Halifax Mortgage application

poppyflower25

Hello

We have applied for a mortgage with Halifax. We are first time buyers. The LTV is 85%.

last week me and my partner got a mortgage promise and were told what we could borrow. We were credit scored and asked to bring 3 recent pay slips for when we make the full application.

1 week later we have found a house and had the offer accepted. My partner called Halifax who took down the details of the house and got us in the next day to take in our 3 wage slips. The mortgage adviser has taken the payment for the valuation from me. He is going on holiday for a week now and has said he will be back on the 10th and that he will sort the valuation on his return. He has also gave us the solicitors number to contact (Their solicitor is way cheaper than any in our area).

I have checked the credit report and it shows 2 entries by Halifax. One is a unrecorded enquiry on experian showing the amount we wish to borrow and the other one is a search showing 'first mortgage'.

What stage does this mean we are at? Would this be the full application stage? Have we been credit checked?

It's confusing, does this sound right. Will they ask for mpore documents from us later such as banks statements and p60's etc

thank you

P

redapple1

Weve just had our mortgage offer through from Halifax.
We got a DIP (soft credit search), found a property, offered then went back to Halifax for full application. They took all details and I think they preformed another search then (though not 100% sure). We paid for valuation/survey over the phone at that point and faxed over 1 payslip each as thats all was requested. The next day the allocated processor contacted me about my name (different on payslip as practice in maiden name) and they rang my employer to verify my ID. I had a panic at this point as an advisor who I called for an update metioned something about equifax and I thoughtthey were doing further checks and they weren't....offer arrived the next day. Ive found them excellent to be honest and always helpful - just call for an update and they tell you what stage its all at. Have they surveyors been instructed to do the valuation?

poppyflower25

Hi Red apple. Glad you have had it come through ok. Yeah they have been helpful. They called my boyfriend at 6 pm the other night to get our details on the system so we didn't lose the £1k cash back offer on the mortgage as its since dropped to £500 cash back. When we last saw the adviser on Friday he was double checking the house price and our deposit on the computer. He asked if we were happy with the rate etc and we said we were. He then took our 3 wage slips and gave us a key facts and explained the costs and mortgage term etc. he then said he was going on holiday for a week and asked me to pay the £315 valuation fee. He said he will instruct a valuation on his return on Monday and to advise the estate agent to expect him next week. He booked us an appointment to get a joint account set up with Halifax (which we did yesterday) and told us to ring the solicitor to tell him we want to use him. That's as far as we've got. I checked my credit file and on the same day he gave us the key facts there were 2 searches from Halifax with one saying 'first mortgage'. Would that have been the full credit search? Thank you

Dave_Ham

This all seems good and you have passed the full application, as otherwise they cannot take the valuation fee.

Obviously you will be underwritten and that is why they require payslips, I would imagine given the requests you have passed on a B score. They have A, B & C and invokes different levels of underwriting.

It is a tad poor that he could not instruct valuation before he went away, but I imagine there was underwriting to be done in advance and therefore he did not want to incur you the cost if they do not like the application, which would be unusual but not impossible at this stage.

All the best

poppyflower25

Hi Dave

Thank you for replying. I asked the mortgage advisor at Halifax if our application would go the the underwriters and he said 'No we do all our underwriting in branch now'. He said it only gets sent off in certain cases. Is this right?

I will keep everything crossed it goes through ok

thank you

Dave_Ham

That is his way of reassuring you, they check the paperwork/admin in branch although any mortgage offer needs to be approved by at Head Office.

Not every case needs to go to the business assessor for sign off.

A lot of the Halifax system is automated mind you..

From where you are and what your advisor is saying, I think you will be ok. It is stressful I know, but remember on here and online you see all the worst case examples and difficult cases as the easy ones have no need for opinion and help..

All the best

poppyflower25

Thank you Dave. The reason I am so worried is my partner has a default (it expires from his file in 8 weeks time) it was for £68 from orange Mobile in 2006 and was satisfied. We were honest with the mortgage advisor and even showed it him on a copy of the experian credit file. We have both only ever lived with our parents so no adverse at any other address etc. The mortgage adviser said the default would be calculated in the credit score because it shoes on experian. Would that be the reason why we have come out as a 'B' class? Everything else is fine. No debts no outgoings just a phone contract each and a 15% deposit. I have an immaculate report. We have both been with our banks since we were teenagers and always been on elctoral role and been in our jobs a long time.

Thank you Dave. I wished he wasn't going on holiday (although the poor chap is entitled to it lol). Although he did say it's perfect timing because it takes about about a week before you hear anything.

Thank you again

Dave_Ham

Halifax are quite accomodating of a small, historic default from 3 years + ago.

The system would have thrown out by now, if that was an issue so do not worry about this...

poppyflower25

Thank you Dave. You have made me feel so much better.

I am a worrier. I think my work colleagues are sick of me keep worrying and moaning lol. I will leave you alone now. Thank you for your help. I will let you know how we get on

Dave_Ham

No worries, it can be a stressful time but you are in the home run now so try to relax.

I will look forward to you coming back and confirming you have the mortgage offer.

Good luck

redapple1

Yeah sounds like full search is done.
Dave is the best for advice - he even managed to calm me down when I was having a major panic attack last week. Its very stressful but fingers crossed once your valuation is done they'll issue the offer a few days later.