Halifax Mortgage application processing & timescale

Dave_Ham

jakieahmed wrote: »

Hi all,

I made my application on good friday. Unfortunately, my survey was done today after cancelling few survey due to shortage of staff.

Money was taken on the spot without any delay. my broker has returned with to provide proof of savings, working hours. I have savings from under my parents pillow, which was dumped in as a big lump sum every few months like 6k sometimes 10k. It does worry me as they want to know where I got the money from. I have told them everything and got letter from parents to proof that it was gifts given as it was part of money laundering service.

It is upsetting that they are dragging on. Everytime I call Broker or the bank, its always last step away.
I am on the stage for underwriters to make decision. Apparently everyone has to go through them and will hear from them in a week.

All in about a months to get a response. Off course, if its a decline then lost about £500 inc fee and valuation.

PS: I do have high experian score and never had late payment. I was always good with my money and paid everything off. Yet till today have few credit card with balance

It is frustrating as there is a long waiting game plus its your money they are playing with!

Ok, from a lenders perspective your Parents are somehow getting cash from "under their pillow" in big chunks of £6-£10k at a time and paying this into your account

No shocker that the lender thinks this money may not necessarily be traceable then eh?

I think the lender is going to have a problem with this at application, if they do not they will have an issue with it when the Solicitor tells them nearer completion if you get that far.

Bubbles87

I got my mortgage offer today ... Good luck with your application...

ralph2013

That's good news! Hope full I will get a decision soon, fingers crossed.

ralph2013

Bubbles87 wrote: »

I got my mortgage offer today ... Good luck with your application...

Hi, I have today received the valuation report from Halifax which was carried out on Wednesday and they have valued the property at the price I have offered and have said the property is secure to lend on. Does this mean I am close to offer yet or is there still things to be done before a decision is made?

claireizadiamond

ralph2013 wrote: »

Hi, I have today received the valuation report from Halifax which was carried out on Wednesday and they have valued the property at the price I have offered and have said the property is secure to lend on. Does this mean I am close to offer yet or is there still things to be done before a decision is made?

Glad to hear that the valuation has come back well. Our valuation is booked for Tuesday, I will be so glad hopefully next week we will get an offer (or decline)

I still don't know if it goes to underwriters before or after valuation?!

Thrugelmir

ralph2013 wrote: »

Hi, I have today received the valuation report from Halifax which was carried out on Wednesday and they have valued the property at the price I have offered and have said the property is secure to lend on. Does this mean I am close to offer yet or is there still things to be done before a decision is made?

A satisfactory survey is part of the overall process. Think of it like a jig saw. All the pieces have to be in place. In order for the final decision to be made. When the underwriter reviews the picture.

ralph2013

Thrugelmir wrote: »

A satisfactory survey is part of the overall process. Think of it like a jig saw. All the pieces have to be in place. In order for the final decision to be made. When the underwriter reviews the picture.

Thanks for the reply. I know that some lenders e.g. Santander perform a valuation after the case has been successfully underwritten, so as not to waste time/money on a survey if it is not needed, is this also the case will Halifax or will there still be underwriting to do after a satisfactory valuation survey? I was told by MB that Halifax where going to contact accountant via fax on Thursday evening to confirm some of my details, but rang accountant on Friday and he is yet to receive any correspondence from Halifax, hopefully this will be the last checks made by the underwriter before decision?

wannahouse

Dave_Ham wrote: »

Ok, from a lenders perspective your Parents are somehow getting cash from "under their pillow" in big chunks of £6-£10k at a time and paying this into your account

No shocker that the lender thinks this money may not necessarily be traceable then eh?

I think the lender is going to have a problem with this at application, if they do not they will have an issue with it when the Solicitor tells them nearer completion if you get that far.

most peoples retired parents keep money under the bed!!!

i was SHOCKED when my parents said they were so distrustful of banks that they keep a large sum of money out of the bank hidden in the house!
but esp after what just happened in cyprus, it has proven them right..i think they are going to take even more out of the bank now!

ralph2013

claireizadiamond wrote: »

Glad to hear that the valuation has come back well. Our valuation is booked for Tuesday, I will be so glad hopefully next week we will get an offer (or decline)

I still don't know if it goes to underwriters before or after valuation?!

Did you have your valuation done on Tuesday as arranged?

Dave_Ham

wannahouse wrote: »

most peoples retired parents keep money under the bed!!!

i was SHOCKED when my parents said they were so distrustful of banks that they keep a large sum of money out of the bank hidden in the house!
but esp after what just happened in cyprus, it has proven them right..i think they are going to take even more out of the bank now!

I still am, see whether the lender/solicitors thinks this is normal and acceptable behaviour