Halifax Mortgage Applications - Timescale

summer_james

Hey,

Go easy on me, I haven't posted in here for ages but I need some reassurance as my stress levels are maxing out as like everyone else in this situation, limbo feels nasty :eek:

My boyfriend and I have applied for a Halifax mortgage. We both own properties and are each going through our own selling process (offers received on my property and his and accepted) in order that we can buy a house together

I spent all of last week in my brokers office, giving him the necessary paperwork for our full mortgage application. We received a Decision in Principle on 10 August for an amount about £98k more than we need. Anyways, found a lovely place made and offer which was accepted and now we are going through the joys of the full application. Our full application was sent to Halifax on 14 August and monies deducted that day for the Homebuyers survey (£665:eek:).

My broker called me on 19 August to say that Halifax wanted to see our credit reports as there appeared to be a correction/dispute on one and they could not see what it was from their system. After checking my report (I am a member of Experian) I realised that I had asked Experian in February to amend my file as a home shopping company had created an alias as they had me down as "Mrs" instead of "Miss". I did not realise creating a dispute over something so small would cause problems with my credit file. My broker has informed me today (21 August) that Halifax have said they will assess my credit file by the close of business next Monday and will instruct the valuation once the assessment has been agreed. Apart from this dispute, my credit file is "excellent".

So I guess my question to is, how long does the full application take, from applying for the full mortgage, not the Decision in Principle, to instructing the valuation, to receiving the offer. And will Halifax having to look into my credit file about the correction/dispute go against me even though my credit score is good?

I know there is another thread on here about timings but that was in 2013 and since then I realise banks have tightened up their procedures even more!

Any helpful information would be great.

rokat

My partner applied for a mortgage through Halifax at the end of June.


22/6 - full application through a broker and paid for homebuyers report.
23/6 - Halifax asked for proof of deposit (sent same day)
24/6 - Halifax booked surveyor/valuation.
30/6 - Valuation done and valued at same price offered
1/7 - mortgage offer received


The broker did say that Halifax is usually quite quick. Its just the solicitors that are taking ages now!


Hope that helps but every mortgage app is different.

Brown_Eyed_Girl

First part of mine was all pretty quick, they wanted further information about where I had lived for the past 6yrs rather than 3yrs, but all ok.

In theory once you've got to the valuation & survey stage the lenders should have the report within 10working days (2weeks) and then it's just a case of them doing the paper work on their side provided no issues with the property.

However, am being told at the moment it's taking a while for people to get through to them on the phone and that they have a large amount of work they need surveyors to do. But as for them doing the mortgage bit that seems ok.

summer_james

Thanks for the responses I have come to the conclusion I just need to chill out a bit lol. I think at the moment Halifax are a bit slower than usual but I am keeping my fingers crossed all will be ok. I should hear tomorrow if they are going to instruct the survey so fingers crossed all goes well.

TB1987

Our valuation has just been carried out this morning so we are awaiting to hear something from the Halifax hopefully soon. Our full app only went in last Tuesday (18/08) and the valuation was booked on the 19/08 for today - it was the first appnt they had available for our area.

I know the feeling of being in limbo, I will come back and update with hopefully good news so you can know how longs ours took as we are pretty much at the same stage!

SR1

TB1987 wrote: »

Our valuation has just been carried out this morning so we are awaiting to hear something from the Halifax hopefully soon. Our full app only went in last Tuesday (18/08) and the valuation was booked on the 19/08 for today - it was the first appnt they had available for our area.

I know the feeling of being in limbo, I will come back and update with hopefully good news so you can know how longs ours took as we are pretty much at the same stage!

Had my survey done last Tuesday, broker said Thursday offer had been issued, recieved offer In the post Saturday

summer_james

Thank you for your replies. Limbo is pretty nasty hey...

My full app went in Friday 14 August but late afternoon so I am assuming Halifax only started to look at it on Monday, 17 but I am still waiting to hear back as they wanted additional information and the survey hasn't been booked yet, that's why I was getting nervous. I am hoping to hear today/tomorrow that the survey has been booked.....

TB1987

SR1 wrote: »

Had my survey done last Tuesday, broker said Thursday offer had been issued, recieved offer In the post Saturday

Thanks for the info, I can only hope ours is as quick!

And Congratulations on being accepted :beer:

summer_james wrote: »

Thank you for your replies. Limbo is pretty nasty hey...

My full app went in Friday 14 August but late afternoon so I am assuming Halifax only started to look at it on Monday, 17 but I am still waiting to hear back as they wanted additional information and the survey hasn't been booked yet, that's why I was getting nervous. I am hoping to hear today/tomorrow that the survey has been booked.....

Good Luck and keep us updated. Over the on the actual mortgages and endowments thread there is a awaiting mortgage decisions thread so you may want to pop on there too with your timeline - we are all keeping each other sane at the moment

Bexm

We applied for a mortgage with them sometime in June.. a week later they called our broker to say there was a problem with my payslip company name and the company name appearing on my bank statement.
We too'd and fro'd for ages (cos my work had to supply them with details and Halifax were never happy with what they got!)

We finally got our mortgage offer on Wed 12 Aug.. there was a slight typo on it so we called them and they re-issued within 2 days.

I think if it hasn't of been for the faffing around they would have been pretty quick.. but for us it took from application to offer around 2 months.

summer_james

Bexm wrote: »

I think if it hasn't of been for the faffing around they would have been pretty quick.. but for us it took from application to offer around 2 months.

Blimey! You poor things being made to wait two months, I would have gone even more grey then I am! It is just all the uncertainty as the people that we are buying from are waiting for us to have our survey before they pay for theirs. I don't blame them, I waited for my buyer to have their survey before we paid for ours. I understand now the meaning of the chain!

At least you got there in the end, I am hoping for a good outcome too. I have good credit, already have a mortgage that I have never been behind on but you never know these days what with all the new rules on lending etc.

Anyways, fingers crossed we are all settled in our new homes by Christmas