FTB - Halifax

discolil

Hi All

Just wondered if anyone could give me a little more information (or hope)!!! regarding halifax mortgages. I am trying to obtain a shared ownership mortgage on a property. After 2 weeks with the underwriters at Abbey, they decided I was £27 short on my income and I didnt tick the affordibilty brackets. Why they gave me the AIP certificate - I dont quite understand. nevermind......

My broker immediately got me another promise from Halifax and on monday I paid £400 for the valuation. As yet this hasnt been arranged.

Does anyone know how long the valuation process takes, and if my full application has been accepted?

Its day 5, but after waiting 2 weeks with Abbey, im getting worried about loosing the property

Mallotum_X

discolil wrote: »

shared ownership mortgage

Count yourself lucky they turned you down.

Flashmanchop

I wouldnt worry about loosing the property, I am sure the agent will be telling you "how many interested bodies" have been through the door. Hear them, but dont listen!

Sometimes, depending on how busy, and who the surveying compnay is it could be two weeks, but more often sooner.

Hopefully a couple of weeks after you should receive your offer.

Is your solicitor upto speed?

Why shared ownership, if you dont mind me asking?

discolil

Flashmanchop wrote: »

I wouldnt worry about loosing the property, I am sure the agent will be telling you "how many interested bodies" have been through the door. Hear them, but dont listen!

Sometimes, depending on how busy, and who the surveying compnay is it could be two weeks, but more often sooner.

Hopefully a couple of weeks after you should receive your offer.

Is your solicitor upto speed?

Why shared ownership, if you dont mind me asking?

I'm a single parent with 2 children at school, with just a single income - S/O appears to be the only option. I havent instructed the solicitors as yet, I have the quote at the ready, but they take £250 deposit and if the sale doesnt go through for any reason I only get back some of this, depending on how much work they have done!

I dont want to risk loosing the £250 aswell as the £400 for the valuation. Thats a chunk of my savings!

MrJF

Hi Discolil,

Me and my partner are currently going through Halifax for a mortgage. We were going with Nationwide for a property that's £116k but their surveyors only valued it at £110k, so we went elsewhere as we felt that was severly undervalued.

We went through the application process with Halifax on a Friday, and the survey was booked for the following Friday. Unfortunatelty this was postponed for Tuesday (this week) and we heard today they have met the £116k so we can proceed, and that in the next few days we should have the mortgage offer (providing all goes through OK).

So best thing to do is give it 2 weeks. If an offer has been accepted the EA shouldn't encourage any more offers, because they will lose your business and the other offer may not go through.

Keep your Solicitor informed, but make sure they do NO work until you have the mortgage offer secured.

We are first time buyers (25 and 26) so don't take what I've said as gospel, this is just my advice. We had a repo fall through on us in Jan and it cost us £1,000 in survey fees, Sols fees etc, so that's why we go careful.

Hope this helps, good luck too :beer:

GDB2222

discolil wrote: »

I'm a single parent with 2 children at school, with just a single income - S/O appears to be the only option. I havent instructed the solicitors as yet, I have the quote at the ready, but they take £250 deposit and if the sale doesnt go through for any reason I only get back some of this, depending on how much work they have done!

I dont want to risk loosing the £250 aswell as the £400 for the valuation. Thats a chunk of my savings!

Sadly, you do seem to end up paying through the nose for s/o though.

discolil

Thanks MRJF - and good luck to you both on your mortgage.

Do you know if Halifax carry out the full credit check before the valuation? I'm just loosing the will to live after Abbey eventually said NO to an offer. Crossing every finger and toe possible that Halifax do not do the same to me!

pararct

MrJF wrote: »

Hi Discolil,

Me and my partner are currently going through Halifax for a mortgage. We were going with Nationwide for a property that's £116k but their surveyors only valued it at £110k, so we went elsewhere as we felt that was severly undervalued.

We went through the application process with Halifax on a Friday, and the survey was booked for the following Friday. Unfortunatelty this was postponed for Tuesday (this week) and we heard today they have met the £116k so we can proceed, and that in the next few days we should have the mortgage offer (providing all goes through OK).

So best thing to do is give it 2 weeks. If an offer has been accepted the EA shouldn't encourage any more offers, because they will lose your business and the other offer may not go through.

Keep your Solicitor informed, but make sure they do NO work until you have the mortgage offer secured.

We are first time buyers (25 and 26) so don't take what I've said as gospel, this is just my advice. We had a repo fall through on us in Jan and it cost us £1,000 in survey fees, Sols fees etc, so that's why we go careful.

Hope this helps, good luck too :beer:

If I may ask why did you think it was undervalued?

Classic FTB mistake assume a property is worth what the vendor is asking for it rather than the professional valuers advice.

MrJF

pararct wrote: »

If I may ask why did you think it was undervalued?

Classic FTB mistake assume a property is worth what the vendor is asking for it rather than the professional valuers advice.

I can see where you're coming from, it just seemed to be valued far too low for the property of it's type. A mid-terraced had just sold for £115,000 and our offer on the end-terraced was £116,000. Also looking at all the house prices and sold prices in the area in the last 3 months, it just didn't make sense. So that's why we went with Halifax and it seems our gut feeling was right in the end

MrJF

discolil wrote: »

Thanks MRJF - and good luck to you both on your mortgage.

Do you know if Halifax carry out the full credit check before the valuation? I'm just loosing the will to live after Abbey eventually said NO to an offer. Crossing every finger and toe possible that Halifax do not do the same to me!

I think they carried out our credit check on application before the survey, as we got the survey result yesterday morning (as mentioned in previous post) and we had the phone call yesterday afternoon to say our application has been approved, so full steam ahead now

discolil

thank you! thats good to know, fingers crossed the survey will be arranged early next week. Thanks for the replies x