Need help - Halifax fast track mortgage

Kamran90

Hi

I am a first the buyer, and I am very stressed out about my first mortgage.
Can someone please tell me what a fast track mortgage is?

kingstreet

It isn't a type of mortgage.

If you credit score highly on an application and/or have a low loan to value, the lender may choose to accept reduced status requirements to support the application.

Instead of three months payslips and bank statements, you may be asked for only one, or even none.

Brokers will routinely keep the full supporting documentation on file, as we may be required to produce it at any time in future.

Kamran90

ok that makes sense, the broker didnt tell me that.
Halifax are viewing the house today. and I am so worried. I am looking forward to getting on the property ladder but very concerned about the mortgage offer.
Does the AIP have any meaning? does that mean that I can get a mortgage no matter what?

kingstreet

No.

A Halifax Mortgage Promise carries out only a soft search, so it is not as reliable as others. However, if you have submitted a full application and the valuer has been instructed, a full search has been carried out and your mortgage is now subject to valuation and the checks by the underwriter once all documentation has been received.

Kamran90

thanks Kinstreet for clearing this out for me
I read somewhere on the internet that if the if the mortgage product is Fast track then this doesnt go to the underwriter.
I just want this to be over is like a time game nothing is confirmed and I just have to keep thinking if I would be able to buy the house.

kingstreet

A fast-track case is still checked before offer, it's just the supporting documentation requirement is reduced.

GMS

As long as you have been 100% truthful and provided all supporting documentation then there is absolutely no concern if it is fast tracked.

If you or your broker has deliberately used fast track to avoid providing documentation and/or falsifying information then there are potential issues.

You seem to have a deep rooted concern. Are you certain everything stated can be proven?

Kamran90

Yes everything has been provided payslips etc. its just some of the threads Im reading just puts me down. Like me people get AIP but still the mortgage gets refused. Plus I have paid for the valuation.

GMS

The mortgage can be refused at any point during the underwriting process. Similarly an offer can be withdrawn at any point should the lender decide.

The fast track element has no issue as long as everything stacks up.

Goldiegirl

Kamran90 wrote: »

thanks Kinstreet for clearing this out for me
I read somewhere on the internet that if the if the mortgage product is Fast track then this doesnt go to the underwriter.
I just want this to be over is like a time game nothing is confirmed and I just have to keep thinking if I would be able to buy the house.

When I was at the Halifax, certain mortgage applications were not actually seen by an underwriter, typically low LTV applications with a high credit score pass.

However, this doesn't mean to say that the mortgage application just sailed through without any checks at all. Even though an underwriter might not have seen the application, other trained staff would, and if they had concerns or if something didn't 'stack up', they'd let an underwriter know about it.

This was a few years ago, things could have changed since then.

On any mortgage application I'd recommend total honesty - bank staff have seen it all before, and if something isn't quite right it'll be picked up

Kamran90

Hi Goldiegirl Il provided 100% correct information including exprian credit reports for the credit card I have to show the payments havent been miss except one payment. My credit card limit is £500 and I have cleared this off when I done my full aplication for the mortgage. Would that effect the mortgage? Also spoke to the estate agent today, they advised me that Halifax have completed the valuation yesterday do you know how long it may take to get the mortgage offer. My broker told me it can take up to 5 days both on some thread people have been waiting for 8 weeks.