My buyers mortgage App still going through Halifax underwriters should I be worried??

BARGAINMAD101

Hi I accepted an offer on my house on22nd April, first time buyers and was told mortgage application in place and sorted. Put an offer in since then for the house we wanted and our mortgage in place. Have since found out that my buyers mortgage app has been with the Halifax underwriters for about a week or so and their broker says he hopes to hear by next wednesday!!! Should I be very worried as he keeps telling me it will be fine and their credit checks were all fine? He is holding off their valuation payment though until sorted? Anyone have any experience with this or an idea of how long we could be waiting please?? Our property we are buying is vacant so apart from this holding it up we are chain free.

hermanmunster_3

doesn't he need the valuation before they can approve the mortgage?

BARGAINMAD101

Well thats what I would have thought?? To be honest not sure what is going on and unfortunately they are using countrywides (or whatever they are now called) mortgage guy from Dixons and he is now on holiday till tuesday. Spoke to him myself and he said its with Halifax's underwriters? who have requested p60 and bank statements etc which have been sent he claims! My solicitor has sent off draft contract papers to my buyers solicitors, I am ready to get my valuation done but my bank have advised me to wait until my buyers valuation has been booked. Do you think hes telling me porkies??

newyear2011

halifax mortgages cannot be offered or approved until valuation received and on system,. Underwriters require valuation to complete their underwrititng. halifax underwriting is quick normally 24-48 hours so sounds suspicious

BARGAINMAD101

Thanks will get on to them first thing and see what is going on! So could this be their initial application or can it NOT be actually processed until the valuation is done?? thanks

opinions4u

The valuation may have been put on hold while other things are checked out.

It would suggest the mortgage isn't straight forward, but that doesn't mean it won't go ahead.

BARGAINMAD101

Thanks will wait and speak to them if possible and have emailed my solicitor to seek his view on this if he can. Just feel a bit fed up that they told us it was sorted and to go ahead and offer and now this scenario!? Just dont want to lose this house we have offered on now x

ruggedtoast

It took Nationwide a month to do the valuation for a mortgage offer for someone in our chain, and then another fortnight to actually give them the offer.

BARGAINMAD101

ruggedtoast wrote: »

It took Nationwide a month to do the valuation for a mortgage offer for someone in our chain, and then another fortnight to actually give them the offer.

Thanks will give it till wednesday and give mort advisor a ring x

alict

Hi there

Sorry to join in a little late, I'm going through the same process but from the opposite side, of the buyer. Did you manage to get everything resolved with your buyer?

Wouldn't worry about it all being suspicious, I paid for the valuation of the purchase property which had to be done through a Halifax-panel surveyor as a condition of the mortgage, had it booked in then cancelled after mortgage application got passed to the underwriters. Now been 2 weeks since I sent through all my documents and nothing, and the underwriter not replying to emails. Ridiculous! Really rubbish customer service at such a stressful time! Apparently a lot of the banks are swamped at the moment, but no reason to take this long!

Hope your sale is working out!