Halifax mortgage applications thread!

deaston

We're going through an application with Halifax. I'm self-employed and had three years of SA302s which the mortgage advisor seemed happy with. But then she said she needed to see three years of tax overviews. I've found them online and they seem to have even less information that my SA302s.

The mortgage advisor is now ignoring my emails. Slightly confused and nervous now!

kingstreet

SA302s show your income.

Tax overviews show you paid what tax you owed.

deaston

kingstreet wrote: »

SA302s show your income.

Tax overviews show you paid what tax you owed.

Oh, I see. I wonder why the bank would be interested to see that I've actually paid the tax. Surely if I defaulted on my tax commitments, this would show-up on my credit search?

Scot19

Hi,

Sorry if this is the wrong thread.

I'm currently in the application stage for a transfer of equity with my ex-partner, mortgage being with Halifax. I have passed the affordability check with the mortgage advisor in branch, who asked for three months payslips.

The application is now being credit-checked and going through what she called 'administrative checks'.

As I bank with the Halifax, will they check my current account? Reason I'm asking is that I use my current account for matched-betting and it can run quite low at times. I removed an arrange overdraft before starting this process as well.

I never expected to be in the position of having to transfer the mortgage into my name so I've got so much running through my head. I noticed this on their website 'Information based on the way you manage your accounts with us'

As well as my current account, I've also got a joint account and had a credit card with them. There are no defaults or unarranged overdraft charges. My actual credit record would read pretty well as I've not had any defaults whatsoever, and feel I have used credit appropriately (one CC with a balance of £1500, 0% interest).

Just panicking about the state of my current account.

MooBrain999

Hi, we are trying to get our first mortgage. 95% (please don't judge we are excellent payers). Spoke to Halifax mid September and they took loads of detail and did the soft credit search and were able to give an agreement in principle (original maximum allowed was £300k+ and we are wanting to borrow half that). Made offer on house on 30th Sept and did full application the following day. Full credit search no issues but asked for ID and payslips etc to be faxed over which we did on 3rd October once we'd had paperwork to sign to fax over too. They've since contacted husbands employer for reference as teeny business and payslips not clear (& he has sent them no problem) and now we are waiting. I'm so scared it won't go through and want to understand how long it'll take and what my chances are. Logically it's easily affordable but the 95% 'issue' makes me worry. Any non-judgemental advice gratefully received. My credit score at experian showed as excellent until the full search and is now c.20 points below excellent. My salary is c.£50k and my husband earns £17k. I should probably add with have a couple of interest free credit cards total balance between us c.£10k.

Thrugelmir

MooBrain999 wrote: »

Hi, we are trying to get our first mortgage. 95% (please don't judge we are excellent payers). Spoke to Halifax mid September and they took loads of detail and did the soft credit search and were able to give an agreement in principle (original maximum allowed was £300k+ and we are wanting to borrow half that). Made offer on house on 30th Sept and did full application the following day. Full credit search no issues but asked for ID and payslips etc to be faxed over which we did on 3rd October once we'd had paperwork to sign to fax over too. They've since contacted husbands employer for reference as teeny business and payslips not clear (& he has sent them no problem) and now we are waiting. I'm so scared it won't go through and want to understand how long it'll take and what my chances are. Logically it's easily affordable but the 95% 'issue' makes me worry. Any non-judgemental advice gratefully received. My credit score at experian showed as excellent until the full search and is now c.20 points below excellent. My salary is c.£50k and my husband earns £17k. I should probably add with have a couple of interest free credit cards total balance between us c.£10k.

What you regard as affordable and how a lender assesses same are totally different. In essence optimistic vs pessimistic. The obvious thing that stands out is the high debt to deposit ratio. Whether this impacts your application or not depends on the underwriters view of your credit history.

MooBrain999

Thrugelmir wrote: »

What you regard as affordable and how a lender assesses same are totally different. In essence optimistic vs pessimistic. The obvious thing that stands out is the high debt to deposit ratio. Whether this impacts your application or not depends on the underwriters view of your credit history.

Thanks. Our credit history has been really good for at least the last 6 years, where we've been clearing down debt and paying literally every payment on time. Their view of affordable was £300k which I thought was ludicrous. We are asking for £150k so I really hope that's a good sign. We have also had valuation and survey done.

sturgeon

Halifax needed an October pay slip (next pay slip) as the final owed document. Valuation has already been carried out. Assuming the pay slip is sent the day it comes in this coming week, how many days could it be until the mortgage offer decision is made/released?

Bee70

We are waiting for our decision too - applied for mortgage 15th October (valuation money taken same day), sent additional info on 16th. Heard from broker on 22nd saying we needed to change the length of the mortgage to meet affordability, which I agreed to same day. I asked about the valuation and he said it had been 'instructed' - whatever that means.
I hope I don't have much longer to wait - I'm going crazy not knowing if we can buy the house or not!

Birdman2015

Just had an DIP from Halifax today, looking for £144K on a £270K purchase for which our offer was accepted today. Affordability calculator gave us a figure of £170 so well within that .

Going through our solicitors financial advisor, will we have to get the same interview process you get going direct? He told us that as it's a straight forward case we should get an approval in as little as 3 days/ (in Scotland so valuation is in the home report)