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Narkynewt
Posts: 118 Forumite
So we went full application on Thursday 9am and paid the valuation fee. My mortgage advisor has just emailed me to say that Halifax have booked the valution in for Monday 18th September. Does this mean that they have already done their credit checks?
After the valuation they will just need to confirm everything we have told them is correct, income etc (which it is) and ensure affordability (definitely is as mortgage will be £200 pm less than our rent and we have no credit accounts at all). Is that correct?
Thanks in advance!
After the valuation they will just need to confirm everything we have told them is correct, income etc (which it is) and ensure affordability (definitely is as mortgage will be £200 pm less than our rent and we have no credit accounts at all). Is that correct?
Thanks in advance!
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Im just applying through Halifax too and have had my valuation booked for next Thursday.
My broker told me that has already done the credit check and passed, but that they might do another one just before they release the funds prior to completion, so not to go taking on loads of debt!
Hope that helps.0 -
Ok, great! I did think that they must have done their credit checks already as they are now investing time (booking valuation, speaking with the company we are buying the house from).
I have 2 defaults from 2012 on my credit file which are clear for all to see so have been worried. Our LTV is 75% and we have absolutely no financial commitments whatsoever so my broker said the defaults won't matter to Halifax.
We definitely won't be doing anything silly like getting a new car! Let me know what happens after Thursday please
I am finding this whole process so stressful!0 -
A hard search is done at the point of submission and if it doesn't pass, the fee isn't collected and the valuation can't be instructed.
So if the valuation is booked, it has obviously passed and the fee taken. Once that is done, the broker uploads the required documents and these are signed-off with the case then being "subject to valuation".
Once the valuation comes back the offer is usually issued pretty much immediately.
If for any reason the case needed sign-off by a Business Assessor post-application, every time something happens, like the valuation coming in, it has to be signed-off again.
However, at various points in the process, the Halifax system "re-decisions" the case. For example, if an alteration is made, when the valuation is returned and when the offer is issued so you can often see several further soft searches between application and completion.
From here you should not apply for anything which requires a credit search and you should avoid heavy spending on any credit card, particularly if you were tight on affordability as when a re-decision is done after the latest data packet which is taken around 14th of the month, new data may affect your accept decision.
As an example, we once had an application where the applicant paid the valuation fee with a credit card. A few weeks later we got a call to say the case as now sitting on "alternative lending proposal" because the system had picked up the higher card debt. Fortunately, it was being repaid on or before completion anyway, so it was a simple fix.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »A hard search is done at the point of submission and if it doesn't pass, the fee isn't collected and the valuation can't be instructed.
So if the valuation is booked, it has obviously passed and the fee taken. Once that is done, the broker uploads the required documents and these are signed-off with the case then being "subject to valuation".
Once the valuation comes back the offer is usually issued pretty much immediately.
If for any reason the case needed sign-off by a Business Assessor post-application, every time something happens, like the valuation coming in, it has to be signed-off again.
However, at various points in the process, the Halifax system "re-decisions" the case. For example, if an alteration is made, when the valuation is returned and when the offer is issued so you can often see several further soft searches between application and completion.
From here you should not apply for anything which requires a credit search and you should avoid heavy spending on any credit card, particularly if you were tight on affordability as when a re-decision is done after the latest data packet which is taken around 14th of the month, new data may affect your accept decision.
As an example, we once had an application where the applicant paid the valuation fee with a credit card. A few weeks later we got a call to say the case as now sitting on "alternative lending proposal" because the system had picked up the higher card debt. Fortunately, it was being repaid on or before completion anyway, so it was a simple fix.
Thank you for the detailed answer. This whole process is stressing me out, especially because I have a few old defaults but thankfully these don't seem to have made too much of a negative impact because they are so long ago.
We are well within the affordability threshold, we don't have any debts whatsoever. All credit cards are fully paid off and we own our vehicles outright. Our only monthly outgoings are rent, bills, car insurance, petrol, shopping.
Also, our rent is currently £155 more than what our mortgage payments are going to be! Happy days. 0 -
Good luck for the valuation. If that comes through OK it should be fairly painless from thereon in.
I found the process with Halifax quick and fairly stress free. Unlike the hassle I had with the first lender we tried to go with.2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 20170 -
cjmillsnun wrote: »Good luck for the valuation. If that comes through OK it should be fairly painless from thereon in.
I found the process with Halifax quick and fairly stress free. Unlike the hassle I had with the first lender we tried to go with.
We are moving into a new build, and it's a small development where 90% of the homes have been bought and moved into already so am pretty confident the valuation will be fine.
Cannot wait to get the keys!0 -
We have also applied with halifax and have had valuation booked also for the 18th September it's over the 2 weeks we were told last Saturday. It is so stressful. Good luck0
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We have also applied with halifax and have had valuation booked also for the 18th September it's over the 2 weeks we were told last Saturday. It is so stressful. Good luck
Stressful and expensive too! Bloody stamp duty is a joke! Let me know how everything goes, as our valuations are on the same day we will see who gets keys first! We are moving into a new build, ftb, are you in a similar position?
:money:0 -
Yes sorry different username forgot details straight after joining ! No not new build just a small starter home it's only 15 year old though. Think we are just worried it is declined. We were declined with natwest due to my partner havinv pay day loan when he was younger no defaults played 3 days after it was taken out. Halifax didn't want many documents and valuation booked so fingers crossed
Yes keep me informed. Week on Monday seems so long away..... I'm driving my partner mad0 -
Yes sorry different username forgot details straight after joining ! No not new build just a small starter home it's only 15 year old though. Think we are just worried it is declined. We were declined with natwest due to my partner havinv pay day loan when he was younger no defaults played 3 days after it was taken out. Halifax didn't want many documents and valuation booked so fingers crossed
Yes keep me informed. Week on Monday seems so long away..... I'm driving my partner mad
We had our first mortgage declined and lost another property because of my defaults, that was Buckinghamshire bs. Glad it happened now, because this new build is so much nicer! We didn't know about the defaults at the time I (stupidly) hadn't checked all 3 credit reference agencies.
If you look on here there are a number of threads with a lot of people saying they got a halifax mortgage with multiple defaults, even ccjs!
So happy the valuation is booked in, yes a week on Monday is a lifetime away. I am also doing my fellas head in as well! Keep me in the loop good luck with everything am sure you will be fine x0
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