urgent,please help.I need BoS/Halifax 2010 interest only internally lending criteria

[Mel14]

Hi everyone
I am desperately seeking a copy of the internal lending criteria for an interest only remortgage done in October 2010. I am in the most awful battle and Halifax will not disclose this to me and will not answer my legitimate questions regarding repayment method verification and viability, also the six month rule & electoral roll/ previous address compliance. Along with their dual IT system at the time that failed to do or pick up a cross agregate search with Lloyds. I have tried to find the policy to no avail. My problem is Halifax are threatening to pursue me for costs unless I release them from the claim ( the Halifax mortgage intermediary is defendant one) and Halifax defendant two. The next stage is going to be very expensive and I need to make a serious decision whether to go for disclosure at risk all the adverse costs which will bankrupt me.

i truly hope I can get the information I need in order to make a rational decision.

Mel

[Amethyst]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Are you at Court or with FOS in this battle ? Are you looking at going to court ? and is the claim likely to be over £10k ? If it is precourt action there are ways you can ask for the information. Think we just need a little bit more info to know what the best route to try is ( also what you have already tried ) Apologies you haven't actually said whether you are mid claim or pre action xx

https://www.halifax-intermediaries.c...e/default.aspx - Sept 2011 is as far back as the wayback archive goes -> https://web.archive.org/web/20110924...e/default.aspx which includes this

Interest only repayment methods

All loans arranged where the capital element is not included in the monthly payment, including those that are part capital and interest repayment, part interest only, must have a plan in place to repay the capital at the end of the term. This includes new loans, further advances and product transfers.
For more information on interest only applications view our questions and answers page
This requirement does not apply to retirement home plan or buy to let applications.
As a responsible lender, it is important for us to see evidence of the repayment plan for interest only mortgages so documents relating to the repayment plan must be received before a new mortgage offer can be considered.
For further details of shared ownership schemes please select repayment plans
Repayment plans

The table below shows the repayment plans we accept and the evidence required in each case. It also shows the methods we use to assess whether a repayment plan meets our lending criteria. This information is only a guide. A mortgage offer will only be issued once we have confirmed that the evidence supplied meets our criteria.
A mortgage interest only repayment calculator containing our assessment calculations is available. You can use this calculator to give your client an indication of the amount they may be able to borrow on an interest only basis, based on our criteria.

Copy of latest projection statement dated within last 12 months.	Endowment companies will present three growth rates to a client with the middle one being the most likely projected outcome. We allow up to 100% of projected amount using the middle % figure.
Copy of latest statement dated within last 12 months.	We will compare the value of the ISA/OEIC/Investment Bond with the amount of interest only lending required, taking into account the remaining term of the mortgage and future market volatility. The method of determining the level of investment required at the outset of the loan is: (Mortgage amount x 120%) / Term of mortgage (in years)
Copy of share certificates, nominee account statement or confirmation from a recognised stock broker containing evidence of share holdings together with their valuation.	See Stocks and Shares ISA.
Copy of latest projection statement dated within last 12 months.	For the purposes of backing an interest only mortgage, a maximum of 25% of the projected total fund value can be used or If a company only provides a current fund value, then 25% of the current fund value must be equal to or more than the following calculation: (Mortgage amount x 120%) / Term of mortgage (in years)
Copy of passbook/statement for savings accounts showing balance within last 12 months.	We will compare the value of the savings with the amount of interest only lending required, taking into account the remaining term of the mortgage. The method of determining the level of investment required at the outset of the loan is: Mortgage amount / Term of mortgage (in years) or Current balance to cover interest only amount in full.
Completed interest only - other residential property form and, if the mortgage lender is outside Lloyds Banking Group, a copy of the latest mortgage statement dated within last 12 months.	We will check the ownership of the other residential property and assess its value. We will compare the equity available in the property with the amount of interest only lending required. Mortgages with term of 10 years or less, equity at inception should cover 100% of interest only lending. Mortgages over 10 years term equity at inception should cover 75% of interest only lending. Any outstanding mortgage will be deducted from the value. In some circumstances clients may need to pay for their own valuation.

Important points on the assessment:

• We are not providing advice on your client's repayment plan(s) or making any guarantee that their plan(s) will be sufficient to repay the outstanding balance (capital) at the end of the mortgage term.
• Your client should review their plan(s) regularly during the term of their mortgage to make sure it is on track to repay the outstanding balance.
• Periodically, we will ask your client to provide evidence of their repayment plan(s). If your client is unable to satisfy us that their repayment plan(s) remains on track to repay the outstanding balance on their mortgage, we may ask your client to transfer some or all of their mortgage onto a capital and interest repayment basis.
• Please remember it is your client's responsibility to ensure they have sufficient funds to repay their outstanding balance at the end of the mortgage term. If they are unable to do so, their home may be repossessed to repay the outstanding balance.

Important points on repayment plans:

• Repayment plans CANNOT be accepted if they include the name of anyone NOT named on the mortgage.
• Your client can use more than one repayment plan to cover their total interest only amount. In this case, please send the relevant evidence for all repayment plans.
• The following are NOT acceptable repayment plans:
  • Sale of main residence.
  • Sale of other commercial property.
  • Sale of non property assets.
  • Inheritance.
  • Bonuses.
  
  
• If your client wishes to use their buy to let portfolio as their repayment plan, you should select 'Other investments' as the repayment plan on the Halifax Intermediary system. This option should not be selected for any other plans.

When 'Other investments' is selected, a text box appears for you to provide further details; the term 'buy to let' should be entered in that box. The repayment plan evidence required for a buy to let portfolio is the same as for sale of other residential property.

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Hello amethyst
thank you for your reply and the information. The FOS didn't find in my favour, but at the time being a lay person I didn't really claim the pleadings I have now. My claim has passed preaction and the next stage is Case management hearing at the high court queens bench, no date is set yet as Halifax were granted an extension to file defence until May 5th and have said unless I release them now they said I will fail and they will go for an adverse costs order, this is where I am in a massive dilemma and my claim is over £350,000.00 because Halifax and the personal indemnity insurers of the intermediary have litigation pockets that are very deep and I have already incurred £35,000.00 costs but cannot go forward with legal representation as I have no more money.. This was a remortgage on my home that sadly I was deceived into by a person with the aid of a broker, I didn't receive any of the remortgage money as Halifax paid into the other persons a/c I had unwittingly signed a declaration, I was very sick at the time with an undiagnosed immune illness (graves disease) and my mind was chaotic and sadly I've been trying to sort this horrendous mess out for such a long time.

im not sure what else to say and not sure what's okay to say, if you feel I need guidance on what not to say please let me know.

mel

[Amethyst]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Ouch. Okay. Disclosure - presumably this remortgage was interest only and you want the policies on lending IO to show that they weren't followed as no repayment vehicle was in place? Whats the main basis of the claim ? Mis-selling against Halifax ? Are you claiming a refund of the moeny released from your equity ? Any possession proceedings ?

What happened to the money? Was the person a friend / business acquaintance or someone known to the broker ?

You've incurred £35k in legal costs and haven't reached the case management hearing yet ?

Did your solicitors draft your claim ? Defence hasn't been filed as yet - is there any strike out or other application in place from the other side ?

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Yes the remortgage was interest only.
1. No repayment vehicle was in place, no request or verification by Halifax.
2. It was 85% LTV with no LTD or expenditure sought by Halifax.
3. The broker had put sale of a commercial property 350k there was none and no questions asked about it by Halifax.
4. It was a residential remortgage for a commercial business, that the broker knew wasn't an acceptable proposition but didn't put that on the application and put other.
5. No KFI given before application or after !
6. The broker did the application online without any sight of it and apparently no copy kept.

my claim is negligence/breach of contract/duty.

possesion proceedings on hold, although the mortgage is nearly 4 years in arrears, they are safe because there is the equity in the house. My previous mortgage was 50k .

the person was my partner , I was in unfamiliar territory as in where he lived and his business broker of 10 years facilitated this ( I was told it was for six months until a high st bank took over and it was a contract race so he needed it for a very short time! If naivety is a crime then I'm guilty of that. And have and continue to pay a huge price for trusting someone who deceived me.


yes solicitor/barrister/expert drafted my claim.

neither side will concede any liability.

defence of Defendant one has been filed.
defence of defendant two has another 3 weeks.

no strike out - no other application/s from other side/s.

yes I am desperate to get a copy of Halifax internal lending criteria pertaining to October 2010. I believe LBG changed their policy on interest only during March and August 2010 but relating to the Halifax I cannot get the official truth as to whether that applied to BOS/Halifax . On the information I have from Halifax it says mortgage conditions 2007 lender Bos/Halifax division.

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

The commercial property all went wrong and within 5 months my home was in danger. There was no exit Plan.
the broker also at the same time brokered a 660k six month bridging loan for him with no exit either and failed to put all the liability on the application. I was cast aside after 5 months and have been in this battle along with health battle ever since
.

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Hi amethyst
is there anyone else on this site that might possibly have the information I need, have I posted this in the correct thread to Allow people to view it.
Thank you
mel.

[Amethyst]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Good Morning, I'm sure someone else will look in.

Have you considered RBS v Etridge - undue influence ?

Was your FOS adjudication against the bank or the broker ? Any action at all against the broker ?

Does the Defence entered mention the lending criteria ?

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Good morning,
the broker took my layer of protection (eteridge) away by putting other and not commercial.
FOS was against both.
to be honest I didn't think the FOS was adequate in their appraisal.

defence mentions lending criteria yes. Both sides are trying to wear me down in order that I can't afford to go on, but I will and will go LIP if I have to.

[Amethyst]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Okay if the Defence mentions the lending criteria you can ask for inspection as they have disclosed it. You can apply before the case management hearing.

Be interested to see the FOS adjudication ( and the defence, and your claim for that matter)

Presumably your solicitor went through the FOS adjudication with a fien tooth comb and completely disagreed with it. I can't see why 'Other' gets rid of Etridge - did your solicitor agree ?

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Apparently putting other didn't put Halifax on notice.
I have so much paperwork it's ridiculous.

Some/lots from the divorce and just when the final hearing was to be he made himself bankrupt.

then I starting Persuung this route. With the FOS both were done without legal help and maybe that was a mistake but this was all new to me and I've learned as I've gone along.

well apparently yes it was gone through thoroughly but in my desperation I have gone over and over paperwork and reports and picked up a number of significant points that were not pleaded. Now my solicitor says we should release them, as to the costs and I'm now broke. But the information I need I cannot get until the case management.

[Amethyst]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

I can imagine. It's a huge and complex claim and your risk is quite high. £35k seems a lot in solicitors fees when you haven't even reached the case management hearing yet, does that include the court fee for bringing the claim ?

Have you read

Annulment Funding Co Ltd v Cowey

First Plus Financial Group v Hewett

?


[MENTION=551]pt2537[/MENTION] ( just tagging to have a look)

[Mel14]

Re: urgent,please help.I need BoS/Halifax 2010 interest only internally lending crite

Yes that does include the court fees but the solicitor lodged them early as the cost was increasing from £1,900.00 to £10,000.00 but the other side has said this was not a good move and it was premature and now preaction has passed and the documents will not be given until it is or is not deemed appropriate at the case management. but want me to release them within 7 days and they won't pursue their costs or if they have to file defence and then a Case management hearing they won't be as generous!

Yes es I had read the Hewitt case but I hadn't read the cowley one but I have now and it's very interesting and maybe could be useful to me.

its proving very hard to get Halifax lending criteria October 2010. I've felt like I've been down the black Hole of Google but to no avail, yet..