Need urgent advice - what would u do????

onthebreadline

Now I am totally confused!!

onthebreadline

Now I am totally confused!!

I phoned the Halifax, asked if I could apply for a mortgage, went through a load of questions, (around an 40-50 mins), then said yes, that fine, everything is OK. I will email you the amount you can borrow based on your salary, and how much your monthly payments will be based on what you actually wan to borrow.

After you have had time to look it over, I will phone you back to see if you want to go ahead with it. I looked it over, the monthly figure was fine, so agreed to go ahead.

They then wanted to know solicitors, vendors name and phone no, etc and asked me to pay the valuation fee - which I done.

They then asked me to take my payslip - ONE PAYSLIP to a branch, so they could fax it to them. - which I done.

They then asked when they could call me back to discuss some other matters, so told them yesterday am - which they done.
It was to discuss house insurance and life insurance - took again about 40 mins - but I declined their quote.

They told me next stage was to check payslip and receive valuation, they would then (if property is worth what I paid for it) put through "request for funds" - not sure of correct terminology, and all going well should have offer of funds by Thursday maybe Friday at latest, it is then sent to my solicitor/or my solicitor requests the funds and as soon as they are through the house is mine.

Oh and I should mention I am in Scotland, just in case procedures are different.

This is my understanding of it - but I may well be in for a lesson on the procedures !!!

Please tell me the correct procedures????

betmunch

Now thats good, sounds to me like you have the Mortgage Promise, but havent had it sent to you (which there is no requirement to do) and following getting the Mortgage Promise they have done a Quote, which is the KFI, which you do seem to have in your possession.

You had me worried there, you can go to many lenders websites and just produce a KFI as it is only a quote on a product they supply. There doesnt need to be any credit checks to get these.

So we only have the one issue with the Payslip.

And the one question of do you go it alone, or let a broker handle it and cost you £1600 over 2 years because of it.

personnally I would still suggest the Broker (and you can accuse me of being biased if you like, I wont take offence) due to the fact he can put pressure on the BDM and talk through the case pre summission to get them ready for the payslip issue. Its your call.

If you decide to go it alone then I would put a note in with the payslip saying how you changed the address then failed to move in and just didnt get round to changing it back.

Good Luck, and please keep us updated, its a really interesting case

onthebreadline

My understanding was they would not give me an offer until they had done credit check and checked my payslip and had valuation done.

Can they give you a promise even though they do not know the valuation of the house?

He did say that it was fine and that as I was not borrowing the full amount available to me and that I had a 15% deposit - all was fine.

If I thought I had already been through a credit check then I would not have been stressing all day long, as I am sure they would have told me if I failed. My solicitor did mention that as I did not have a credit record - it could work against me. So that is when I started to worry about all this credit check etc. I have never paid for anything on a credit card or paid up anything, and always been in credit at my bank where I have been a customer for over 30 years and have bank statements to prove it (although not going back 30 years) I rambling now, so better shut up and let you explain.

onthebreadline

betmunch wrote: »

Now thats good, sounds to me like you have the Mortgage Promise, but havent had it sent to you (which there is no requirement to do) and following getting the Mortgage Promise they have done a Quote, which is the KFI, which you do seem to have in your possession.
You had me even more worried there !!!
You had me worried there, you can go to many lenders websites and just produce a KFI as it is only a quote on a product they supply. There doesnt need to be any credit checks to get these.

So we only have the one issue with the Payslip.

And the one question of do you go it alone, or let a broker handle it and cost you £1600 over 2 years because of it.

personnally I would still suggest the Broker (and you can accuse me of being biased if you like, I wont take offence)
Not at all My FA also said the same thing, if I didn't get anywhere myself I could still call on him, but had to be Monday at the latest.
due to the fact he can put pressure on the BDM and talk through the case pre summission to get them ready for the payslip issue. Its your call.
Take it there is no way I could call them?
If you decide to go it alone then I would put a note in with the payslip (the payslip has already been faxed on Friday) saying how you changed the address then failed to move in and just didnt get round to changing it back.

Good Luck, and please keep us updated, its a really interesting caseTHANK YOU SO MUCH FOR ALL YOUR HELP - I HAVE BEEN HERE ALL DAY TRYING TO GET STRAIGHT ANSWERS - I DO APPRECIATE ALL THE ANSWERS ON HERE - JUST SOMETIMES POSTERS TRY TO GIVE YOU MORE PROBLEMS INSTEAD OF ANWERS - WHICH I COULD GIVE YOU A HUGE BOUQUET OF THANKS

:A:A:A

Thanks again xx

betmunch

Halifax actually do 2 credit checks. The first when you get your mortgage promise, the second when you make the full application which is more thorough. They can give a mortgage promise without knowing the value of the house as its based on your income and has the condition of you putting in at least 10% deposit irrespective of what the house is worth. Your solicitor is right, but it sounds to me like you have passed the first credit check anyway.

betmunch

i dont think you can call the BDM, his role should be specifically for intermediaries, you could try a branch though?

onthebreadline

[QUOTE=

Also its worth noting that what GMS said about the anti-fraud agency is actually a posibility, Halifax are very hot on anti-fraud measures.

Maybe worth mentioning (although I know doesn't go for anything) I lived with someone who upheld the law both personally and professionally for over 40 years, so would never knowingly get involved in any kind of fraud/law breaking offences.[/QUOTE]

Just find myself in this situation through sheer stupidity/lazyness:o, not bothering to change my address back.

Phew !!! This FTB malarky is totally stressful, I just hope I don't have a heart attack before I manage to buy/purchase - oh I've already done that - I mean pay for the purchase.

betmunch

That would be extreme, but it is posible. Just seen in the other thread the Mortgage Advisor wants to charge you 1% of the advance as a fee! He really has you over a barrell! Whats the deal with the insurance instead of the fee though? Could you get away with a 5er a month life policy just to avoid his mortgage fee? Could you take insurance and then cancell it, or will he make you sign a form to replace any lost commission from cancelled insurance. 1% is a bit rich in my book and he'll get commission from Halifax!

onthebreadline

That's why I did not go with him, He had the papers all drawn up wanted me to sign, did not explain my options, or even how much I would be paying a month - Had to ask before going any further. He told me this figure which seemed ok till he told me it was over 18 years, if it had been 14 would have accepted, then when insurance added on it shot up around 60.00.

When i stated I did not want ins, he then changed his tune(sorry!!) and threw in during conversation his fee would only be 1%, that's all they take, but the arrangement fee would also be double what I could get it for 1,000 against 495.

So it all adds up, is it also normal for them to organise a valuation (another 200.00) to be done on your behalf even if you have not instructed this.

He said if I go it alone I may be charged for ANOTHER survey - who is he kidding!! Still will cross that bridge when I come to it.

Just want to get this sorted first,

5er a month ?? Is this possible, if so he really is taking the mickey - he was adding around 35.00 for this.