halifax homebuy mortgage application taking way too long?

biggurs

I recentlyapplied to the Halifax via my IFA for a homebuy direct mortgage after alot of problems with the RBS (on a previous thread).
The halifax gave me a DIP about FOUR weeks ago i think but ever since then they keep asking for things which my IFA says they dont normally do.
eg) last 3 wage slips were submitted as usual, but since they have been taking a long time they then wanted the latest one! OK we gave it to them.
Then they wanted the latest bank statement.... The last 3 were given and again, because they have taken so long they wanted another one....... and in the process of them processing the latest information they then wanted a wage slip from before i.e 5 wage slips!!! my IFA got a bit upset with them and then they admitted it was a mistake and said they didnt need it. About a week later they requested my P60!
Submitted that in.
10 days later i.e today, they requested my bank statement for the last10 days!!!! to see my latest wage slip going in (which was today)
This is ridiculous said my IFA
By the time they get round to processing this it will be another 10 days and i suppose they will want another bank statement covering those 10 days and so it will go on an on and on.
My IFA has informed his director who is getting in touch with some halifax area manager hot shot.
YOU KNOW WHAT I HAVE HAD A TERRIBLE EXPERIENCE. BY THE TIME THEY GET ROUND TO IT.... ASSUMING THEY DONT DECLINE ME (WHICH WOULD NOT SURPRISE ME CONSIDERING WHAT HAPPENED BEFORE) MY HOMEBUY AUTHORITY TO PROCEED WILL EXPIRE.
I'VE HAD ENOUGH...... FOR THE LAST 6 WEEKS ITS BEEN PURE HELL..... IT REALLY HAS.... F**K IT................... SERIOUSLY, F**K IT OVER AND OVER AGAIN............... A GREAT BIG F**K IT!!!!!!!!!!!!!!!!!!!
I'M GOING BACK TO RENTING

Surely this cannot be right.............. i thought the mortgage process was over and done with in about a week according to most ppl here

opinions4u

Sounds like you're a borderline case and that they are making absolutely sure.

i thought the mortgage process was over and done with in about a week according to most ppl here

You must read different posts to me.

10 days later i.e today, they requested my bank statement for the last10 days!!!! to see my latest wage slip going in (which was today)
This is ridiculous said my IFA

It's a Homebuy case which is higher risk lending. They are making abolsutely sure that you earn what you say you earn and your finances are in good condition before they agree to lend you a lot of money.

Lenders got it in the neck (rightly so) for their poor quality lending that contributed towards the recession.

Then when they take care about what they lend and to who they get it in the neck there too.

biggurs

thankyou for your reply

sam.fico

Did managed to get your mortgage or not? because I have applied recently and initially I have been told it is approved and next day got a call from IFA to get P60 ,

Mortgage_Help_4

Normally they only ask for more than one months salary (if paid monthly) and a bank statement or P60 if your pass rating was a C pass. It maybe that the broker when obtaining the AIP did not tick the box stating it was an equity share type mortgage and after this was ticked you may have went from a B pass - one pay slip required to a C pass 3 payslips and a bank statement. Asking for P60 is maybe in your favour as it is to validate your additional pay over and above your basic pay. A C pass takes longer to underwrite but no more than 48 hours. The broker should be able to sort this via Halifax himself as managers speaking to managers won't help as the computer decides the score and then dictates the underwriting from there. I hope this explanation helps.

Muhasib

is that just for the HBOS application they ask for 1 months statements?

I was asked to provide 6 months statements and a P60 by my Financial Adviser, do you all have the 'Authority to Proceed' letter from the Homebuy Local Agent yet?

Why is HBD considered higher risk by the Lenders anyway? after the purchasers 5% deposit and with the 0% interest Equity Share the LTV is around 70% at most so there's a decent margin despite forced sale value and new property depreciation.