FTB Halifax mortgage questions

DSM25

Hi MSEs,

First time posting.. Myself and fiance have recently had an AIP with Halifax and so proceeded to full application through MA. Currently awaiting the valuation early next week. OH credit score is excellent, no issues there at all. Mine is Poor, I have a default 2.5 years ago and a few late payments, none in the past 1.5 years. we have no debts, no ccjs etc.

Further info is that property is 285k, we have 10% deposit so borrowing around £256k. combined salaries 94k, so borrowing between 2.5 - 3 x salaries. I am perm 50k OH is contractor 44K.

Are we likely to get an offer through from Halifax? Had I known of my poor score I would not have submitted full application.

Thank you,

foxy-stoat

Your score isn't seen by the lenders so no worries there, only the history is seen.

Assuming you told Halifax of your financial and employment history so there will be no surprises on your application to their underwriters.

You just had to wait as no one on here will be able to tell you either way.

DSM25

Thank you, History has improved drastically over the past year and a half so fingers crossed it comes the valuation goes well and an offer is made

DSM25

Sorry to bump this thread, but I had a question..

When I check experian it shows 3 credit checks by Halifax. - 2 of these say it will not affect my credit history and one says it will. does this mean a hard search has already been completed upon submission of the full application? and if so would I have passed that?

Thank you and sorry for all of the questions.

kingstreet

If you have not been declined, then yes, you have "passed" and as long as your supporting docs back up the app data and the valuation is acceptable you will receive a mortgage offer.

DSM25

Thank you for your reply!, Valuation is booked in for tomorrow. Are we likely to hear back this week?

They did ask for clarification on payslips as my salary increased slightly and I put the old salary on my app. this update is now with Halifax through the MA.

Thank you.

kingstreet

Yes the offer is normally issued on receipt of an acceptable valuation.

DSM25

Hi Kingstreet,

Thank you for your help. Offer has been received! Solicitors instructed. - Now for the long wait till completion.

Thank you,

Ruben2019

At what stage of the application is it checked by the underwriters?

After the application has been put through? After the valuation and offer has been made?

And if there was an issue with your credit report would it usually be declined at that stage of doing the hard check upon application going through or after?

DSM25

Sorry for the late reply.

Looking at Experian, it looks like we had a soft check done before we got our agreement in principle.

Once we submitted the full application we had a credit check done and provided our mortgage advisor with payslips, statements etc. then just after our solicitor requested funds from the bank, we had one last check come up on experian.

I hear some do not have the second check done just before funds are drawn from the bank.

Kenstar101

Hi guys,
I am a FTB, a contractor for 5 years going, using a broker and my timeline so far is:
23/10 - DIP received from Halifax after soft credit search on all 3 credit agencies..
23/10 - Full application submitted, £200 valuation paid, hard credit search on same day showing on all 3 credit agencies.
Halifax only requested for my contract which my MA supplied showing last 2years history with same client and no break.
My credit profile is good, have 1 loan of 10k, 2 car PCP, and 1 credit card of 1k, and stay within my 5k overdraft.
My MA said that Halifax should return when they've finished reviewing docs and valuation next week.

Just wondering if anyone could just put my mind to rest as I'm already starting to worry.
@kingstreet, maybe you could also. Much appreciated all.