to discover it decided to write for a reference anyway. I gave up as an employer eventually sent the income confirmation but failed to confirm the overtime. “Sorry,”said Halifax, “We need it confirmed in writing.” I pointed out there are six wage slips showing regular overtime which any child could add up and quantify into an annual amount. But no, it stills needs it in writing. Then I am informed if overtime is regular it only allows 60%. Having got over that hurdle I discover it then deducts one-twelfth of this amount for holidays. Am I going ga-ga again? Why doesn’t it reduce 60% to 55%? And am I the only broker who goes onto the Halifax calculator and always gets a different figure? Please Halifax, make our jobs easier. Remove the silly factor for children. Allow a set percentage for regular overtime. Don’t ask us for payslips if you are going to write to the employer anyway. Our job is hard enough without all this unnecessary red tape.
From Tony Tudor In response to John Rattigan’s letter (Mortgage Strategy September 12), we’d like to thank both him and MS for highlighting these matters. We appreciate that inaccurate references are frustrating in the context of materials to be used to update manuals. While such materials are issued to holders of manuals at no charge, […]
GMAC-RFC says less than two weeks after it launched its new self-cert range, applications doubled. Rates on the products start at 4.95% and the lender also offers a rapid remortgage option on self-cert discounted rates. Income multiples go up to 4.5 x single or 3.75 x joint. Jeff Knight, head of marketing services, says: “We […]
Nationwide today fired the next salvo in the mortgage price war with the launch of a mortgage challenge it says can’t be beaten by Halifax, Abbey, C&G, Woolwich, HSBC, NatWest and Northern Rock – more than 50% of the mortgage market.Borrowers with any lender who are looking to remortgage are invited to take the challenge, […]
Security is top of the homebuyers agenda says research by the Royal Institution of Chartered Surveyors.The survey shows that single men and women identify nightlife and leisure as their major concern, whereas couples are more concerned with garages and off street parking. Throughout all lifestyle stages, however, security features high on individuals list of priorities, […]
By Rebecca Murphy, relationship manager, LendInvest The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]
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