Halifax Mortgage

traceyhealy88

Hi, hope someone can help. I applied for a halifax mortgage today, I supplied them with income details and they done a credit check and said i was in band A. I paid for a valuation and they said they would arrange for it to be carried out. Does this mean that i have got the mortgage, the advisor said that it was just done and that it doesn't get sent to an underwriter but i thought all applications went to an underwriter. Am worried i have paid the valuation and they might still say no (i understand they could say no due to valuation but am worried they may say no for another reason). They told me to instruct my solicitor to start his work but i am a bit apprehensive about doing that yet. The advisor seems to think that's it an that we have got the mortgage (subject to valuation) but am still a bit worried. Has anyone got any advice? Thanks.

ukbrockest

If its any help, I have been waiting for Nat West to do their underwriting and instruct valuation before I instruct Solicitors.

They have instructed the valuation today, so I will be instructing solicitor Monday.

I am 99% confident

MensaOPPG

I'm in the same boat with Coventry BS. They did the valuation on Monday and when i called this evening and they told me it went well and they valued the property at our asking price.
We have decided to hold off instructing solicitors to start searches till we find out the verdict from the underwriters (because I'm not feeling confident) .
Currently a week delay with applications at Coventry:mad: . So will be nervous and anxiously waiting till end of next week at least.
I bet when I hear from them they will probably ask for paper work or something meaning even MORE of a delay!
I hate this mortgage application malarkey

ukbrockest

NikkiBD wrote: »

I'm in the same boat with Coventry BS. They did the valuation on Monday and when i called this evening and they told me it went well and they valued the property at our asking price.
We have decided to hold off instructing solicitors to start searches till we find out the verdict from the underwriters (because I'm not feeling confident) .
Currently a week delay with applications at Coventry:mad: . So will be nervous and anxiously waiting till end of next week at least.
I bet when I hear from them they will probably ask for paper work or something meaning even MORE of a delay!
I hate this mortgage application malarkey

Why no confidence?

I am pretty sure they only instruct valuation if they are happy with the lending?

MensaOPPG

Ahh there are quite a few reasons for my lack of confidence

1. Coz I was refused by Santander (although this was without a credit check which is bizarre??)
2. I started a new job (although same field and same role and same wage and Coventry did say it would not be a problem)
3. Other half is self employed and his income from the previous financial year is not so good (so it might not look very stable)
4. Although I am living within my means I am usually in my overdraft
5. Coventry are a bit "old school" aren't they? Probably picked the worse lender to go with considering all the issues listed above

So not feeling positive at all
Thinking of a plan B when they deny us a mortgage next week

traceyhealy88

NikkiBD our situations sound very similar. We were refused by natwest due to the use of an overdraft. This makes me doubt the halifax mortgage more as it was just approved there and then. I just have a feeling something is going to go wrong. Waiting for them to now instruct the valuation which we have already paid for.

Has anyone else got any other advice?

Contemptuous

Not every case goes to Underwriters. With the volume of mortgage applications, it just isn't feasible.

Generally, instructing the valuation is a good sign. Valuation fees are non-refundable, so the lender won't want the customer to incur that cost if the mortgage isn't likely to go ahead.

Goldiegirl

An A pass is the highest credit score pass.

It means they have no real concerns about you, and consider you an excellent prospect.

On an A pass, once the valuation is done, and the valuation doesn't give any concerns about the property, the offer can be issued very quickly.

So I think you can relax a bit...... But don't go mad and suddenly apply for a credit card or personal loan!!

TBagpuss

Normally, setting up the valuation would mean that they are happy with you, they just need to check that they are also happy with the property, and with it being sufficient security for the debt.

have they told you how long the valuation will take? I'm not woth Halifax, and I think timescales vary from area to area as a lot of is is down to how many valuers/surveyors they have, and how busy they are. In my case, the valuation took place 4 or 5 days after the mortgage application was submitted and the mortgage offer came out 2-3 days after that, but I know some people wait much longer, if any part of the system is busy. The mortgage advisor may be able to give you a better idea about how long it is likely to take, in the mean time, try not to worry too much, and don't go overdrawn or take on any new contracts or borrowings!


Regarding your solicitor, it's up to you. I personally would instruct them, so they can make contact with the sellers solicitor etc, but don't apply for any of the searches until you have your offer.
Good luck

Thrugelmir

Don't instruct your solicitor until you receive a mortgage offer.

Little point in second guessing at what stage an application is at. Simply too many variables.

Vendors solicitor won't commence work till mortgage offer is received either.

MensaOPPG

Thrugelmir wrote: »

Don't instruct your solicitor until you receive a mortgage offer.

Little point in second guessing at what stage an application is at. Simply too many variables.

Vendors solicitor won't commence work till mortgage offer is received either.

Wish I read this before I got a phone call from the Estate agents today. I essentially got bullied into instructing searches now.
What a pushover FTB I am!
:sad: