New mortgage process

purchase741

Hello Everyone

Just some advice needed please.

Joint purchase
Buying a new build propery £235,000
Deposit is £35,000

Halifax Mortgage £200,000

Had a independent broker out last week & said we have been approved on the Halifax Website & full hard credit check has been done by the lender.

Valuation/broker fee has been paid for now.

Phoned the brokers who have advised me the application is with the underwriters doing the final checks

my concern is that I have 2x defaults on my credit file 20 months ago - which are now settled at that time & neither myself or my partner owe a penny anymore.

is it possible that this could still cause an issue even though the hard credit search has been done & does anyone have an idea what the "final checks" consist of??

Thank you for taking the time to read this.

higgins23

I'm in exactly the same situation... Apart from I only have one default. Halifax have only done I e check on me which was the 7/11/14.
My MA said if you had the default with Halifax then it would be hard but other than that should not be a problem.
Hope it's ok for you!

purchase741

thanks very much! yeah mine was with first direct/hsbc.

hoping they wouldnt take valuation fee & instruct it unless i was ok with credit checks etc.... time will tell!
Will be worried until i have the offer in my hand!!

GMS

How much were the defaults for and to whom?

When were they registered? When satisfied?

purchase741

registed in jan/feb 2013 one was 8k(first direct) & other was 3k(post office - bank of ireland)
satisfied them both in feb 2013 & since then i havent applied for anything??

My unsecured debt is £0.00

higgins23

My default was raised 2 years ago for £500 and settled over a year ago. Halifax underwriter has come back satisfied with the credit file subject to valuation...

purchase741

confusing thing is that my MA has said i have passed all credit checks - but i've read a few things to say that might not be the case.

i was surprised I was approved to be honest with a low credit check - however my GF was good & we have savings on top of the deposit & also incomes are both healthy compared to the mortgage

chanz4

Halifax normaly do soft until the full application, also sounds like its going to be checked after the valuation also

higgins23

I'm exactly the same... I wouldn't worry. How long have you been waiting since the valuation for a answer? My MA Halifax are working on a 72hr turnaround

Mortgage_Mark_2

If it's passed the initial DIP then you should be ok, providing there is nothing else in the background that comes up.

Halifax's initial DIP gives a good indication of credit worthiness when it comes to defaults etc, provided nothing changes from DIP to full app.

purchase741

the vaulation is taking place tomorrow - but i havent once spoken to the halifax - all my conversations have been with the brokerage!
i just dont trust them 100% - service has been quite poor so they arent filling me with confidence.

thanks a lot for all the information - much apprieciated!