Halifax fast track mortgages... is this normal?

Conrad

nathan75 wrote: »

Oh, okay well this is worrying! I presume my advisor has been honest about my case? not alot else i can do but wait i suppose!

It's not at all worrying if you have signed up to an honest true account of yourself.

Conrad

cue someone saying "there's nothing to worry about". If someone does say this, don't take my word for it, go check the FSA's recent examples of fraud cases uncovered.

nathan75

Conrad wrote: »

cue someone saying "there's nothing to worry about". If someone does say this, don't take my word for it, go check the FSA's recent examples of fraud cases uncovered.

Well all the info i have given my advisor is accurate, so ill try not to worry!
Guess at a later date if they start asking for more evidence that would concern any normal person, even with nothing to hide as you dont want them to find any reason to pull your offer when the solicitor already has part of your deposit!!

DiscoCat54

I really shoudn't read these posts as I always end up worrying myself! I exchanged with Santander 6 weeks ago and completion is due on November 22nd. Does the request from the Solicitor to draw down the funds potentially trigger an audit or is it just random checking at any point? I don't think I have anything to worry about although I always have a niggle in the back of my mind due to Nationwide turning me down before Santander accepted me...

kingstreet

Conrad wrote: »

Santander have been asking for Bank statements anbd such like AFTER completion amongst local brokers around here, and that includes me. If you read the terms of engagement with lenders, this possibility is all set out.

Yes. IIRC PTFS members were taken off (or asked to be removed from) fast-track with Santander because of this.

TBH like I said, I obtain all the documentation (factfind, payslip and bank statement data must all match up) which could be needed during the application process, so post-completion checks are fine.

I think from the borrower's point of view, their concern is an audit upto completion.

kingstreet

I know of one case where an audit uncovered fraud on completion day and the mortgage funds were called back from the solicitor to prevent completion taking place.

No idea if this was fast-track, or full status.

Conrad

DiscoCat54 wrote: »

I really shoudn't read these posts as I always end up worrying myself! I exchanged with Santander 6 weeks ago and completion is due on November 22nd. Does the request from the Solicitor to draw down the funds potentially trigger an audit or is it just random checking at any point? I don't think I have anything to worry about although I always have a niggle in the back of my mind due to Nationwide turning me down before Santander accepted me...

Usualy the offers that are recinded are those where a fasttrack application was accepted but based on inaccurate info which then later cannot be verified. For example broker pretends a self employed client is employed. It gets accepted on fasttrack and the salesy broker tells everyone not to worry and that 'everyones a winner, in'it'.
However as part of normal auditing when payslips and Bank statements are later requested, the client cannot provide, or they provide fake docs which lenders can now spot usually.

DiscoCat54

Thanks, Conrad. No idea whether or not mine was a fast track application with Santander although they only requested one payslip and my latest P60. All details are verifiable and I did give 3 months of bank statements to my broker although they weren't requested by Sanatander prior to offer.

nathan75

Conrad wrote: »

Usualy the offers that are recinded are those where a fasttrack application was accepted but based on inaccurate info which then later cannot be verified. For example broker pretends a self employed client is employed. It gets accepted on fasttrack and the salesy broker tells everyone not to worry and that 'everyones a winner, in'it'.
However as part of normal auditing when payslips and Bank statements are later requested, the client cannot provide, or they provide fake docs which lenders can now spot usually.

Does beg the question why fast track apps are done? Why not check all this info upfront save buyers any worry about come back ??

kingstreet

nathan75 wrote: »

Does beg the question why fast track apps are done? Why not check all this info upfront save buyers any worry about come back ??

It makes life easier for lenders, who do not have to be as thorough.

It must be lousy for those who go direct though. They think they're sailing through then, wham! all hell breaks loose and they're having to get stuff together right at the point they thought they were looking forward to a really quick and easy exchange.