Halifax Fast Track Mortgage

Uncle_Fester_2

What does the term 'Fast Track' in mortgage terms actually mean?

As it sounds like a normal mortgage product to me.

icklejulez

Uncle_Fester wrote:

What does the term 'Fast Track' in mortgage terms actually mean?

As it sounds like a normal mortgage product to me.

Thants what Im still trying to find out. Apparently they told my mortgage advisor my mortage application will be prioritised above other applicants.

That could mean anything but it sounds like it can only be a good thing.

toonfish

fast track means it goes through processing much quicker - no income checks, lender references and often even no survey. They reserve the right to check things (I think this is an FSA directive) but if they are going to need anything this is decided at application in my experience. For a clean case they just ask for signed declaration and direct debit mandate.

Anyone who thinks a week is not fast for a mortgage offer is on another planet. Halifax are about as good as it gets for speed and efficiency at present, so I wouldn't be worrying about it yet.

icklejulez

I understand now why Im on a fast track, probably because I applied with them and the mortgage offer just ran out of time so it means they dont need to reconfirm all my details!!! Thanks Toonfish!

AndrewSmith

There is absolutely no reason not to trust your broker, and he is being totally correct by stating that the lender reserves the right to ask for income verification.

Fast Track:

Good credit score, prime case, no adverse history, easily found all applicants on the voter's roll, income within criteria. The lender will allow the case to go through without necessarily needing any further verification.

Self Cert:

For those who cannot prove income such as newly self employed with no audited accounts etc. Income criteria still applies as does full underwriting.

Some lazy or inexperienced brokers will try to use Fast Track instead of Self Cert. Beware of this.

Andy

Uncle_Fester_2

Thanks for all the replies :T

But can they request, refs, checks after Exchange of Contracts?
As I could, loss my deposit! :eek:

Col.Mastard

Uncle_Fester wrote:

But can they request, refs, checks after Exchange of Contracts?
As I could, loss my deposit! :eek:

I don't think a lender could do that...But I could be wrong!

THSHARIF

the survey was done last monday, we are still waiting for any news, with our halifax fast track application , we have a 25% deposit in place, but on wednesday was asked to provide extra information about when my partner returns back to work which is in 3 months time )she is currently on maternity leave.

does anyone know if the mortgage will be refused due to this reason , and if my partner isnt on the electroll roll for the current adress?

this is a single application on her name.