Mortgage offer from Hailfax

topbanana1985

Started my halifax mortgage process in Feb!!! Still no offer, and lots of delays caused on their end eg: asking me for documents I had already given them weeks ago, only to get 'oh yeah, so you did, yes we do already have those documents'. Great thank you very much you have just wasted another week for me.
Valuation on the property I want to buy was done 26th march, I was last told valuations on my repayment vehicle (as its interest only) was being done last fri (2nd May) yesterday I was told: 'The valuations have been done but its gone past a birthday of an applicant, and we now have to reduce the term by a year... thus starting the whole process again' Said birthday was on the 1st May!
me: !!!!ed off is an understatement

JimDuff

I'm going through the same at the minute. Although quicker than some of the processes on here, our valuation was the 15th of April, had it back on the 17th. Bank then took issue with the lease so was held up a bit, sent over the lease, got the thumbs up from HQ about a week and a half ago, but have not received the formal offer through the post (Although the MA says it has been issued, the delay was him changing our product over as it benefits us and the original one has been discontinued now) so hopefully expecting it tomorrow. He did say there is a big back log, the bank holiday didn't help.

Good luck!

Ryan1983

Hey all, above cases sound very similar with Halifax.
My development so far..
Apparently there was a techincal IT problem with my application, where my broker managed to waiver the admin fee that Halifax was going to impose (£295 I believe). The system wanted the payment but the mortgage application team couldn't over-ride the system. This then went to their IT dept. who kept telling my broker that this will be resolved within 5 working days. That was 1st reported back on 21/4. 3 weeks later, this is still a problem. They have now fixed the problem.... HOWEVER.... as the new MMR regs are now in place, I am being told by Halifax who called me this morning that I will now have to re-process by application through MMR, which will now put my mortgage offer into more jeapordy as the new rules are more stringent. Called my broker who had just had the same thing explained to him too. They are reviewing my case and seeing if the underwriters can push through the mortgage offer without re-applying under new MMR processes as I submitted the application before MMR and it was Halfiax's mistake for not processing the mortgage offer in good time.

As you can imagine, my stress levels have rocketed because of all this! Halifax have really let me down and my seller's are getting even more anxious as to what the hold up is.

ChrisFilter

Nightmare. Sorry to hear that. My Halifax valuation was done on Thursday nearly a month after application. Was expecting the offer to come through today/tomorrow but not so hopeful now!

kingstreet

Ryan1983 wrote: »

Hey all, above cases sound very similar with Halifax.
My development so far..
Apparently there was a techincal IT problem with my application, where my broker managed to waiver the admin fee that Halifax was going to impose (£295 I believe). The system wanted the payment but the mortgage application team couldn't over-ride the system. This then went to their IT dept. who kept telling my broker that this will be resolved within 5 working days. That was 1st reported back on 21/4. 3 weeks later, this is still a problem. They have now fixed the problem.... HOWEVER.... as the new MMR regs are now in place, I am being told by Halifax who called me this morning that I will now have to re-process by application through MMR, which will now put my mortgage offer into more jeapordy as the new rules are more stringent. Called my broker who had just had the same thing explained to him too. They are reviewing my case and seeing if the underwriters can push through the mortgage offer without re-applying under new MMR processes as I submitted the application before MMR and it was Halfiax's mistake for not processing the mortgage offer in good time.

As you can imagine, my stress levels have rocketed because of all this! Halifax have really let me down and my seller's are getting even more anxious as to what the hold up is.

I also have a case with missing MAF (£295 fee) which I'm awaiting Halifax update for, as I've told them there's no way the client is paying it, if it isn't on the KFI.

Ryan1983

Hi Kingstreet. The funny thing is I actually volunteered to pay this fee if it meant the application would go through!! And then sort out being reimbursed at a later date. In a nutshell, Halifax have not got a clue what they are doing and simply do not have the capacity or infrastructure to deal with the no. of FTB applicants.
This MMR thing is an absolute farce, the new regs came into effect end of April, my application was submitted early April with the valuation completed on 17/4. The 3 week IT snag has meant my application needs to be redone because of a Halifax error! Totally unfair.

Fuunily enough, I complained on friday about it and I've just taken a call from their complaints team who will be looking at monetary compensation for their mistakes. My answer? I don't want your money - JUST PROCESS MY MORTGAGE APPLICATION AND SEND THE MORTGAGE OFFER TO MY SOLICITOR!!!
What a headache

Ryan1983

To add to that, it is now with the underwriters to make a decision as to whether I need to resubmit my application with my broker or if they can let this slide due to an error on their account. I can't see them going with the latter so looks like another application needs to be done.
Thanks Halifax, you're the best

Daxx

Sounds like you Mortgage advisor needs to push harder.

We applied for our mortgage with Halifax 7 April. Valuation completed on 10 April. The valuation came back 5k lower and due to my mortgage advisor being on holiday and a delay in signing for the new value the mortgage had to be reapplied for under MMR. Even with technical issues we have received our offer today but only with our MA escalating the issue to Director level to push through the IT changes.

Personally 4 weeks for all the to and froing we have had to do doesn't sound too bad but then our mortgage advisor has definitely earned is commission.

Ryan1983

Hi Daxx
Yes, I am on my brokers case daily and they assure me they are trying their best?! What their best is questionable but I can't do much about that.

May I ask, when you resubmitted under MMR, how did you find it? I've heard there is more "in depth" interrogation into your affordability, and my MA is very apprehensive that their lend amount could drop down below the agreed purchase price! She had a client yesterday who resubmitted under MMR and Halifax checked their details and offered £53k less than what they originally advised before MMR! That is a vast amount and has got me anxious. My AIP was for £145k and I purchased a property for £125k - so there is room for manouvre but I am still very anxious!

Daxx

Luckily our mortgage advisor chose even before MMR rules came into place to take all the information from us as if under the new rules.

This meant that he needed no further information from us and that we had already provided all the evidence that they required. Think this was just forward thinking on the part of our MA so can't really give you much advice on this. He did calculate from asking all the questions re holidays, gym membership etc that we would have over £1000 "spare" a month so affordibility wouldn't be an issue. If you know how much you have left after answering the MMR questions this might make you relax.

Although I did finally receive our offer letter last night...only to find Halifax had the wrong purchase price on it. Luckily our MA has sorted this for us today so should be able to exchange this week.

Sorry I couldn't be more help.