Mortgage process

GrumpyTeacher

Hi all,

My partner and I are applying for a mortgage with halifax. We've had our application approved subject to valuation which is happening on Thursday :-).

Our credit reports have been checked daily since applying, about 5 days in a row then suddenly stopped, no checks since Thurs last week when they told us the valuation date.

Does this mean we have been underwritten already? I know it varies between lenders but I thought halifax did the valuation then underwriting.

Of course I'm hoping it means we've already been underwritten (passed on A score so little docs needed) but thought I'd glean some advice from those in the know!!

Dave_Ham

You are overthinking this and will add stress to the entire house buying process, if you continue to do so.

Why check your credit file that often after an accept, absolutely no need.

The fact the valuation has been instructed and nothing additional requested, means it is highly likely it will be ready to offer after successful valuation.

Only person that confirm this is your advisor in branch or broker.

Relax, the process is stressful enough.

Goldiegirl

It means your application is keyed on their system, and the system has worked out your credit score on their internal ratings

Underwriting is the gathering all the information that is needed to approve an offer, verifying the information that has been gathered, and making a decision on whether to lend, based on the information that has been gathered.

So they have instructed the valuation as part of the underwriting process - they can't make any decisions without the valuation.

Pass A means they think you are a low risk borrower, you haven't indicated that they have asked to see proof of income, so there's every likelihood of the application sailing through to offer as soon as the valuation is done.