Halifax mortgage wait/advice

cmf87

Hello guys,

I apologise I posted this in the home buying section but have been advised this section may be better for this post.

If anyone has any advice/calming words I would be extremely grateful...
I applied for a mortgage with Halifax around 3 weeks ago over the phone and I am currently still waiting for a full offer and would like some advice as I am going crazy with the wait.

I have the sales rep from the site (it is a new build) on my back asking me to pay for searches and solicitors but I refuse to do this until Halifax confirm my mortgage.

These are the circumstances:

House value £174,999
On Help to buy 20%
With an additional £62,000 deposit (gift from family)
Mortgage amount £80,000

I am buying on my own, and applied over the phone (have not used a broker)
My annual wage is around £21,000 (depending on quarterly bonuses)

29/03/2015- I got an agreement in principle
13/04/2015 - Paid only outstanding debt I had (£1,300 credit card with Llyods- now debt free)
15/04/2015 - Done full application over the phone (accepted and credit check carried out)
16/04/2015 - Asked to submit latest 3 wage slips and confirmation of deposit/gift (no bank statements requested)
17/04/2015 - Received an email from underwriter saying he is dealing with my case
26/04/2015 - Letter received confirming valuation meets price of mortgage
THEN NOTHING....

Called Halifax who advised they are still waiting for my work to confirm my employment- say they sent a letter 28/04/2015, spoke to HR who advised they have not received anything. Spoke to Halifax again and asked them to re-send it as HR have not received it.

In my wait I have been searching forums and have read horror stories about people being rejected at underwriting point.
I am really not sure if my application has gone through that process already or not- would anybody have any idea?

I have done a credit check on noodle and have a 3 out of 5 with one early arrears (AA) marker from October 2012 which was sorted the next month, I have never had any credit problems and the default was due to me being away for a month and not being able to check accounts/not realising the account was in arrears (I later paid the debt and the account was closed)
I am worried something as simple as this could get me a no.
I have no debts, no credit cards and only £100 overdraft in my current account which I have never gone over.

Is the fact that the credit check passed and they have only asked for payslips a good sign? Or could they come back and ask for bank statements?
Or could something go wrong at this point?

Anyone out there who could offer advice/put my mind at ease?

Many Thanks in advance

Malmo

A default on Noddle is indicated by a "DF" status code, not AA, which is Early Arrears and not the same thing.

A default would be quite serious and the lender would have to issue you a formal notice to default the account debt in question.

This would only happen if you had failed to meet the terms and conditions of the debt (if it is covered by the Consumer Credit Act) after 3 to 6 missed payments.

So I think you'll be fine if you've passed the credit check at AIP stage (Halifax do a soft search for the AIP, based on the last 3 years address history).

Have you also checked the statutory credit reports from the other 2 Credit Reference Agencies - Experian and Equifax?

cmf87

Thats great news that the AA is not a default :j

I haven't checked on the other credit checkers to be honest, I don't want to pay for Experian as I unintentionally got swindled by the sign up years ago and ended up paying them for about 2 years! (I feel they should up my credit based on that haha!) and as I have already been a member I can not have the free trial. I have only checked on noodle.

I think they done a soft search on the AIP and then they done a full credit check at the application over the phone, where AFI advised it had all gone through fine.

i'm still worried that something could go wrong if it has not yet been sent to underwriters...

heff27

I had my Mortgage Approved by the Halifax last week, it took a just under 2 weeks to be offered from the date of the Valuation.


They the whole process took about 4 weeks from the initial Phone Interview, and they only asked for 1 pay slip .

cmf87

yes maybe I am being a little early in my panic, especially as they have advised the hold up is my employment references.
Hopefully they can get a move on in re-sending it so this awful anxious wait can end one way or another.
My initial application was 15th April...so still a little while to keep calm I suppose.

I was just wanting to know more the process, and if my app would have already been underwritten/what could go wrong at this point...

Like I said initially the sales rep is on my case to pay fees and I just won't do it until that agreement is in my hand!

cmf87

***just a quick update
I checked my credit report on equifax and it is 'excellent'
I am hoping this is a good sign in terms of the mortgage. fingers crossed

amnblog

You have left me a bit baffled here?


Halifax say they need an employers reference and have requested one.


Your employer says they have not received that request.


Is that not the source of the case 'going quiet'?


If they were going to pick you up on your credit history they would have done so when the application first went in.

cmf87

Sorry for the confusion- to be honest my confusion is more in terms of the timeline for the application.
I am a first time buyer and have never been through the mortgage application journey before.

I wasn't sure if once my employer had confirmed my employment it would be just be a matter of them tying up loose ends and giving me a full approval.

OR

if they needed the employer reference to then begin the process of underwriting?
Having spoke to the call centre they told me once they receive the employer confirmation it will then be 'sent for business processing'

I think I have scared myself by reading posts on different websites (here included) where people have said they passed at application and then all of a sudden the bank have turned around at underwriting and said they are unable to offer the mortgage, which is what is holding me back/stressing me out.

I think I am being a typical FTB and over complicating things/stressing out, I just want to know if I have jumped through all the hoops or if there is still a chance I could get turned down...

heff27

Hey, Im not a mortgage broker, but someone who went through the process Direct with Halifax and what I was told by the Halifax advisor that after the full application and full credit check, if you pass that and the required documentation matches what was discussed during the interview / application and the house valuation is ok then you all good.

Please dont quote me on this, im no expert... I hope this help, as I know its a stressful time im still awaiting my buyers mortgage to approved....