Halifax - Decision in Principle Vs completed.

murmles

Hello All,

I have a mortgage in principle with the Halifax that I have got with my partner a couple of weeks ago. We are a little worried that this will not get fully accepted as we had a default just over 5 years ago.

Like simple people I had assumed that if you got the Mortgage in Principle that would include a credit check and essentially - if you can prove what you have said is true (with Payslips, proof of address etc.) you wouldn't have any issues. Having searched about on the internet it seems that a Decision in Principle with the halfax only does an "affordablility" check or at best a basic credit check that won't pickup defaults.

Does anyone have a bit more info as to when they would do a full check, how long we can expect to wait for a Yes/No/Maybe decision? We are seeing our Mortgage Advisor to give them our ID/Proof of addres etc. on Saturday. In this day and age you would think that the final decision - pending review of documents would be pretty quick.

we are borrowing 180 on a 200k house. Halifax in gave us a decision in principle upto 208k so I think we are OK from the affordabllity.

Anyway. Any help much appreceated as our Advisor doesn't seem to share our concerns!

THanks,
Martin

Dave_Ham

The Halifax advisor is not going to agree unfortunately, as if they do not appear confident you may go elsewhere.

The AIP from Halifax is not 100% I am afraid, although the fact the default is 5 years ago helps.

Once you have completed the full application in branch, another credit search is done on all of your addresses over the last 6 years and this is where you may fall foul.

Until the valuation is received back and you have the mortgage offer, nothing is confirmed I am afraid.

Best of luck

alan_partridge

murmles wrote: »

Hello All,

try not to worry too much - bear in mind that the vast majority of people who apply for mortgages are blissfully ignorant of the sorts of things that we fret over on forums such as these, and they waltz into high street lenders and get mortgages all the time!

see here for my story with a happy ending:

https://forums.moneysavingexpert.com/discussion/4351081

i was in a similar position to you, and was very worried, but was accepted on the spot by halifax

kingstreet

I've just added to your thread, AP.

A new development.

Shoe_size25

Dave_Ham wrote: »

Until the valuation is received back and you have the mortgage offer, nothing is confirmed I am afraid.

This has not been the case for me I'm afraid. I have set up a post just a couple above this one, that details an awful experience with Halifax.