Halifax Mortgage, pending valuation.

lollipop83*

Hi,

We have applied for a Halifax Mortgage through a broker. Our Broker got in touch on Friday, to say that our income had been verified and it was now pending the valuation of our potential new home.

Does that mean that credit checks have been passe and will the application already have been put to the underwriters?

Sorry if these seem like really obvious questions but my mind has been in over drive all weekend with worry.

Thanks in advance to any responses.

kirtsypoos

Hi Lollipop,

I'm in exactly the same position as you at the moment - our valuation has been instructed for tomorrow PM but I spoke to the broker on Friday and he said credit checks have been carried out already, but I believe with Haifax it goes to the underwriters after the valuation...I may be wrong though!

Hope all goes well for you - fingers crossed!

K

lollipop83*

See I was under the impression that underwriting was carried out at the same time as the valuations?

I specifically asked our broker on Friday had it been past the underwriters yet and the reply I got was - our incomes have been verified and all being well with the valuation the application will go to offer.

It still didn't answer my question re underwriters!!!

I really don't remember buying our current home being this stressful!

I hope you get the news you are wanting really soon. Thanks for your reply!

blueblazer

I had the same response from my broker about income being verified and had the valuation in the morning - had email from broker in afternoon saying mortgage had been agreed and offer was in the post so in my experience it means it has all been agreed assuming the valuation was OK.

kirtsypoos

That's pretty much word for word what I got from our broker - Maybe that's their standard response!

We are FTB so weren't sure what to expect, but having trawled MSE for the last few months I think it differs for everyone.

Hope you hear something soon also!

lollipop83*

������ well at least they are consistent with their responses! ��

The builders we are buying from said that our valuation was carried out at 5 pm on Friday night so hopefully we should hear one way or another maybe mid week!

Aww, it's so different this time around, we bought our first property pre credit crunch, so there wasn't nearly as much criteria to be met! Please keep me posted with how you get on! Will keep everything crossed for you!

kirtsypoos

That all sounds promising, fingers crossed you hear sooner rather than later....it's nervewracking!

Thank you, and you too! I'll keep an eye out for your update.

K x

kirtsypoos

Hi Lollipop,

Have you had any news?

David_White

There's no hard and fast rule for this as some lenders will instruct a valuation and then when the report comes back will review the whole case, whereas others won't instruct a valuation until they're happy.

Generally speaking it's a good sign though so fingers crossed

Thrugelmir

Your mortgage application will be underwritten. That's the whole process. An underwriter will them ultimately decide upon reviewing the file whether an offer should be made or not. Depending on factors surrounding the application it may be passed to a more senior level. Where there's a degree of discretion. As the borderline isn't fixed rigid.

lollipop83*

Hi,

A quick update, our broker emailed this morning to say Halifax had issued our offer. He sent the documents via PDF and we will also receive a copy in the post.

All in all from applying to getting a decision the time frame has been about 4 weeks but has felt like a lift time. I will continue to keep everything crossed for those waiting to hear back.

xx