Restating mortgage process with Halifax after santander farce

Rmphotography

So after almost ten weeks of waiting and stress awaiting a decision from santander both myself and our mortgage broker finally lost patience with them and we have submitted a new application to Halifax.
Reading various posts on here it all seems positive about how quickly they get things sorted although due to the delay it now means we are subject to the mmr process.
The house we are after is £214,000
we have a deposit of £33,000 so would need a loan of £181,000 (85 per cent ltv bracket)
My income is just shy of 30k and wife's is 13k so we are looking at a 4.5x income multiple
No defaults, ccjs, missed payments, credit cards are all clear and wife has a car loan for £100 a month that is due to end next year. Looking on experian my credit score was 999.
We've put our details into the Halifax for intermediates website and it is saying we can borrow upto £190k

Application goes in this morning (just need to drop off latest payslips and P60 due to the time delay thanks to santander!)

Fingers crossed we can finally move into our forever home. This whole episode has put me off moving ever again!!

Gonzo33

Santander, yes bain of my life at the moment! Halifax, never really had an issue for a straight forward purchase. Taking about 3 weeks to offer if all good to go at the moment, although saying that just had one through in 10 days.

ethank

This is at the top end and I think they will be very thorough with your outgoings, they will need to know you can still pay if mortgages rates increase.

Thrugelmir

Is the loan affordable if interest rates rise to 6% or 7%?

That's what lenders will be weighing up.

Rmphotography

Thrugelmir wrote: »

Is the loan affordable if interest rates rise to 6% or 7%?

That's what lenders will be weighing up.

Are you on about interest rates as in Bank Of England rate (currently 0.5%) or the interest rate on the mortgage which is 3.6% (2 year fixed)

Combined income for my wife and myself after tax etc is £2650 per month and mortgage payments would be £925 per month.

We have one car loan for £108 a month which is due to finish in 12 months. Other than that we have no outstanding credit or loans to pay so would have best part of £1600 per month for bills and other outgoings.

Using

this

site if you are referring to interest rates on the mortgage going to 7% it would take the monthly payment up to £1,294 per month which would leave £1,356 per month for bills and outgoings.

Does this sound too risky? :-/

BeauLiLuLu

I would have thought that the mortgage broker should have done some calcs ref: affordbility before submitting application?

Rmphotography

BeauLiLuLu wrote: »

I would have thought that the mortgage broker should have done some calcs ref: affordbility before submitting application?

He sat us down and logged on to the affordability calculator on the Halifax intermediaries website and put in our details which showed we could get a loan of up to £190k

Rmphotography

Just a bit of an update on this one.
The application was submitted to Halifax by the mortgage broker on Monday, and today we got a call from Halifax saying that the valuation was due to be completed on the Friday!!
Fingers crossed all the paperwork after this is as quick!

House.buyer.sarah

We just recently completed our house sale with halifax, very quick from application to offer took less than 2 weeks that included the survey being done , good luck fingers crossed everything goes to plan for you x

BeauLiLuLu

Rmphotography wrote: »

Just a bit of an update on this one.
The application was submitted to Halifax by the mortgage broker on Monday, and today we got a call from Halifax saying that the valuation was due to be completed on the Friday!!
Fingers crossed all the paperwork after this is as quick!

Thats excellent news!!! :beer: :j

I'm just awaiting my offer letter in the post!!!

Rmphotography

Eeek today is the day of the valuation!! Hoping everything is going to be ok and the valuation is fine.
Our mortgage broker couldn't believe we got the house for the price we did so hoping the valuer thinks the same and says the purchase price represents good value for money.
Just after other people experiences really - how long after the valuation did you have to wait until you got your offer? Was that with Halifax, and was it post MMR?