Halifax Mortgages?

emma768

Hi,

I'm fairly new to this board - been lurking and trying to get a bit of advice, but I'm a little confused.

Basically, me and my OH have started a mortgage application with Halifax - this was about 3 weeks ago now. Our valuation was done on Monday, and it was fine - came back exactly as expected. So I rang the branch, and they told me that it would be sorted, and we would get an offer out to us within the week. However, I now get another phonecall saying that the person sorting out mortgage has quit and that this other person is taking over. Fine.

Now, however, we have to go in on Thursday and sort out insurances and the offer should be with us a week later? Is this normal? I know that insurance is usually a condition to a mortgage application from exchange of contracts, but since we don't have an exchange date - we could essentially be paying for insurance from some random date?

Are Halifax just dragging their feet? Or is this normal? I feel as if I don't get Halifax insurance on Thursday, then say I'll shop around and let them know, that could drag on even longer! Could I shop around, go in with quotes, then ask them to match? Or could I accept their insurance, wait for their mortgage offer, then change insurance companies?

Help!

ClareTeaches

I don't think you should panic. We had the insurance meeting last weekend with Halifax and didn't have to sign up for anything, they just have us quotes and talked us through the different options. It was really helpful knowing what different things we could so with life insurance and how much it will cost us.

They couldn't do the buildings and contents insurance quote, because there was an issue with the system and changing it would have resulted in a 'material change' to our mortgage application, because it would have fed back to the mortgage system. Their consultant would not do the b&c insurance quote, which created no issues, he said we could always do it later after getting the offer.

Didn't have to sign up for anything and had no high pressure sales tactics, so I don't think you should worry.

emma768

ClareTeaches wrote: »

I don't think you should panic. We had the insurance meeting last weekend with Halifax and didn't have to sign up for anything, they just have us quotes and talked us through the different options. It was really helpful knowing what different things we could so with life insurance and how much it will cost us.

They couldn't do the buildings and contents insurance quote, because there was an issue with the system and changing it would have resulted in a 'material change' to our mortgage application, because it would have fed back to the mortgage system. Their consultant would not do the b&c insurance quote, which created no issues, he said we could always do it later after getting the offer.

Didn't have to sign up for anything and had no high pressure sales tactics, so I don't think you should worry.

Thanks for that, you've put my mind at ease! I was worried about it all, more so because of the change in advisers, and the previous one not mentioning it - have you had your offer from halifax now?

ClareTeaches

emma768 wrote: »

Thanks for that, you've put my mind at ease! I was worried about it all, more so because of the change in advisers, and the previous one not mentioning it - have you had your offer from halifax now?

Glad to help!

Alas, ours isn't through yet - we've had some problems with the valuation, the latest being the valuer requiring an asbestos survey. We've sent it over to them, so hoping to hear back in the next few days ... Annoyingly, its my partner's bday on Wednesday, which apparently would count as a 'material change', so might have to go through MMR anyway, but this is all due to the valuation, rather than anything else. (That's what you get for trying to buy a non-standard construction house!)

Good luck with yours!

kingstreet

emma768 wrote: »

Now, however, we have to go in on Thursday and sort out insurances and the offer should be with us a week later?

So, you only get your mortgage offer if you buy Halifax insurance products?

Not true, not acceptable.

Do not buy insurance products from mortgage lenders. They are notoriously poor, or notoriously expensive, or both.

The new advisor wants a sale but had to do no work to arrange the mortgage, so they think anything goes...

Once the valuation is back, the offer is normally issued within 48 hours and brokers send an email copy to their clients as soon as they are issued.

kissablekate

We are taking a mortgage out through halifax, had the survey & mortgage offer that afternoon.
Now they are asking to see our insurance details. Is it life insurance or building & contents? Im confused, havent looked at those yet but have life insurance in place

kingstreet

kissablekate wrote: »

Now they are asking to see our insurance details

They are asking your solicitor to ensure you have adequate buildings insurance in place from exchange of contracts, or completion if it's a remortgage.

See section 9 of your KFI or mortgage offer.

emma768

kingstreet wrote: »

They are asking your solicitor to ensure you have adequate buildings insurance in place from exchange of contracts, or completion if it's a remortgage.

See section 9 of your KFI or mortgage offer.

Thanks for the info

Do you think I should ask why they want us to come in, and why we can't just arrange our own cover and sort that then? I don't see why we have to go in - I already have life insurance and we would get our own buildings and contents online anyway (even if we DID decide to go with halifax - they offer 10% discount online?!)

I was really expecting my mortgage offer by Wednesday at the latest so this has annoyed me no end!

Oh and also - we didn't go through a broker, just went direct for no other reason than we just didn't know the best options!

kingstreet

They want you to go in so they can sit you down and sell you their stuff. If you don't want to go, don't go.

Seek independent advice, as the lender with the cheapest mortgage rates often uses insurance products to boos the profits it loses from the mortgage.

emma768

Thanks, I've been trying to ring up and tell them that I don't want to go in on Thursday and would they please just process my mortgage offer since we've already got contracts(?!?!?)- but of course nones answering!

emma768

Thanks for anyone that helped.

I rang today and said that I don't have time to come in and will just sort my insurances and life cover online. She's finally putting the mortgage through today so hopefully it'll be sorted. Even more nervous waiting now though!