Stressing - Mortgage application

Tracewhy

Good evening. Just wondering if anyone can put my mind at rest over the bank holiday weekend, typically falls now doesn't it

So last week I had a mortgage turned down from HSBC (wasn't too surprised as I'd had a problem a few years ago with a couple of defaults). So was advised on here to go via a broker which I have done.

So Tuesday AM I spoke to broker, they found me a mortgage with Halifax, higher rate than I wanted (6.69%) and high lenders feed (£999). However, they assured me that this was the best option of getting it through so I went with it. They put the application into the bank midday ish on Tues.

Wedneaday morn I get a call to say its been AIP, so I asked exactly what this meant (as HSBC had said this but it just meant that looking at outgoing and incomings we could afford said mortgage and they diud an initial credit check which passed). The broker said they had finished assessing my credit file so the only thing that 'should' block it now is if we had'nt told the truth of the form or the house was undervalued that sort of thing. I was initally happy with this.

They then asked on Thursday for last 3 payslips from both of us. My OH can't find his March payslip so I asked if he could use other months or perhaps send bank statements and P60 as well as payslips to confirm he had been paid. They said they'd contact the lender. I tried contacting them Thursday eve, no joy, I managed Friday midday ish to contact a colleague who said, oh she's on the phone to head office there is an issue with the case she'll call you back.

I waited a couple of hours and no call back, so tried calling them both no answer so I sent her an email only to get an OofO for her and no answer from her manager.

Now I'm panicing like mad that something is wrong again, can the credit check really happen that quick (ie less than 24 hours). Is this normal for Halifax?

Can anyone placate my very stressful mind at the moment? I know that I have to just sit and wait flippen bank holidays :mad:

BlueC

Err, relax. There is nothing you can do. Just wait until Wednesday and pick it up again then. There is nothing to be gained whatsoever by stressing about it now.

More than likely it will be fine - there is always little complications in these things and it takes time to iron them all out. Chill out.

Gentoo365

Don't worry just yet.

This is nothing, seriously.

Just the fact that all the staff that can authorise anything decided to leave work early for the bank holiday weekend and the people that you spoke to could not get through to them. The out of office confirms this.

If they are charging that rate then they are unlikely to be anywhere near as picky as HSBC et al. Probably just need someone to override the refer flag that came up from the credit check.

Dave_Ham

Hi,

Try not to worry, Halifax were a sensible place to house this case..

It is worth considering that whilst on your original thread I said L&C were ok after you said you may approach as fee free.

This is sometimes the consequence of the fee free option. Whilst I would have charged a fee on this case if you had walked through the door, I would have ensured that you did not go through the long weekend worrying like this.

This is probably similar to many a smaller independent.

In the cold light of day at the end of this process, you may be pleased to have saved the money for a bit of grief or maybe not....

Fingers crossed for Wednesday

Tracewhy

Thanks all, I am a stresser by nature, not a good process to be going through when you are :-)

Dave, thanks particularly to you. Your advice is always invaluable.

As you rightly say, altho the fees are high I'm happy (ish) to pay them just to get the mortgage, and to be fair I was actually expect a high interest rate you can't win em all.

I'll try and relax for the rest of the weekend

Joe_Bloggs

6.69% is a tad high in my opinion. I hope Tracewhy can get in to a position where their mortgage is at a lower interest rate in a few years.
J_B.

DVardysShadow

Tracewhy wrote: »

My OH can't find his March payslip so I asked if he could use other months or perhaps send bank statements and P60 as well as payslips to confirm he had been paid.

March payslip is the difference between Feb payslip and the P60

Simon11

I agree with Joe, that rates seems rather high! I would hope you have a fixed rate there at least!

Is it worth waiting abit to improve your credit rating and deposit?

In the long run you may be better off, rather than trying to jump on the mortgage ladder now.

I'm jumping on the ladder myself and have a tracker which is 2.89% with no up front fees so saving £999 in your case, with little sign of the interest going up for at least two years. I would personally wait and build up your finances.

Good luck with your decision!

billybear1

Don't worry as others have said, this is usual. We have been going through the same problems as well! You will get there!