Halifax Mortgage application processing & timescale

ralph2013

Hi All,

Newbie to the forums here so please go easy on me. Any help would be really appreciated.

Basically I am looking to purchase a property for approx £350,000 and putting down a 15% deposit. We are not FTB and both have excellent credit score (980 on Experian)

I had applied for a mortgage with Santander and after going to head office the application has been declined, for reasons which were not explained. However my MA has now made and application with the Halifax and he is certain and highly confident whenever I talk to him that he can get me a mortgage, I however do not share his confidence.

Me and my OH's combined income is £70K a year and both self employed.

I was told the application was submitted this Monday and on my credit report there is a Halifax mortgage unrecorded enquiry for the loan amount made on Monday. Is this a full credit search and has the application process started? Also I have provided payment details to my MA for a survey, does this get carried out before the underwriting or after it has been approved by the underwriter? (like Santander do)

What I wanted to know really is does anyone know the mortgage process for Halifax applications and the average turnaround time for decision at the moment? I know that with Santander my MA could track the progress online with the MATS, does such a system exist for Halifax? Also if you go on the Santander for intermediaries site the, "Our Service" page shows the current processing times and key dates such as Underwriting date, initial processing date etc. I have not been able to find something similar for Halifax - does something like this exist for Halifax?

Any help would be greatly appreciated!

Thanks!

claireizadiamond

I would also like to know the mortgage application process, apparently our vendor has received a phone call to arrange the surveyor.

ralph2013

Hi, claireizadiamond

Seems as though you are in the same boat as me, just out of interest when was your application submitted, did you go the direct route or through a Broker?

claireizadiamond

ralph2013 wrote: »

Hi, claireizadiamond

Seems as though you are in the same boat as me, just out of interest when was your application submitted, did you go the direct route or through a Broker?

I went through a broker, he submitted it yesterday and sent all the documents this morning. Apparently the surveyor has phoned the vendor today to arrange a day to go round. When did you place your application?

ralph2013

claireizadiamond wrote: »

I went through a broker, he submitted it yesterday and sent all the documents this morning. Apparently the surveyor has phoned the vendor today to arrange a day to go round. When did you place your application?

Hmm, thats a fast turnaround from submission to valuation. Has the valuation fee been taken from your account then? I believe my application was submitted on Monday, not sure if vendor has been contacted regarding valuation survey for me yet. Do you know if the valuation is conducted after the underwriting process? I just thinking that if its before then a fee would be taken even though the application could be declined when it goes to underwritng. :mad:

Also what documents did you have to supply? Ive only been asked for payslips but not any bank statements yet which I find strange

claireizadiamond

I thought that, apparently Estate Agent and Mortgage Broker are really surprised at how fast it has been. I don't know for sure but it makes me think that underwriting takes place after valuation which has got me worried as well. Money for survey has been took from account, but not sure if this was by Halifax or Mortgage Broker as it is not showing who claimed it yet.

Apparently all Halifax have asked for from us is 1 wage slip, however Mortgage Broker has copies of passports etc and 3 months pay slips and utility bills.

ralph2013

claireizadiamond wrote: »

I thought that, apparently Estate Agent and Mortgage Broker are really surprised at how fast it has been. I don't know for sure but it makes me think that underwriting takes place after valuation which has got me worried as well. Money for survey has been took from account, but not sure if this was by Halifax or Mortgage Broker as it is not showing who claimed it yet.

Apparently all Halifax have asked for from us is 1 wage slip, however Mortgage Broker has copies of passports etc and 3 months pay slips and utility bills.

Not sure how correct this is but I have heard that Halifax score applicant based on credit search using a A,B,C. If you score A or B you require fewer checks, C applicants will have their applications scrutinised with a fine tooth comb. Do you know if your application has been scored in this way? Im not sure with mine. But my credit rating is excellent according to Experian, how about yours?

I would really like a way that I could track updates and the status of my application like you can do with Santander as posted in my original post:sad::

claireizadiamond

I think it is the waiting game that is killing me! I don't know my mortgage broker never stated, unless it is on my Mortgage in Principle I shall have a check in a minute. I also heard they score the A,B,C. My credit was a bit iffy, when I was a student I missed a few payments but I showed my mortgage advisor the statutory report and he didn't see a problem with it.

My partner has a brilliant record now that his default has dropped off as it is over 6 years.

I think my mortgage advisor is sick of me already. I am a born worrier!

ralph2013

I too am a born worrier and I hate playing the waiting game. Seems as though there has been a few unrecorded enquires done by Halifax and Bank of Scotland on my credit report, not sure what these mean though...

Thrugelmir

ralph2013 wrote: »

Not sure how correct this is but I have heard that Halifax score applicant based on credit search using a A,B,C. If you score A or B you require fewer checks, C applicants will have their applications scrutinised with a fine tooth comb. Do you know if your application has been scored in this way? Im not sure with mine. But my credit rating is excellent according to Experian, how about yours?

I would really like a way that I could track updates and the status of my application like you can do with Santander as posted in my original post:sad::

Your delay has more to do with the fact that you are both self employed and require a mortgage over 4 times joint earnings.

So probably has been passed to a senior underwriter for assessment. As outside standing lending criteria.

ralph2013

Thrugelmir wrote: »

Your delay has more to do with the fact that you are both self employed and require a mortgage over 4 times joint earnings.

So probably has been passed to a senior underwriter for assessment. As outside standing lending criteria.

Do you know how long Halifax normally take for underwriting?
And whether the Valuation survey is done post or pre underwriting?

Thanks