Halifax Mortgage Decision Driving us Mad !

michael1234

Just an update, situation now is Halifax are saying they need to assess something about "3rd party information" in relation to our buyer's mortgage application. 3rd party information! Is that perahps his employer? His wife? Most importanly I guess its not lookin good..:(

Jenniefour

Having recently sold, it might be helpful for you to know that if someone has been turned down by one mortgage lender they may be under extra scrutiny from a second possible lender. This is exactly what happened to my buyer. She was turned down by one lender and then applied to another - she was then selected for an internal audit. Luckily for me she passed. However, this process was very thorough and took an age - the survey was eventually done about 10 days before we exchanged. I'm not saying that your buyer will be approved - I'm simply giving you some information about what might be going on. And I hope it works out for you.

ghostbusters

michael1234 wrote: »

Thanks for the info Blakey. What I know about our purchaser is that he has a 25% deposit, is a foreign national, applied 4 weeks ago and was told the credit checks were fine and ok to proceed. They also wanted to do the survey within days but he asked them not until everything else checked out ok.
Since then, they've been asked him for payslips, p60 and other docs. They seem to go quiet for a few days then ask for more stuff. The latest is details about his HR dept at work so they can verify his payslips !

I'd be amayzed if you get your full mortgage offer in 5 days but please let me know if you do !

I wonder if he is a foreign national; could that mean he is a contractor..... and therefore it may be more difficult for him to obtain a mortgage??

luckyfool

3rd Party information is often a euphemism for a Hunter match, or maybe a CIFAS warning. If one of these comes up then the lenders will look into the background in more detail before deciding on whether or not to proceed.

michael1234

Thanks for your replies.

Jennie, can you remember how long it took for the survey to be booked in. You said an "age" is that 4 weeks, 6 weeks, 8 weeks ?

Lucky, thanks for the headsup. Maybe him applying for a Natwest mortgage just prior to the Halifax one flagged him in some way.

Ghosty, thanks for your reply too.

Anyway, I guess I'll be put out of my misery soon !

michael1234

Still no closure on this except that apparently my EA has seen proof today that the buyer is sill communicating with the Halifax (now "senior negotiators" from head office) suggesting his application is still being processed!

We also heard that the buyer still hasn't paid for his survey due to earlier being rejected from the NatWest and wanting to have virtual certainty before committing any more cash. This is the opposite of what we were told 2.5 weeks ago by the agent who then said he'd paid for the new survey because the Halifax had given him enough confidence!

I find it amazing to believe its taking this long without a survey. Even if the applicant says he wants to defer it to the last possible moment surely a decision would have been made by now? :mad:

dollydiva

You want to hope he doesn't read this forum, realize your urgency, and then gazunder you!

Dd

opinions4u

I haven't bothered re-reading the rest of the thread and can't remember the full details.

But if it was me I'd be advising the estate agent to re-market the property and letting the buyer know that while you're still willing to sell to him you are prepared to listen to other offers.

michael1234

dollydiva wrote: »

You want to hope he doesn't read this forum, realize your urgency, and then gazunder you!

Dd

Yes thanks for the idea. We want to sell the house as quick as possible for the price we agreed and things are urgent in that sense.
I hope he doesn't gazunder though because we wouldn't accept (out of sheer stubbornness) he will lose money and we will lose time !