Halifax Mortgage Application

cpf

Hi

Me and my wife are planning to buy a newbuy house from a leading house builder. We resereved the property and the builder recommended an IFA to arrange the mortgage. We got the AIP and our Experian credit files are excellent (mine is 999 and wifes' 974 - no overdue accounts or missed/late repayments for last year for both of us).

===================

House price 268,000.
75% mortgage + 20% G'ment backed 'Help to buy' equity loan + 5% our savings.
I earn 39K and my wife 30K. Joint mortgage application. We both in full time, permenant contracts. We have one child.

According to Experian:
for me:
No. of credit accounts (including those settled): 3
Amount of available credit (ex mortgages): £6,600
% of your total credit being used: 32%
Amount of outstanding debt: £3180 (but this is less than £2000 now, the file has not been updated since)
No accounts overdue or missed payments.

My wifes':
Number of credit accounts (including those settled): 3
Amount of available credit (ex mortgages): £3,500
% total credit being used: 29%
amount of outstanding debt: £1400 (again this is not updated. she is only got £400 as outstanding).
======================

The full application was submitted to Halifax last week, and there were 5 entreis in our credit files from Halifax on the 14th. 4 of them said, mortgage quotation by Bank of Scotland PLC and the last one said,

Amount: £xxx,xxx
Term: 025 months
Searched by: Halifax Mortgages
Application type: Unrecorded enquiry

I spoke to my MB and got to know the bank has instructed the valuation for next week and they have deducted the valuation fee. MB further said, the bank requested our pay slips, ID and proof of address, which the MB has already provided.

yes, we are nervous about the outcome.
1. Is deducting the valuation fee a good sign?
2. How long the bank will take to make the offer after the valuation?
3. what are the chances of failing the offer at this stage? - I don't think there will be any issues with the valuation report.

what do the experienced MBs out there think about my case?
Thanks a lot..

GDVS

cpf wrote: »

1. Is deducting the valuation fee a good sign?

Yes, that's an indication you passed the credit and affordability checks. They try not to take your money unless they're expecting things to proceed.

2. How long the bank will take to make the offer after the valuation?

Mine was the next day.

3. what are the chances of failing the offer at this stage? - I don't think there will be any issues with the valuation report.

Main issue at this stage is likely to be any inconsistencies between the application form and requested documentation.

Try and make your own thread rather than tacking onto an unrelated one next time though.

Abu-Dina

All sorted now. Got the keys to our new home last Tuesday!