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Mortgage Progression

Herbieb
Posts: 18 Forumite
Hi All,
I submitted an application last week after receiving a formal AIP from Halifax for double the amount I'm looking to borrow ( I went via a broker). My application contained a credit report, personal and business bank statements, proof of address etc as well as the usual standard application.
I've not heard back regarding the application yet but a valuation as been booked for this Friday. I've checked my credit report and have two HBOS entries for a 'mortgage quotation' but that was only on the day I submitted the application. Based on threads I have read on here, I would have expected a 'hard search' to have commenced by now - do these always happen?
Anyway, my broker is very confident that it'll go through ok. Am I right to rest assured? I'm one of those people that worry so now I'm looking for reasons why it may fail - here are some points, I would be grateful if someone could give me their viewpoint:
1. No defaults/CCJs
2. Using 55% of available credit
3. Bank statements show occasional usage of arrange overdraft
4. I'm not on the electoral roll for my current address but I am on it for my parent's address. My broker doesn't think this is an issue if I passed the credit score criteria and this is only what it is used for unless they need proof of address to retrieve more credit info?
I'm getting worried because everything else is proceeding in the background - contracts coming through etc...
Just want it all sorted
it's so stressful!
I submitted an application last week after receiving a formal AIP from Halifax for double the amount I'm looking to borrow ( I went via a broker). My application contained a credit report, personal and business bank statements, proof of address etc as well as the usual standard application.
I've not heard back regarding the application yet but a valuation as been booked for this Friday. I've checked my credit report and have two HBOS entries for a 'mortgage quotation' but that was only on the day I submitted the application. Based on threads I have read on here, I would have expected a 'hard search' to have commenced by now - do these always happen?
Anyway, my broker is very confident that it'll go through ok. Am I right to rest assured? I'm one of those people that worry so now I'm looking for reasons why it may fail - here are some points, I would be grateful if someone could give me their viewpoint:
1. No defaults/CCJs
2. Using 55% of available credit
3. Bank statements show occasional usage of arrange overdraft
4. I'm not on the electoral roll for my current address but I am on it for my parent's address. My broker doesn't think this is an issue if I passed the credit score criteria and this is only what it is used for unless they need proof of address to retrieve more credit info?
I'm getting worried because everything else is proceeding in the background - contracts coming through etc...
Just want it all sorted

0
Comments
-
Your brokers view is the most valid one Herbie.
Your broker knows your situation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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