Panicking....

sophievenusdoom

Hi all,

I am panicking somewhat, as my partner and I applied for a mortgage with The Halifax on Friday. They took the surveyors fees immediately, so we assumed the application was going to be accepted. However, I have called them today, and she confirmed the fee had been taken, and the survey done, but that the underwriters were still looking at the case. I asked her if it was normal for this to be taken BEFORE the underwriters decided whether to accept us or not, and she seemed to think it was strange. I asked her if we would get our money back if we were declined, to which she replied "I don't know. I would hope so", and seemed to defer the blame back to my mortgage adviser.

Needless to say this has not filled me with confidence, and I am now worried that we have lost £300+ on the surveryors fees for a mortgage that we won't be accepted for!! Any advice appreciated.

Thanks:mad:

beecher2

Well wait and see what the underwriters say - do you have cause to worry that you might be declined?

sophievenusdoom

beecher2 wrote: »

Well wait and see what the underwriters say - do you have cause to worry that you might be declined?

Not as such. I did have some adverse credit history, from circa 8 years ago, which I thought had been paid off, but hadn't. However, I am starting to clear that now.

Also, my other half owned a house with his ex. When they separated, he signed some papers to remove his name from the mortgage. She obviously didn't do what she had to do, and last year she defaulted on the mortgage, but had to get him to sign papers to sell the house, so presumably didn't remove his name when she was meant to. Having said that, The Hailfax did accept us in principal, and seem happy enough to take our money!!

Cannon_Fodder

It would depend on what you've signed up to.

Until they survey, and know the property is mortgageable, how can they approve? You say yourself that the survey has been done. Are they supposed to get a professional out for nothing ?

I'd expect to have to pay for the survey, but not the actual mortgage fee, if declined.

'In principle' means little. They won't have done thorough checks.

Checking and correcting your credit history was the thing to do before seeking a mortgage and asking for a survey.

sophievenusdoom

Cannon_Fodder wrote: »

It would depend on what you've signed up to.

Until they survey, and know the property is mortgageable, how can they approve? You say yourself that the survey has been done. Are they supposed to get a professional out for nothing ?

I'd expect to have to pay for the survey, but not the actual mortgage fee, if declined.

'In principle' means little. They won't have done thorough checks.

Checking and correcting your credit history was the thing to do before seeking a mortgage and asking for a survey.

But when callign The Halifax, she seemed as bemused as I did that they had done that before making a decision, which prompted me to think it wasn't their usual protocall?

beecher2

You won't get the survey money back if your mortgage is declined, since the survey has taken place. You'll just have to wait and see what the underwriters think of your debts, and the default on the joint mortgage and take it from there. Your salary multiples and LTV will perhaps be relevant - if you're looking for a 90% mortgage you'll have less of a chance than if your LTV is low.

I wouldn't read too much into what you were told on the phone as in my experience, Halifax staff don't know that much about how other parts of the company operate. Certainly on this forum there have been occasions when surveys have taken place before decisions are made.

xyellowx

why didnt you go into your branch and get a full mortgage promise first were halifax check your credit history ? then they tell you yes or no then its just a caes of finding a house within the 6 months
costs you nothing

sophievenusdoom

beecher2 wrote: »

You won't get the survey money back if your mortgage is declined, since the survey has taken place. You'll just have to wait and see what the underwriters think of your debts, and the default on the joint mortgage and take it from there. Your salary multiples and LTV will perhaps be relevant - if you're looking for a 90% mortgage you'll have less of a chance than if your LTV is low.

I wouldn't read too much into what you were told on the phone as in my experience, Halifax staff don't know that much about how other parts of the company operate. Certainly on this forum there have been occasions when surveys have taken place before decisions are made.

Our salary multiples were fine. They said they would allow us to borrow up to £156k, but we only want £115k, and have a £20k deposit.

I concur with what you said about their staff on the phone - she didn't even know what their turnaround time was to get the decision, just saying "You might have it on Friday"

I'll just be really upset if we do get declined and have lost that money as our mortgage adviser told me it would not be taken from us until the decision has been made. We cannot afford to simply throw £300 down the drain

sophievenusdoom

xyellowx wrote: »

why didnt you go into your branch and get a full mortgage promise first were halifax check your credit history ? then they tell you yes or no then its just a caes of finding a house within the 6 months
costs you nothing

We don't bank with The Halifax, and went through an IFA

beecher2

sophievenusdoom wrote: »

We don't bank with The Halifax, and went through an IFA

I'd contact the IFA since he said the money wouldn't be taken until the decision was made. Get him to find out when you'll hear back from halifax.

sophievenusdoom

beecher2 wrote: »

I'd contact the IFA since he said the money wouldn't be taken until the decision was made. Get him to find out when you'll hear back from halifax.

I have been in contact with him, and he has said that they have randomly picked our case to spot check???