halifax mortgage acceptance help please

[Deleted User]

Hi there,
first time poster here, I was hoping somebody could help me.
My wife and I have recently put an offer in on a house and have been using a broker to find a mortgage. We recieved an AIP from halifax for 135,000 with 20,000 deposit. this offer was quickly withdrawn and replaced with an offer for 131,000 with a deposit of 24,000. I accepted this and was then informed that my mortgage was fully accepted and a valuation has been booked for mon 26th Novemeber 2012. Halifax have asked for three months bank statements from us as well as three moths payslips. my account regularly goes into overdraft (which i only keep at £100) and I have once or twice exceeded that slightly (unarranged) though never by a large margin. My wife has an impeccible credit score and account maintenance. i was just wondering how likely it is to go through, we really want this place:). Halifax have already taken the money for valuation. So I suppose i;m wondering if the final decision will be based on valuation or account activity? any help will be much appreciated

Wh05apk

What does your broker say?

Shouldn't be an issue, as long as account is well run with only occasional use of a small overdraft.

[Deleted User]

Thanks for the reply, my broker says I needn't worry and the details are just standard practice but I've read so many horror stories on these forums. I think my account is relatively well run, though I do dip into my overdraft ( though rarely the full £100). I find it strange that lenders allow you to pay for a valuation then can reject you for credit reasons. Many thanks again

Goldiegirl

I used to work for a bank in mortgage applications.

As long as you remain within an authorised overdraft limit, that wouldn't be a problem.

If you have exceeded your overdraft limit, the Halifax may ask you why that happened. If it's only occasionaly, and by a couple of quid, they may not even ask, but if it's regular, and by more than a few quid, they'd expect a good explanation.

If they are not happy with the explanation it COULD have a bearing on the application. So the best thing is to be prepared and think up a good explanation!

Thrugelmir

kal-el wrote: »

I find it strange that lenders allow you to pay for a valuation then can reject you for credit reasons.

The valuation is conducted by an external party whose costs need to be paid for. Likewise the data obtained from credit agencies.

Lenders cannot be held responsible for applicants failings in the mismanagement of their personal affairs.

[Deleted User]

Thanks for all the advice/info, the valuation was today so I guess I'll find out soon enough. Any idea how long valuation results take to come back?

MeMoney

Hi Kal-el, I'm keen to find out what happened as I'm in the same situation.We've had our AIP and I can see on my Experian account that Halifax have donesome further checks since we decided to proceed with the application. They'venow instructed a survey (which we've paid for).

Plasma_2

Not sure if its any help or not, but i had a valuation instructed last Friday, Valuation/Survey took place on Monday, and got Mortgage offer yesterday.

[Deleted User]

Hi everyone,

Valuation was done on Monday and the offer came through on Tuesday. Now I'm just waiting on the solicitors to conduct their searches. I understand these can take a while. Hopefully this will be a smooth process. I will let you know the results. Just wondering, are the lenders less likely to pull the application if you also take out your home insurance with them?

kingstreet

Totally unrelated.

You can probably get better cover at lower cost though. Lender products are notoriously expensive. They loss-lead on the mortgage rates to flog expensive insurance.