Halifax underwriting - should it take this long?

SamDunham

Hello everyone, this is my FTB story:

Had DIP from Sandtander back in September/October;
Offer accepted on 22 October;
Had hellish hour and a half interview with Santander on 30 Oct - and they changed their mind and decided not to offer us a mortgage ;
Soo, we rang a broker and he got us a AIP from Halifax on the same day. Full application done on 31 October.

Since then we've been told it's with the underwriters. They've requested 3 years' SA302s for me and my husband. And they've asked for last three months' bank statements. How long does the underwriting normally take?

Valuation is booked for Friday.

Will they tell us before Friday if they've checked our paperwork/done a credit check etc and accept us? The waiting is absolute hell - as I'm sure many of you know.

The thing I'm worried about is that me and hubby have been individually self-employed doing the same job, me for four years and him for 18. Then last year we started a partnership (better for tax for us). We've been told that the bank will only look at the last years' accounts. But they've requested last three. When we went into a partnership my share of the business went up, so it looks like my income has doubled and husband's has gone down £7-8k. Will they get that overall it's the same income, just shared out differently?

Just realised how long this post is- sorry! And thank you if you can be bothered to read it all and offer me some advice

kingstreet

SamDunham wrote: »

Will they tell us before Friday if they've checked our paperwork/done a credit check etc and accept us?

No. Once the valuation is back and everything is considered okay the offer will be issued.

Your broker would have told/will tell you if there's any problem.

SamDunham

Thank you for taking the time to reply

kingstreet

Halifax doesn't operate two stage underwriting.

It all goes on at the same time, so there isn't a point where they stop and say "right, that's okay so let's get the valuation done" and it's one of the reasons everything is usually quicker than with other lenders on a similar case.

Thrugelmir

Everytime there's a request for further information. Your response will join the back of the queue.

SamDunham

Thrugelmir wrote: »

Everytime there's a request for further information. Your response will join the back of the queue.

Thank you for your reply.
First they asked what job I did before this one
Then, more SA302s (last 3 years instead if just 1)
Then another bank statement... I guess it's just a long process!

kingstreet

What's the loan to value? What's your credit history like?

You find the more onerous the requirements, the higher the loan to value and/or the lower the credit score.

Nine times out of ten our cases require nothing but one month's payslip and that's it. For self-employed, two years' SA302s.

SamDunham

kingstreet wrote: »

What's the loan to value? What's your credit history like?

You find the more onerous the requirements, the higher the loan to value and/or the lower the credit score.

Nine times out of ten our cases require nothing but one month's payslip and that's it. For self-employed, two years' SA302s.

It's 85% LTV - purchase price £123k deposit £18450.
My credit history 3 missed cc payments 4 years ago and then settled (not showing up on experian only on noddle) and then 1 late payment on another card again settled and closed afterwards. That was about 2 years ago (which is on experian), which was a genuine oversight but I know they might not believe me. Husband has a squeeky clean history, not even one late payment.

I checked my credit files today and the only search from BoS (i'm guessing halifax?) is for a 'mortgage quotation' on 31st oct. I'm guessing that means they haven't hard searched us yet.

higgins23

Hi Sam

I'm a FTB going with Halifax. My MA phoned me yesterday and confirmed the underwriter was happy with credit checks and survey booked for this Friday, if all that checks out the offer will be received.

Hope this helps

SamDunham

Hope it all works out for you higgins

I don't think I've ever been so stressed out :eek: if we manage to buy this house I'm planning on never moving again

higgins23

SamDunham wrote: »

Hope it all works out for you higgins

I don't think I've ever been so stressed out :eek: if we manage to buy this house I'm planning on never moving again

Tell me about it, but to be fair halifax have been pretty quick and it has been that painful.

Hope all is good your end, I'm sure it is.