Halifax Mortgage

superfast808

Hi All,

I was looking for some advice or clarification on Halifax Mortgages and how the process generally works.

I'm a FTB and basically my parents have offered me their house to buy. The cost price they want to sell it to me for is around £79,000.

I have 15% to put down on the house, and this is coming as a concession, enabling me to use savings for other things.

So far, here is how it has played out:

26/5/2014 - DIP given off Halifax website.
29/5/2015 - Appointment with Mortgage Adviser over the telephone with Halifax. The adviser took all my details, debts, income etc, and deduced that I was eligible for an 85% LTV mortgage on the property (not 90% as I had previously hoped for!). He then went on to recommend a product to me and a term, spelling out monthly payments and product fees etc.
30/5/2015 - Halifax Adviser called me to sort out their valuation (obviously the house may value less than the offer I made so that's on my mind as well). He collected the payment and then took direct debit details that would be used for the mortgage product. He went on to state that everything seemed fine at that point and to now take in one payslip to a local branch.

He told me the next person to be in touch would be someone from the processing team and that he hoped not to be back in touch with me all being well.

At the point of this, I checked my Experian report to find a search which "may effect my score" in red from Bank of Scotland PLC stating "First Mortgage"

My questions are:

1- Have I at this stage made the full application? I thought the answer to be yes.
2- Is the latest credit check the "full credit search" I was advised would happen?
3- What normally happens next and what if the house doesn't quite meet the value expectations? Based on local prices we think it shouldn't be far off.

Apologies if any of these questions seem impatient, but I'm a bit of a horrible worrier about things.

TBeckett100

1 and 2 You have made a full application as they took payment details so yes it's a hard search. They may do another before completion

If the property is down valued they will issue an offer based on their valuation, either you'll have to get your folks to drop the asking price or pay the extra from your pocket

superfast808

Hi,

Thanks for replying.

So here's what happened. The offer was made, but conditions unfavourable as my parents were unable to find a suitable new house for themselves based on the mortgage their bank made available to them.

Following this I approached a broker, as did my parents and now I've been put through with Abbey (Santander) - didn't realise they done concessionary purchase options...

I've passed the Agreement in Principle - is this quite accurate with Santander against the unreliable Halifax one?

Hopefully all going well, the full application goes in next week and some progress will be made.

I do have a question regarding Abbey, though. I don't see anything at all on their websites supporting the idea they do Concessionary Purchase arrangements. If they do not, it brings me back to square one and would seem I've been led down the garden path by the broker.

Any clues on this one?

betmunch

Why do you think your Broker is wrong? Just that you had a look on their website?


What went wrong with Halifax that you decided to change? That's what I would be more concerned about.


Sounds to me like its all under control so no need to worry

superfast808

Hi

At the time of the initial offer, Halifax had a good product on offer and I went direct. That's why I changed and went to a broker to see if I could get a better deal elsewhere now that the sale has been resurrected.

Other than that, I consider myself as a bit of a worrier - especially as a FTB.

amnblog

Abbey Santander do concessionary purchases no problem - provided Mum and Dad do not intend to live there with you.

superfast808

I certainly hope they don't plan on staying put! They have an offer accepted elsewhere so hopefully all falling into place on that front.

Thanks for the reassurance. As a FTB I have a range of niggling worries in my head.

AIP goes to FMA on Wednesday this coming week. No changes required seeing as the AIP is less than a week old. Fairly straightforward with Santander?