Halifax mortgage application.

SteveA12345

Hi Everyone.

This is my first post on this forum, me and my partner are currently applying for a mortgage with Halifax.

We've had an agreement in principle, I had to send an extra wage slip and bank statement to the underwriters, and they have also contacted my employer and asked questions about frequency of pay etc.

All the information we have provided has been correct. We have five defaults from 2012/2013 which have been satisfied.

It's been three weeks since application, and my mortgage broker has informed me that the valuation has been instructed for the 28th, but there is still no final decision.

We are both very worried after coming this far down the line. Is it common for the mortgage to be rejected at this stage of the process? Given all the information is correct etc?

Thanks in advance for any replies.

Destiny2017

You won't get an offer without the survey being done first. However, I was told by my broker that if the survey has been instructed then they are happy with your application credit checking wise. Of course, until the money has been transferred over on completion, nothing is certain! We also have our survey booked in for the 28th. We went for the Level 2 valuation and house buyers report. Good luck with yours :-)

SteveA12345

Ok thank you.

Is the survey and valuation done at the same time?

Destiny2017

Yes, I believe so. I think Halifax use a company called Colleys that do both (if you have instructed a Level 2) but if you are buying a new build did you pay just for the valuation survey?)

This is from the Halifax website:-

Valuation only (Level 1) - a brief report on the property and its market value.
Survey and valuation (Level 2) - gives guidance on defects and other issues which could affect a decision to buy. We base our lending decisions on the valuation aspects only.
Building survey and valuation (Level 3) - a detailed report on the condition of the property. We base our lending decisions on the valuation aspects only.

Hope that helps.

SteveA12345

Yes I believe we only paid for valuation.

So I can't see much going wrong if it's only a valuation but you. Never know I suppose.

Good luck with yours, hope it all works out.

Destiny2017

Let me know how you get on with Halifax. So far, for me, they have been very efficient. Hopefully, we will both receive offers!

depressed_but_determined

We just got our Halifax offer yesterday. We used a broker and it seemed to go through very quickly. In Scotland the valuation is done at the time of the home report. I find it odd in England that you can offer a price without knowing if you can actually get a mortgage to cover the cost
I hope you get some news soon.

sam_r2d2

We are applying with halifax but our broker stated that halifax book the valuation and take the fee before accepting your application and that if you fail any checks you can only get a refund if the valuation hasn't already taken place!

After learning this I've made sure the valuation was pushed back until after acceptance!

kingstreet

sam_r2d2 wrote: »

We are applying with halifax but our broker stated that halifax book the valuation and take the fee before accepting your application and that if you fail any checks you can only get a refund if the valuation hasn't already taken place!

After learning this I've made sure the valuation was pushed back until after acceptance!

Almost. When the application is ready for submission, you have to enter the card details for the fee to be collected. Then as soon as the fee is paid, the application submit button can be pressed.

Assuming no automatic referral to business assessor or credit decisioning, the valuation is instructed by the system and a message is sent to Colleys. Colleys uses the access details supplied in the application to arrange the inspection, or panels the work to another surveyor if it doesn't have capacity/coverage.

A broker can upload any required documents via Intralinks then call up and go over initial checks and have the case "accepted subject to valuation," or if that can't happen can ask for the valuation to be held pending receipt of whatever is required to get to that stage.

Usually, it's a week or so to the valuation date, more than enough time to get what's needed. If you can't you phone and cancel the valuation the day before to protect the valuation fee so putting a hold on the valuation at the outset is not normally sensible.

SteveA12345

Could anyone tell me what can go wrong with the application with Halifax, if we've been honest in our application, and we've been given a mortgage in principle?

I know the underwriters have been checking my income by asking for an extra wage slip and a bank statement to show the wage going into my account.
They have also called my company to ask the accounts department about frequency of pay etc.

All the details are correct but we still have no answer.
As I stated in the OP, we do have defaults from three years ago, but if we've had the AIP what else can go wrong?

ap1985

My husband and I got our mortgage through Halifax last year for a new build and completed this year in February. Halifax are really good. They usually take the valuation fee at the beginning of the full application. With our application it went to the underwriters before they instructed valuation. At this point we were told our application has been approved subject to valuation. Following on from the valuation we received our mortgage offers 2 days after...Good luck with yours