Halifax mortgage application

mummybear14_2

Hi

Hope you can help I'm a bit stupid at this kind of thing.

Accepted in principle for 85%Ltv with Halifax and
put in full application with all the paperwork on Thursday last week. Estate agent dealing with new house phoned yesterday to say they have had word that a surveyor has been instructed and that they
needed details of our solicitor etc. the surveyor fee was £315 and my concern is that if Halifax turn us down for some reason we will be out this money and cannot really afford to pay out the same again to another lender. The broker we are dealing with has told us we may not get a decision until the end of the week. Has anyone any suggestions what we should do or what stage we are at?

Please help
Thanks

harvey115

The process as normally:

- You apply for a mortgage (full application) with all necessary documents
- You instruct Solicitors/Conveyancers
- The lender goes through the application and instructs Survey
- You pay for the survey (unless free with the mortgage product)
- The lender uses all documents, credit history and survey valuation report to get an offer sent to you
- Your solicitor works with you to complete the purchase on receipt of the mortgage offer

So in order to get an outcome from the lender, you will need to get the survey done. Was this not advised by your broker? or is this survey was not expected at all?

As far as I can tell, your broker should have mentioned to you that in advance and that the money for the survey will go out of your pocket before Halifax decides on your application.

mummybear14_2

When the broker said about the fee (which I have no problem paying) I assumed this would be paid when the Lender has accepted the application. I can't understand how people can be expected to fork out this money and then risk the chance of being turned down, then have to pay this out again to another lender.

kingstreet

Halifax does not normally spend your valuation fee until it is sure, as it's possible to be, that it will offer you a mortgage.

However, if the valuation reveals something untoward or further information comes to light later in the process any lender has the right to decide not to lend.

TBH you've done what you can to limit your expense. Just make sure you don't have your solicitor request searches until your valuer's report is back and mortgage formally offered.

mummybear14_2

Thanks kingstreet just phoned broker and asked them to hold the payment until we get a decision and they have agreed to do this. It's true what they say getting a mortgage and moving house is one of the most stressful things you ever have to do. Thanks for all help

kingstreet

Unfortunately, you can't actually do that.

The Halifax system passes the application at keying stage. If it passes, the card details for the fee payment are then input to enable the next step to be reached. Halifax collects the money at that point.

It only spends the money once it is happy the application can proceed, as I mentioned. There is no mechanism to prevent your card being debited and an application submitted. One depends on the other.

confused_kid

hi mummybear14

we are also currently going through with a halifax mortgage, and I can advise that halifax took the valuation money from our account before any mortgage offer. I don't see how they could provide a mortgage offer before going out to view & value the property anyway (offer would be based on Halifax agreeing the valuation matches the purchase price, and the property being in fit state to secure against I presume).

Anyway good luck, we've just heard back to say mortgage has been approved, now onto the next stage of the process - land searches/legal side etc...fingers crossed.

good luck, hope it goes through smoothly..stressful times

poppyflower25

Hi

We had the same concerns as you when applying for our mortgage with halifax the end of August. It is a good sign that they have asked for the valuation to be paid for. If your circumstances don't change and you don't take out any new credit then it should be fine. Some people don't disclose the correct info and that can fail after valuation if they re-score you.

You are going through the same process as us. I was a nervous wreck but the mortgage adviser told me the computer wouldn't have asked for my £315 valaution fee if it wasn't happy to proceed with the application.

We applied 31st Aug and had to wait a while for valuation to be done as it was a busy period. Mortgage offer was issue on 10th Sep.

Try and relax. I know it's hard I didn't sleep very well. But things are going in the right direction. Yes it all depends on the valuation and whether it fails or not however that is always a risk with buying.

x

mummybear14_2

Hi

Thanks for the replies and your right poppyflower25 about the nervous thing, the bags under my eyes with lack of sleep could be used for my next grocery shop lol.
Supposed to hear a decision by the end of the week but who knows, the goal posts seem to keep moving so please fingers crossed for us. Thanks x

poppyflower25

mummybear14 wrote: »

Hi

Thanks for the replies and your right poppyflower25 about the nervous thing, the bags under my eyes with lack of sleep could be used for my next grocery shop lol.
Supposed to hear a decision by the end of the week but who knows, the goal posts seem to keep moving so please fingers crossed for us. Thanks x

I'm sure it will be fine if everything was entered correctly and it all adds up which I'm sure it will. We was worried cause my partner had a default from 5 years ago and late payments on 2 other accounts from 5 years ago. Is anything like this worrying you? x

mummybear14_2

poppyflower25 wrote: »

I'm sure it will be fine if everything was entered correctly and it all adds up which I'm sure it will. We was worried cause my partner had a default from 5 years ago and late payments on 2 other accounts from 5 years ago. Is anything like this worrying you? x

I have checked our experian report and it shows excellent for both of us, with 1 late payment which was on my Dorothy Perkins account. I suppose with this late payment we may not be looked on favourably as it was within the last year. I'm kicking myself because I just overlooked it