Mortgage application

Ftb_advice

Hi, I'm looking for a bit of advice hopefully from someone who has experienced this situation.
I applied and succeeded in getting a dip via a broker, the broker then submitted a full application and that is now in processing, the lender has only asked for a payslip. Valuation fee has been taken from my acc but has not been instructed as yet, I am led to believe that as long as payslip ok then valuation will be instructed. Does this mean credit score passed? loan is for 375k 75% ltv. Other Id requested was passport and address.
can this still be rejected? Credit file shows quotation and amount on day of application

amnblog

The credit score is done early in the process. Sounds like you have already passed credit score.

holly_hobby

You/your broker should have advised the lender only to go to survey when the initial UW had been completed, a succesful credit score is not the sole underwriting requirement (unless fasttrack where they may choose not to verify income).

So, you may want to ask them to hold back on instructing survey, until they have both recd and assessed your payslip as acceptable.

Hope this helps

Holly

Ftb_advice

Hi thanks for the replies, I would hope that my payslip is ok as it's what was declared on the app, is there anything else that I will need to supply or would this have been requested at application? Does the full app credit score or is everything manually done? Sorry for all of the questions just hoping it goes through ok.

holly_hobby

The lender should come back and request verification/documentary evidence for everything they consider necessary in one hit.

Sometimes, the production of 1 piece of evidence can lead them to request additional data or verification - so it can turn into a game of ping pong with some apps.

However, if you have passed credit score, to which the UWs have only requested 1 supporting payslip with std proof of ID and residence (that all applicants have to provide), I am not unduly concerned.

So, as long as your payslip reflects the info in your app (and I assume is genuine ...), then I don't expect the app to fall out of bed on status, so holding back on survey may not be necessary (its just habit that I would always submit an app with holding survey request).

To which your mge offer (for the amount requested) will be dependant upon a satisfactory survey (ie values up ok, with no retention, or any comment/retention re advised or essential works ) - which is out of your hands unfortunately (but may be grounds to re-negotiate with the Vendor)

Hope this helps

Holly x

Ftb_advice

The dip stated that we can make you an offer subject to valuation and then next steps was provide 1 primary 1 secondary id and finally payslip. I'm not sure an uw has looked at it or is going to? Is this standard dip pro-forma? It's with halifax and val fee was taken same day.

Dave_Ham

Halifax requests documents at initial underwrite that typically they will require. The valuation is only instructed/booked when an underwriter has looked at the case and pushed to Colleys (Surveyor)

So, you have passed the credit score and seemingly all looks well and unlikely to be declined (unless an issue with valuation)

All bets are off however if there is something you have not declared as Halifax do check in the background linked addresses and previous addresses as sometimes the automated system will miss them. If they detect anything they will decline the case, although refund the valuation fee if not been undertaken.

Additionally, some cases get referred to Credit Decisioning Team where they may request more payslips, bank statements, proof of deposit, P60 and pretty much anything they deem fit.

Essentially you have passed the credit score, although if there is something you are worried about then it may well cause you an issue..

Assuming this is a Halifax application of course, given the request have assumed so although if Santander or Nationwide they work in a pretty similar fashion..

If I am incorrect, feel free to share lender and may be able to articulate more.

Ftb_advice

Thank you for the informative reply Dave.
No nothing adverse, I have been living back in uk for 3 and a half years, always on electoral register, have settled accounts and current liabilities but never missed or late payment on anything. Debt of 30k car hp but not huge compared to income. Only concern I have is being a regular overdraft user, authorised of course but haven't used it for last 6 weeks or so.
I hope this isn't an issue.

Goldiegirl

Dave_Ham wrote: »

Halifax requests documents at initial underwrite that typically they will require. The valuation is only instructed/booked when an underwriter has looked at the case and pushed to Colleys (Surveyor)

.

Things must have changed since my time at the Halifax.

The typical scenario would be that the application would be keyed on to the system, the system would credit score the application, and based on that credit score, the system would list the documents that were required to confirm the information that had been provided. At this point the valuation would also be instructed - there was no requirement for an application that had passed its credit score to be reviewed by an underwriter before instructing the valuer.

Indeed, many low LTV, High credit score pass applications went to offer with no underwriter involvement at all

Ftb_advice

Thats exactly why i'm wondering what the process is. My broker has stated that it will go to uw, then valuation, then another decision maker.
I called the lender direct to see if any other info was needed, i was told just waiting for payslip and if it matches app then valuation would be instructed, the voice on the other end of the phone said "it doesnt look like it is going to an uw"
Conflicting information!!!

Dave_Ham

Goldiegirl wrote: »

Things must have changed since my time at the Halifax.

The typical scenario would be that the application would be keyed on to the system, the system would credit score the application, and based on that credit score, the system would list the documents that were required to confirm the information that had been provided. At this point the valuation would also be instructed - there was no requirement for an application that had passed its credit score to be reviewed by an underwriter before instructing the valuer.

Indeed, many low LTV, High credit score pass applications went to offer with no underwriter involvement at all

Used to be the approach, however we have noticed that there is a time lag between valuation being instructed on the system and being received at Colleys.

Apparently this is so cases can quickly be reviewed for any naughties and then passed to Colleys - assume this is based upon the current climate and to prevent issues further down the process.

Also they place hold on valuations that need approval and therefore if the OP's application is indeed with Halifax and the valuation booked in then these are positive signs.

Certainly the issues the OP cites as why worrying will not cause an issue at this stage of the process.