Halifax fast track mortgages... is this normal?

nathan75

kingstreet wrote: »

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.

Defiantly not what you'd call good customer service!!

kingstreet

TBH it's a "loophole" which can be abused by brokers and borrowers alike. My opinion, as stated, is that is should be stopped. It's an anachronism of the pre-crunch days and helps to keep the supply of funds to fraudsters moving.

Conrad

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 ??

Because it saves lenders and applicants time and hassle. The assumption is that all information provided is accurate and this is mentioned in lenders documents and any recorded announcements (for example fraud prevention messages).
So this benefits many people, but there has to be a random double checking audit of a proportion of the business received.
!

Conrad

kingstreet wrote: »

TBH it's a "loophole" which can be abused by brokers and borrowers alike. My opinion, as stated, is that is should be stopped. It's an anachronism of the pre-crunch days and helps to keep the supply of funds to fraudsters moving.

Such brokers are sooo dumb. All it takes is a disgruntled girl friend or a jealous mate of a fast tracked mortgage applicant to make a whistle blow call to the FSA / lender, game over.

DiscoCat54

This might seem like a silly question but how do you actually know if you were fast tracked?

nathan75

DiscoCat54 wrote: »

This might seem like a silly question but how do you actually know if you were fast tracked?

My advisor told me when I asked why bank statements etc weren't needed. Was told as I had good credit score I was elidgeable for fasttrack...

Conrad

DiscoCat54 wrote: »

This might seem like a silly question but how do you actually know if you were fast tracked?

By the lender not requesting any income verification up front.

If concerned about an offer being withdrawn between exchange and completion, then complete and exchange without much gap.

nathan75

Conrad wrote: »

By the lender not requesting any income verification up front.

If concerned about an offer being withdrawn between exchange and completion, then complete and exchange without much gap.

This is impossible for me as new build :mad:

GMS

nathan75 wrote: »

My advisor told me when I asked why bank statements etc weren't needed. Was told as I had good credit score I was elidgeable for fasttrack...

Adviser for the lender or independent of?

Any decent broker would get all of the information anyway such as payslips, P60's/SA302's, bank statements.

Not only is it a requirement but it will save any calls to the client should they subsequently be requested. Personally I would rather have all of the documents so as to not need to go back to my client and look like a numpty.

If a fast track of mine got audited the client would have no hassle because of it. I would simply get the info to the lender.

nathan75

GMS wrote: »

Adviser for the lender or independent of?

Any decent broker would get all of the information anyway such as payslips, P60's/SA302's, bank statements.

Not only is it a requirement but it will save any calls to the client should they subsequently be requested. Personally I would rather have all of the documents so as to not need to go back to my client and look like a numpty.

If a fast track of mine got audited the client would have no hassle because of it. I would simply get the info to the lender.

Okay I'm gunna get all docs ready. Say they audit me in Feb... Would they want the payslips leading up to my application or would they need the newer payslips?
If newer ones needed I guess MA would have to come to me to have these sent over etc. as I'd have to print online payslips & statements off???