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  • FIRST POST
    • Narkynewt
    • By Narkynewt 8th Sep 17, 4:56 PM
    • 97Posts
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    Narkynewt
    Halifax have booked in valuation, does this mean credit checks are done?
    • #1
    • 8th Sep 17, 4:56 PM
    Halifax have booked in valuation, does this mean credit checks are done? 8th Sep 17 at 4:56 PM
    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!
Page 1
    • juniordoc
    • By juniordoc 8th Sep 17, 5:30 PM
    • 152 Posts
    • 102 Thanks
    juniordoc
    • #2
    • 8th Sep 17, 5:30 PM
    • #2
    • 8th Sep 17, 5:30 PM
    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.
    • Narkynewt
    • By Narkynewt 8th Sep 17, 5:41 PM
    • 97 Posts
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    Narkynewt
    • #3
    • 8th Sep 17, 5:41 PM
    • #3
    • 8th Sep 17, 5:41 PM
    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!
    • kingstreet
    • By kingstreet 8th Sep 17, 7:08 PM
    • 31,914 Posts
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    kingstreet
    • #4
    • 8th Sep 17, 7:08 PM
    • #4
    • 8th Sep 17, 7:08 PM
    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.
    • Narkynewt
    • By Narkynewt 8th Sep 17, 7:48 PM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    • #5
    • 8th Sep 17, 7:48 PM
    • #5
    • 8th Sep 17, 7:48 PM
    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.
    Originally posted by kingstreet
    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.

    • cjmillsnun
    • By cjmillsnun 8th Sep 17, 7:54 PM
    • 177 Posts
    • 113 Thanks
    cjmillsnun
    • #6
    • 8th Sep 17, 7:54 PM
    • #6
    • 8th Sep 17, 7:54 PM
    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.
    • Narkynewt
    • By Narkynewt 8th Sep 17, 8:34 PM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    • #7
    • 8th Sep 17, 8:34 PM
    • #7
    • 8th Sep 17, 8:34 PM
    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.
    Originally posted by cjmillsnun
    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!
    • kpart123
    • By kpart123 8th Sep 17, 9:01 PM
    • 2 Posts
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    kpart123
    • #8
    • 8th Sep 17, 9:01 PM
    • #8
    • 8th Sep 17, 9:01 PM
    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
    • Narkynewt
    • By Narkynewt 8th Sep 17, 9:53 PM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    • #9
    • 8th Sep 17, 9:53 PM
    • #9
    • 8th Sep 17, 9:53 PM
    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
    Originally posted by kpart123
    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?

    • Kpart1234
    • By Kpart1234 8th Sep 17, 10:44 PM
    • 5 Posts
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    Kpart1234
    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
    • Narkynewt
    • By Narkynewt 8th Sep 17, 11:16 PM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    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
    Originally posted by Kpart1234
    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 x
    Last edited by Narkynewt; 08-09-2017 at 11:19 PM.
    • Kpart1234
    • By Kpart1234 9th Sep 17, 11:25 AM
    • 5 Posts
    • 0 Thanks
    Kpart1234
    Well they only wanted one pay slip from us and we have heard nothing else. We hope this is a good Thing as they don't mind pay day loans (as long as they were paid on time and not turned into a default/payment plan) we have nothing else.
    I think they ask for documents depending on circumstances so your default they have asked for more documents and pending valuation also sounds hopeful :-)
    The worry of that heart breaking news last time we decided to wait 3 months and try again. It ended up being 6 months if this doesn't work we can't wait again as nothing is going to change, the pay day won't just disappear, was a vet bill for for dogs so we don't regret it either. We won't find it easy to rent with two dogs either. The pace my partners has now allows them but it's not big enough for all four of us. Anyway sorry for the essay! This is what stress does ha
    To be honest I said it's a started home but I'm not going through this again--- I will live there forever!
    • Narkynewt
    • By Narkynewt 13th Sep 17, 8:46 AM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    Stay positive! If the valuation is booked then it means they have assessed your affordability & checked your credit file so they will have seen anything negative thst got you refused last time.

    My days normally fly by as I have a 4 month old & a 2 year old to keep me on my toes, but they have been dddrrraagggggggging recently!
    • Lozzyjohn13
    • By Lozzyjohn13 13th Sep 17, 9:19 PM
    • 4 Posts
    • 1 Thanks
    Lozzyjohn13
    Sorry to jump on this thread but I'm new to the forum and not sure how it works yet... anyway would really appreciate some advice. Recently found out I have a CCJ - the mortgage broker only discovered this AFTER I had put a reservation fee on a house and paid various solicitors fees. Anyway, the CCJ is genuinely not my fault and I'm in the process of sorting that out so that's a whole other situation. So, I spoke with a lovely lady from Halifax who was willing to have a look at my case as the CCJ has indeed ruined my credit rating. She took all my details and the credit check came back as a very good pass and she printed off my mortgage in principle. I had it in my hand and it was the best feeling ever after all the sh*t we have been through this week. About 10 minutes later she went to check something on her PC and the computer had 'refreshed' and changed its mind saying that I had failed the credit check!!!!! Has this ever happened to anyone before?? I was on cloud 9 one minute and rock bottom the next �� Just absolutely devastated and so was the mortgage advisor, we were both sat there crying. She is going to try and appeal it for me with head office, has anyone gone through anything like this before?? And what was your outcome?
    • Slithery
    • By Slithery 14th Sep 17, 7:15 AM
    • 166 Posts
    • 228 Thanks
    Slithery
    the mortgage broker only discovered this AFTER I had put a reservation fee on a house and paid various solicitors fees.
    Originally posted by Lozzyjohn13
    It's your responsibility to check your credit files before making an application. It's also your responsibility to not reserve anywhere until you know you can pay for it.

    Your broker did nothing wrong.
    • Narkynewt
    • By Narkynewt 14th Sep 17, 9:41 AM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    Oh dear! I very much doubt you will get a mortgage with a CCJ unless it's over 3/4 years ago. When is it dated? Why weren't you aware? Also your LTV makes a big difference, do you have a decent deposit?

    Sorry to hear your bad news x
    • Lozzyjohn13
    • By Lozzyjohn13 14th Sep 17, 1:09 PM
    • 4 Posts
    • 1 Thanks
    Lozzyjohn13
    I'm not blaming the mortgage broker. It's a new build property with Barratts and they put me in touch with a mortgage broker to ensure I was able to reserve the property. I only reserved the property etc, after I had been given the all clear by the mortgage broker. But that's not the issue here and I didn't come on here for a blaming conversation, I came here for advice and support.

    Thank you NarkyNewt, the CCJ is 2 years old. I shouldn't have been given the CcJ in the first place and I am making steps to get this removed which could take a while. I wasn't aware that I had one because I had moved out of my marital home at the time as needed to get away from my now ex husband. I didn't have access to any of my mail so I genuinely had no idea about it. Obviously I accept fault that I hadn't updated my address note efficiently.

    Anyway, the house value is £247500 and my deposit is 109k which is £60k of my own money and £49k of the governments using help to buy scheme.

    When I was given the mortgage in principle, they offered to lend me a lot more than I needed. But then something changed and I was declined. I have absolutely no debt, no loans or anything. Everything I have I own 100%. This CCJ has crushed me
    • Narkynewt
    • By Narkynewt 15th Sep 17, 5:56 AM
    • 97 Posts
    • 14 Thanks
    Narkynewt
    All is not lost! I am sorry this has happened to you and can't imagine how you're feeling but don't lose hope I can recommend an chap called Steven Neale who is a specialist in getting people with adverse credit a mortgage.

    I accept that the CCJ nay not have been yours but it's there now and needs to be dealt with. It could take 3 months plus to get this removed from your flie and the help to buy scheme ends this year.

    Please contact Steve without delay, I would suggest calling him on the mobile. I am sure he can help you! Let me know how you get on xxx

    T: 01494 526400
    M: 07949 713563
    steve@snmortgages.co.uk
    • LMW95
    • By LMW95 15th Sep 17, 11:14 AM
    • 1 Posts
    • 0 Thanks
    LMW95
    It's your responsibility to check your credit files before making an application. It's also your responsibility to not reserve anywhere until you know you can pay for it.

    Your broker did nothing wrong.
    Originally posted by Slithery
    I've joined this forum to simply reply to you.

    Get off your high horse. The lady isn't blaming her broker. !!!!.

    *awaits banhammer*
    • x-caitlin-x
    • By x-caitlin-x 15th Sep 17, 12:42 PM
    • 222 Posts
    • 198 Thanks
    x-caitlin-x
    I've joined this forum to simply reply to you.

    Get off your high horse. The lady isn't blaming her broker. !!!!.

    *awaits banhammer*
    Originally posted by LMW95
    It's very unusual for people to be banned on this forum, and particularly not for telling someone to get off their high horse. Have a read of the forums - you'll see much worse
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