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Broker spots Halifax loan clause problem

A sharp-eyed broker spotted an omission in a mortgage application pack from the Halifax that could have rendered his client’s application inadmissible.

IFA George Harris from independent firm Tisco and his client saw that a clause in the declaration of a mortgage application required the client to have read a pamphlet on property assessments which was not made available to either of them, before signing the application.

When he called the Halifax for the first time, he was told they had no idea what the clause referred to. He was later told that the leaflets were in a store room and a hardcopy could be sent to him in the post – it is not available online.

The leaflet turned out to be an explanation of valuations and surveys.

Harris says: “This just goes to show the double standards in the industry. Does it not in theory invalidate the application?

“How many applications have been improperly signed without seeing this leaflet? Someone is not doing their job properly.”

John Charcol senior technical manager Ray Boulger says: “I have come across this before from many lenders, not just the Halifax. This does demonstrate a complete lack of attention to detail. It does not matter what the leaflet contains – you either provide the information for the broker to comply fully with the application or take the requirement off entirely. I would like to know what the FSA has to say about this.”

Halifax was unavailable for comment.


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