Halifax mortgage-how likely to honour AIP?

sturgeon

Hmmm. That's exactly what happened to mine. how much below the asking price is the valuation?

Mine was "contested" for around 5 weeks but I got absolutely sick of waiting. I eventually put a LOT of pressure on the developer giving them the idea I'd pull out. Basically mine was "only" valued £10k less than asking price, and I did say to them it was valued in March, I signed up for it in Jan so house prices have been falling rapidly so you'd expect to see a drop surely. Still, the valuation was lower than any other valuation received...including those for properties of the exact same type, and it seems it was just my lender using a certain valuer who was valuing properties lower than everyone else.

It's very clear these new builds are vastly overpriced. Ridiculously overpriced-mine was originally on the boom for £260k and they're now selling for £110k less-and this is greater london. The thing you must bear in mind is that your flat is probably an allocated flat to a FTB only, so if you've gone through the whole FTB process with your relevant local borough/company...which is usually a right old mission, have an AIP from your lender and are ready to go bar the valuation, you're in a strong position. As if they contest it forever and lead you to pull out, as soon as another buyer comes along then the exact same valuation problem will come up.

You may be lucky and the valuation decision will be contested v quickly, but mine was an absolute nightmare and took weeks and weeks. Only cos a deadline from the authority who are providing the equity loan was coming up, did I manage to get the developer to just sell for the valuation price.

newflat

I have been going through exactly the same situation as you with the halifax! fell in love with an apartment & had a dead line to exchange by, Halifax took a while to issue my offer, (8 weeks) & had all the back & forwards, but it all worked out great in the end! I've exchanged contracts & due to complete begining o July, I know its frustrating & everyone tells you to chill out... but really take their advice, the broker wouldn't encourage it if he really didn't think you'd get the mortgage.... I just relaxed in the end, & after lots of tears & worry I finally got it sorted!!! hope it works out x

liquidaz

The valuation is 30k less than asking price. It will be about 3 weeks Wednesday, from the time it has been contested. My financial advisor told me that there are many others like me frustrated in this same position. The thing is new builds are overpriced, and in this current Market the mortgage lenders arent prepared to accept these asking prices. My options are not great at the moment as I can only afford a 90% mortgage & other lenders have either pulled out of new build shared ownership or are asking for higher LTV.

The housing association seem pretty desperate to sell ATM, so if lenders don't change their stance, then the housing association may be forced to sell at 2nd hand values.

I'll let you know what happens, however long it takes!

dhruvk

Hi ,
I am in a similar situation - I am a first time buyer picking up a new property and was looking for a 80 % LTV .
Got a AIP through halifax and then did a formal application on june 3rd. They did a credit check which has come on my credit report . They said everything is fine and I paid for valuation which has been completed.
Since then I have sent them the relevant documents - ID , P60 , SAL Slip , Work Permit etc .. there was a slight mix up by my MA hence had to refax them last week
My Question are -
1. If I have provided proofs to whatever I claimed during application , can the application be still declined ?
2. Can the underwriter change the loan conditions like 80 to 75 ltv . 30 to 25 years etc ..
3. Do applications get declined at this stage ? obviously if you provide false info or insufficent proofs ..

Have spent sleepless nights thinking about this ..

TheAnalyst

In exactly the same position myself right now, actually waiting to hear back from the mortgage broker this morning about my full offer.

I got my AIP from Halifax about 7 weeks ago, it's a new build 75%/25% deal, did the full application 3 days later but there's been loads of changes and hold-ups, firstly the price was dropped from £135000 to £121000 and the broker never even relayed this back to Halifax for 10 days, then the address changed slightly as it's a new build.

According to my broker Halifax keep changing their criteria on a weekly basis, firstly they were fine with my legal fees being paid by the builder then they were not, then they were going to be looking for a 5% deposit which the builder would have paid for me then they changed their mind on that one too? The final straw thats got me really crapping myself is that their lending policy changed slightly and at the level I'm borrowing (£90750) my "credit profile" changed form B to C and they then requested bank statements too.... this was last Wednesday, been calling every day since but they still had not looked at my statements, I'm really worried as there's a returned DD on there which although it was returned at my request I'm worried they will knock me back for this....

I've never been so stressed out in all my life, I'm due to complete on monday!!!! I've even had the title deeds through and a bill from the solicitor for all my legal fees WITHOUT EVEN HAVING MY FINAL OFFER!!!

I'll know by this afternoon apparently.... :eek:

TheAnalyst

Still nothing back today, I'm pulling my bloody hair out here... apparently my case is still being looked at by the Halifax "business assessors"

:undecided:confused:

danielanthony

Does anyone know what Credit Reference Agency Halifax use to do the full credit search? They did a soft search on my Call Credit file for the AiP and wondered which one(s) they would check for the full offer?

danielanthony

bump, anyone?

TheAnalyst

danielanthony wrote: »

Does anyone know what Credit Reference Agency Halifax use to do the full credit search? They did a soft search on my Call Credit file for the AiP and wondered which one(s) they would check for the full offer?

My full search was done on Experian.

danielanthony

TheAnalyst wrote: »

My full search was done on Experian.

Top banana, thanks