Halifax Mortgage Application

Mo87

HTB Submitted in person to my local office conveniently 5 mins from my place of work.

To strengthen my application does anyone know if I am able to submit my most recent P60, due to the nature of my work through the year their are peak trading periods whereby my wage in some months can equal near enough my annual salary ?

Mo87

Its been less than 24hrs and my Help to Buy equity loan has been accepted ! Hopefully this is one less hurdle for us

Mo87

Quick update;

Full Application Submitted 31/7/17
Acceptance Subject to Valuation 1/8/17

Sent to Colleys for the Valuation 1/8/17 - Advised they will book a date with the developer within 48hrs, as they are having to send to their panel ? as they don't have any availability directly until 14th onwards in my area.

Fingers crossed ...

Mo87

Valuation confirmed for the 10th, advised I should all being well have an offer for the 14th.

cjmillsnun

Great news. I am in a similar situation to yourself in terms of adverse credit and received my formal offer from Halifax Tuesday. As long as the valuation comes back OK I think you'll be fine

Mo87

Valuation carried out today ... Nervous wait now, any idea how long this normally takes to be submitted and for Halifax to do their part and either make an offer / decline ?

cjmillsnun

You should know by Tuesday

Mo87

Hi,

Just spoke to Halifax to and they have had the valuation back, it has come back in at less than what we have agreed at £252,950. The report from Colleys suggests properties in the area to be worth between £225,000 - £245,000, with this plot being valued at £240,000.

Same property type 1st phase all sold for £229,995 06/2016, this is the last phase at £252,950, I reserved as soon as they released.
The house next door identical (Town house) is now listed at £259,950 both due for completion 01-03/2017.
Their sales office said a few more of this house type are to be released and these will be at a higher figure still.

The person I spoke to at Halifax said it won't affect it as I don't have a maximum lend value and broker needs to request a CML from the Developer ?

We did have some incentives not sure if this affects it;
- 3% gifted deposit
- Flooring, Wardrobe and TV mounting
- Stamped duty paid
- Legal fee's paid

So Confused ...

Thanks

Thrugelmir

Mo87 wrote: »

We did have some incentives not sure if this affects it;
- 3% gifted deposit
- Flooring, Wardrobe and TV mounting
- Stamped duty paid
- Legal fee's paid

So Confused ...

Thanks

Would impact the valuation. As in essence these incentives aren't free. You are paying for them in the purchase price. Add them up and they'll come to a considerable sum.

With the price just being above £250k. That means the stamp duty will be at 5% rather than 2%. There's an additional £7.5k that the developer is paying alone.

Developers use incentives to provide smoke screens to hide the actual selling prices of the properties. What gets filed at Land registry needs to be viewed with a pinch of salt.

Mo87

Stampt duty calculator suggests £2647
3% Gifted deposit £7588.50
'Upgrades' £3050
Legal Fees £1500

In reality I couldn't afford to find £12,950 to bridge the gap