Mortgage Application - Halifax

CluelessFTB_2

Happy Monday everyone.

I am a FTB buying a new build on the Help to Buy scheme. I am applying for a mortgage with Halifax through our broker. I already have an AIP and have been rated with a grade A credit score - Phew!

The mortgage advisor has told me that all Halifax need is my most recent payslip and some ID as I have the highest credit score and no debt they don't need anything else?? I questioned it as I thought it would be 3 months bank statements and 3 months payslips, plus proof of deposit etc? Or will this all come later?

Could you tell me also once the application goes is how long it will take roughly for a yes or no from Halifax?

sulphate

Can't help re: application length but it sounds OK on the document side of things - we had a grade A credit score as well and only needed to show most recent payslip and ID. Our mortgage advisor didn't ask to see proof of deposit either, a lot of the time that's left up to the solicitor now as it was with us. We didn't need to show proof of deposit until right before exchange. Never had to show any bank statements of our current accounts, only savings. Again it depends on the lender and their individual criteria. I think it also depends on your LTV as well as credit score, i.e. the higher risk you are the more you have to prove.

chanz4

also if you have tax credits, you will need to provide proof at a later date

Trebor2013

I'm also a FTB applying with Halifax through a broker.

We're in exactly the same boat as you, having only needed to provide 1 payslip, proof of i.d and proof of deposit.

Our process so far has been:

11.06.13 - D.I.P given
19.06.13 - KFI file sent through
20.06.13 - date we received an e-mail to state our application was sent
04.07.13 - Valuation was completed
09.07.13 - Valuation and ''environmental searches'' documents received

We're still awaiting to hear from our broker...

Having looked through a couple of other posts, there appears to be mixed comments regarding timescales. Some saying days and some say weeks!

Hope this is a little guidance, but i suppose different applications take different lengths of times.

CluelessFTB_2

Thank you for your responses that is really helpful.

Fingers crossed for Trebor hope you hear soon.

Sulphate - I hope you are in your house!

Trebor2013

Just to update you...

I had a phone call 10 minutes ago from my broker.

He informed me that the underwriters were doing a random audit on our mortgage application.

3 things they queried were the following:

1) When we sent out payslips through, my partner's did not have evidence of her employer on it. (The Co-Operative). So I've had to scan in the front of the payslip to show that is who it came from.

2) Proof of where the deposit is coming from (which we'd already given our broker - a signed copy from my parents stating a trust fund was where the money was currently being kept and they would be happy to release the funds when needed).

3) They queried how i travelled to work - i am on a 3 year fixed term contract working 58 miles away from the house we hope to purchase. My broker seemed fine with this as i'd already stated my fuel expense in the data capture form right at the start of the process.

Just sent through the requested pay slip information. Our broker is hoping for a 24 hour turn around period one receipt of his e-mail to the underwriters.

Will keep you updated. Thanks for the reply CluelessFTB - hope it goes well for you!

CluelessFTB_2

Oh unlucky on the random audit!! But sounds like you are well prepared. Fingers crossed for the next 24hrs

JC509

Hi,
It depends on individual case on what document the want to see. However, its better u get them all ready in case they ask.

We are applying with Halifax as well, still waiting for a yes or no.

6/6: Application, no doc required.
4/7: Valuation carried out.
9/7: Received valuation report.

I hope it helps.

good luck!

funkyfresh07

Hi I am also applying for the help to buy sheme through Halifax. Had my AIP done a couple of months ago as we had to wait for our developer to sign up to the scheme. How did you find out what grade credit score you got? I'm just waiting to hear from my IFA to let me know my app has been completed...

Goldiegirl

You can ask your advisor what credit score pass you were.

Generally Pass A needs very little underwriting - when I worked there, depending on the LTV, one payslip for confirmation of income would be typical. If it was very low LTV, and the customer was an existing borrower, do proof of income at all was needed.

It's credit score Pass, where 3 months payslips, P60s and bank statements would be needed.

sulphate

CluelessFTB wrote: »

Sulphate - I hope you are in your house!

Friday is completion day

Good luck all!