MMR Halifax?

kingstreet

The rules changed on 26th, but lenders implemented their changes as they saw fit, Halifax and Nationwide on 14th, Santander on 7th.

roast

Just received an update from my broker regarding my Halifax mortgage application and thought I would share as I'm sure a lot of us are in the same boat.

Our original mortgage application was made in January, that house fell through so an amendment was made early April for another property which also fell through- 2nd amendment made 2 weeks ago for 3rd house.

Good news: as it is not a fresh application Halifax are NOT treating it as a MMR case.
Bad news: Halifax are completely snowed under and won't be able to look at the application until Friday, survey won't get booked until Tues / Wed next week.

kingstreet

That's odd. I submitted a new application on Saturday, the docs have been approved and the valuation is being done next week, 8th.

Things are a little slower, but we aren't noticing massive issues yet.

roast

Luck of the draw I guess? My broker did say as it's not a fresh application it may take longer. I'm just glad it's going through and that it won't be a MMR case which would delay it even further.

19ardagh70

Thrugelmir wrote: »

Some building societies adopted the new rules a while back. Now it's mandatory. Lenders can adopt tighter criteria than the regulatory minimum. HSBC maintained high underwriting standards throughout the credit boom era.

In that case, I wonder if they did these checks on us ? we had to do usual; 3 month bank statements, p60, proof of deposit, break down of bills/outgoings.
It does seem to have taken ages. The AIP was accepted on 17th April with Natwest (through a broker) and we are still waiting for the underwriter to decline or pass. Told it will be about Friday.

Update; I just did some checking, NatWest implemented MMR rules on the 15th April, so we were subject to the new rules. We didn't even realise !

19ardagh70

Its now Friday night and still no news. Broker said they asked for our wage slips yesterday (which broker has has since we applied) and natwest did a credit check the week before..why is it taking so long ?

topbanana1985

Im having a nightmare with Halifax trying to get a mortgage.
Started the process end of feb, timeline so far:
- 'initial disclosure document' on 22nd feb,
- 17th March sent them all requested documents, payslips ect, along with application.
- 'Decision in principle' on 19th March.
- 25th March requested more documents/proof of repayment vehicle (as its interest only) I sent said requested documents that very same day.
- 26th March valuation/survey done on property we want to buy.
- 10th April phoned them to ask progress only to be told 'one of your documents came through fuzzy on the fax and we cant read it, so you need to resend it' (well thank you for tell me! Had we not phoned you, would you have bothered to tell us this?!) I resent said document that very same day, 10 mins after the call to them.
- 28th April Halifax emailed and requested a document I had already sent them a month ago in March, when I told them they already had said document their response was 'oh yeah, so we do, sorry'
- 2nd May valuations/checks done on my repayment vehicles
- 8th May afternoon, told: 'one of the mortgage applicants has had a birthday, we need to decrease the mortgage term by 1 year because of this, you may need to do another/new application, we will look into it and give a response within 16 working hours' (said birthday was 1st May)
- today/9th May heard nothing yet.

Delays all caused by Halifax, we have jumped through all of their hoops only to be delayed and knocked back each time.
I am severely !!!!ed off and very worried that we wont get the mortgage. If we dont get the mortgage not only have they wasted months of our time, but we will also be out of pocket by £500 for the survey and £195 paid to the mortgage broker.

19ardagh70

Topbanana, I know what you men bout having to chase things up. I had to contact my broker Monday 5th afternoon to see if we had got our mortgage (which we applied for on the 17th April )they said " oh yeah, we got a confirmation email this morning" When were they going to tell me ! Then on Thursday 8th May I called the sellers EA to see if they had heard about valuation date, they said" Its booked for tomorrow" My broker didn't know this. They should be chasing this not me..I'm paying them £500 for that !
We started it mortgage application on the 9th April so its taken 4 weeks to get to this stage. Its only started moving this week
Sometimes you know quicker by checking if they have taken the valuation money from your account before the broker even knows you have passed. I imagine they will have done all the credit and affordability by now, so sometimes no news is good news. You can always check your credit file to see if they have.