Mortgage application submitted

MNM2903

So my GF has just submitted her mortgage application with the broker. Based on the meeting she had with him he said Halifax and skipton were her only options. This was due to the offer needing to remain in place until march next year as its a new build which is due to complete then. Also she needed everything agreed by the 14th August.

She agreed to 5 year fixed rate at around 3% which worked out £339 per month.

This is based on a mortgage of 83k as the property is £110,995 and she contributed 5% plus using the gouvernment equity scheme so they contribute 20%.

She has a 10k Loan paying back £205 per month. Mortgage broker cant see any problems with her application just wondering everyone elses thoughts and how long it takes to hear back she and myself are very eager to hear back ha

kingstreet

Submit app.

Upload docs.

Valuation done.

Offer issued.

Usually app to offer in two weeks, or less. Last case we had offered was submitted on 30 June, docs uploaded same day, valuation done yesterday and offered today.

Twelve days and we didn't get a particularly quick valuation as the appointment was ten days after the application was submitted.

With Halifax, no-one is going to phone you and tell you it's alright. They just get on with it.

MNM2903

Suits me. Cant see a problem like. We weont in her name and left me of due to my adverse credit history. Hers is fine only problem we thought was the 10k Loan but that was to consolidate and reduce monthly outgoings and after the affordability checks her disposable income is more than enough to cover everything.

The advisor mentioned the only thing that could cause a problem now would be if Halifax thought the house was not worth 110k which i cant see being the case.

Hopefully hear back soon then and we can start the 8month wait for the property to be built.

I assume with the deposit because ive contributed and there asking for proof this is purely for money laundering purposes?

Landofwood

MNM2903 wrote: »

Suits me. Cant see a problem like. We weont in her name and left me of due to my adverse credit history. Hers is fine only problem we thought was the 10k Loan but that was to consolidate and reduce monthly outgoings and after the affordability checks her disposable income is more than enough to cover everything.

The advisor mentioned the only thing that could cause a problem now would be if Halifax thought the house was not worth 110k which i cant see being the case.

Hopefully hear back soon then and we can start the 8month wait for the property to be built.

I assume with the deposit because ive contributed and there asking for proof this is purely for money laundering purposes?

They may have a problem with you contributing to the deposit, living in the property but not being on the mortgage.

MNM2903

Yeah my broker mentioned that because i would be living there and if anything happened to her i would have more rights than they would or something along those lines.

However im sure plenty of people find themselves in these situations so hopefully everything will be fine. Can only wait and see i suppose. I doubt they would be putting in the work to get the mortgage if they thought it was going to be a problem. Weve been honest with them so not much more we can do.