Halifax – Mortgage Offer

Clubman

Hi all, quickquestion. I have applied for a Mortgage with Halifax and was advised I couldget a mortgage of180k with a 10% deposit. With mortgage promise in hand, I wentout and found a property, offer accepted at 195k (so require slightly less thanthe 180k they have offered in promise – whoopee).

Went for fullapplication on 25th June and did everything they requested of me (swapped bankaccounts etc for better rates). I went and sorted the 10% deposit with my bank(transfer savings from savings account to my account). The valuation wascarried out on 4th July and received a letter two days later advising theproperty is fine (requires a bit of decorating), and they valued it at exactly195k (gulp!) and at the lower end of the property market for properties in thatarea.

On the 9th thebank requested my bank statement as proof of income (the wage slip wasinsufficient – not the best of wage slips where I work unfortunately), so dugthose out and dropped them in that evening. They advised I should receive theoffer this week, as long as they are happy with the valuation and everything Ihave advised them on is correct.

I have no debtsother than i did have an overdraft of just under 1k (used70% of it most months)but cleared this last week and closed the overdraft facility. I also have astore card of 500 but paid that off last week as well. I was advised atapplication stage that this should not prove a problem anyway (paid off ornot).

I used to havedebts of up to 20k, cleared all of these around 6 years ago with no paymentdefaults etc.

At applicationstage I was advised I have a good credit rating.

NOW for thequestion!!!

Should I beworried that I will not receive the mortgage offer?

I am suresomething will go wrong and am waiting for the mortgage offer rejection callany day now, whilst am running out of nails to eat!!! Probably doesn’t helpthat I scour the net trying to find people who have had similardisappointments. I guess my past history of debts and the overdraft maybe lendsa little concern to my mind.

Should I expecta response this week or is it likely to drag out?

Many manythanks for your thoughts – I’ve never done anything like this before (bought ahouse) so a tad confused whether I should be on cloud 9 or a nervous reck!

_Andy_

No point speculating, especially not with other people's experiences, they mean zero.

If you've been told a response is happening this week then be patient.

if you haven't heard anything by Friday AM chase them up.

Stop looking for other people's experiences, it's not going to change anything or help you de-stress!

Clubman

Very true, need some happy pills i think lol.

Anyone any thoughts as to if i should expect the worst going by what i have stated above?

kingstreet

No way of knowing.

You'll probably be alright.

dimbo61

Can you please use a Larger font in your next post
I am getting old and eyesight not so good

_Andy_

"Anyone any thoughts as to if i should expect the worst going by what i have stated above?"

There is NO point in anyone giving you an opinion- it changes nothing.

If someone here said "yep it will be fine" it still might not be.
Conversely if someone said "no it will be a straight decline" you may well get stressed over nothing.

Sit it out and wait rather than caring about people's opinions which won't change a thing.

Clubman

Andy, you are spot on and i'd probably be saying the same thing as you. Fully appreciate there is no way of providing an answer or 'youll be fine' or 'no chance', I was really looking for some thoughts from say a broker or underwriters experience.

Fishingtime

Maybe you should be worried that you will not get the mortgage.

But people on here cannot say if you will get it

_Andy_

Clubman wrote: »

Andy, you are spot on and i'd probably be saying the same thing as you. Fully appreciate there is no way of providing an answer or 'youll be fine' or 'no chance', I was really looking for some thoughts from say a broker or underwriters experience.

But again there wouldn't be any point for two reasons

1) Any credit application involves quite a few variables - the only people that have access to those are your lender.

2) Brokers, underwriters or anyone here - it's still speculation. I still don't get how anyone giving you an opinion/guess (as that's all it would be) benefits you.

Not having a go at you - I know from experience it's frustrating/stressy waiting for a mortgage to be approved, but I think you're winding yourself up about it and you want someone to either say "it'll be fine" so you feel better or someone to say "no it will be declined", which you wouldn't like to hear but would kind of stop you stressing too.

IMO your time between now and the decision would be better spent working out what other stuff needs doing, e.g.

1) Insurances
2) Change of addresses - list places/contacts
3) Utility bills
4) Moving costs/arrangements
5) Things to buy/sell/charity shop


etc etc

or get some Valium

Clubman

Ok, appreciate what your saying Andy. What do underwriters do out of interest, not looking for an insight to stress myself, just wondering what knowledge they have that the bank wouldn't have, or are they employees of the bank?

fluffpig

No pearls of wisdom im afraid..just wanted to offer moral support:)

Im at exactly the same stage as you albeit with a different lender and also have no fingernails left and am scouring the web looking for clues to the potential outcome

the weekend was terrible....ive never looked forward so much to the start of the working week just because I knew the underwriters would also be back at work and maybe looking at my application:rotfl: