FTB - Halifax mtg process

ibz75

Hi all,

Was wondering if anyone had any recent/past experience with Halifax mortgages. I applied for a mortgage (AIP) in late October and then a full application a few days later. My credit file was searched and I was accepted. Valuation was done and matched offer price, so a written mortgage offer was sent. A few days later an 'Amended Mortgage Offer' was sent but it was identical to the original offer, with the word 'Amended' being the only difference!!!

I have checked my Credit Report again and have noticed that since my original application Halifax have done 1 credit search, and 5 unrecorded searches - is this normal???

I have exchanged, paid deposit, but am worried in case mortgage offer is withdrawn before completion. I have not applied for any credit since AIP nor increased my existing debts.

I do have cards/loans totalling 18k but I did list these and gave proof of income. Am I worrying about nothing?

Thanks

opinions4u

It sounds like somebody made a minor amendment to detail in the application system that caused a new offer to be issued.

Not wildly unusual and certainly nothing to worry about.

Just keep paying the bills and enjoy the property when you eventually move in!

ibz75

opinions4u wrote: »

It sounds like somebody made a minor amendment to detail in the application system that caused a new offer to be issued.

Not wildly unusual and certainly nothing to worry about.

Just keep paying the bills and enjoy the property when you eventually move in!

Thanks. Its a 90%LTV mortgage, and to be honest I was quite surprised to be offered this - Its for 85K and I have an (net) income of £1700pcm with £300pcm for servicing existing debts. Mortgage would be £550pcm. I can afford it even with the extra's of owning a home.

I was just worried with the extra searches (at least 2 per week) the bank might be looking for a reason to withdraw their offer???

If this happens, I will probably lose my deposit and have to start again (a few years behind)

Yours Paronoid,

Ibz

ibz75

Exchange of contracts confirmed today, completion on Friday. Fingers, legs etc crossed!!!

Anybody know when a final decision is usually taken by the lender before they release funds i.e. day before completion. Is it normally an underwriter who makes the final decision or was this made before the formal offer was issued?

FTB nerves!!!

Wagesbird

I have had the same experience with Halifax. I received an amended offer with no changes either! They have also searched my credit file quite a number of times...not sure why!!??

I am also paranoid like you, so will be nice to hear when yours has gone through ok.....let me know :-). Bit like you, I worry they going to withdraw last minute, but theres no reason why they should...just nerves getting the better of me!!!

Good luck with the move Friday! :-)

ibz75

Wagesbird,

Glad I'm not the only one sweating! I have found myself chasing Halifax rather than them updating me (never happened). Also the fact that they rotate their mortgage advisors around different branches makes it diffucult to contact your 'case manager'. I have had no contact from either lender or solicitor - so I'm hoping no news is good news!

Will keep you updated. Good Luck.

Ibz

Wagesbird

Thanks although hopefully I wont need it!!

I did mine through a broker - big mistake as he pretty useless!!

Would be interested to know why the Halifax do keep checking, but dont want to ask them incase it draws attention to myself! lol...how paranoid is that!!???

I wont be happy until I put the key in the door of my new home :-) then I can relax!!

Will keep you updated too! ;-)

ibz75

Quick update,

Have been told by mortgage advisor that funds have been released and sent to my solicitor. Will be completing tommorow:T.

So, after a worrying 6 credit searches over 3 weeks by the same lender, it turns out I am a worthy borrower!!!:A

Never doubted it!!!:rolleyes:

Best of luck to others in a similar position.

Wagesbird

Good to hear :-)

I am exchanging tomorrow with a view to complete 18/12. Had 3 searches so far.....must have a few more to go still then! It is a bit worrying though isnt it!?

Hope mine goes as smooth :T