What happens next/behind the scenes

938475983459

Hi

I am a curious soul. I am a first time buyer. Halifax has emailed me that they have offered the mortgage.

I wanted to know a few things.

What really is going to happen behind the scenes now?

Have they done all the credit checks or are they going to do more checks?

When is the underwriter going to get involved?

Are they going to send me the offer or does it go straight to our solicitor?

I will have more questions later. Will ask them later.

Thanks in advance for your help.

ACG

They have done their checks, underwriter has been and done their job.
The offer should go to you and the solicitor i believe.
Solciitor will now do their bit and in a month or so you should be looking for a completion date if not picking up the keys.

Their may be an audit or something closer to completion but its unlikely - so do not miss any payments or apply for any loans in the meantime.

938475983459

Thanks for the reply ACG.

I am buying a new property.

1. I didn't know about the audit. What do they check in an audit?

2. Hopefully everything will go fine but in case they do an audit and something is not right then does it mean that I will lose my deposit. My understanding is that after the exchange of contracts both parties are obliged to complete the purchase. If the lender pulls out then wont I lose the deposit?