Halifax Underwriter or Online Aprovel

[Deleted User]

They shouod book the val and carry it out alongside the underwriting. Or at least that's how its done through brokers.

As far as timescales are concerned, depends on when the valuer is free and when they can get access to the property. Might be 2 days, might be 2 weeks

sharewithsunny

It was a level 1 survey.

sharewithsunny

UPDATE
valuation done yesterday. Under valued by £4k.
Funny the surveyor said busy road. Anyways hope the seller negotiate the price.
What are other options if seller doesn't agree with it? I really want the house. And hakifax says they will lend me if price is agreed 120k.

[Deleted User]

sharewithsunny wrote: »

UPDATE
valuation done yesterday. Under valued by £4k.
Funny the surveyor said busy road. Anyways hope the seller negotiate the price.
What are other options if seller doesn't agree with it? I really want the house. And Halifax says they will lend me if price is agreed 120k.

You will need at least 5% deposit so if you are intent on paying £124k when Halifax say its worth £120k then you will need:

Mortgage of £110,000
Deposit of £14,000

Sounds like the numbers just need changed. Have Halifax not suggested doing this?

You will move from having 11% deposit to 9% deposit so your interest rate will increase.

Or you can try a new lender and get a new valuation if you think it should be higher


Why arent you using a broker?

sharewithsunny

Halifax said the agreed price should be now £120k and they can lend me maximum of 108k. With 12k deposit. Im still happy with paying 13k deposit which i agreed before when the price was 124k.
They says send us a letter from vendor agreeing on 120k and we issue the formal mortgage offer.
Agency is now trying to reach vendor. Still waiting for their opinion.

[Deleted User]

Have you asked to Ido it at less than 10% deposit?

They will do 108k on 120k as thats still a 10% deposit. What is the maximum they will do for you? This should be on your initial decision in principle

Will they do 111k borrowing with a 13k deposit?


I just don't understand how people see someone in a bank who claims to be an 'advisor' but has so much uncertainty about what their options are. Not having a go at you here, the person who is 'looking after' you shouldn't be leaving you with all these questions.

Banks offering direct advice should just shut up shop and let brokers do it all. The service they offer people is so shoddy. It's a massive financial contract and you barely know what your options are

sharewithsunny

I went on my own. Innitialy bank said i can get maximum of 147k.
But as per property i need 111k with 13k deposit.
Now the property is worth 120k as per their survey, so they said now they can lend maximum of 90% of the property value i.e 108k with 12k deposit.
My agency is talking to the vendor and says they will update on Monday if the seller is happy for 120k.

[Deleted User]

Did you not pass the credit check for less than 10% deposit?

Did you ask the bank if you could do less than 10% deposit?

sharewithsunny

I did pass it. But i wanted to pay 10% deposit for better deal.
UPDATE
vendor agreed on revised £120k price.
Will now go to halifax to modify mortgage offer £108k + £12k deposit.
Will they do the credit checks again?

sharewithsunny

UPDATE
Infact i am waiting for an update from Halifax.
Last week Monday 14-10-19 Halifax send me the revised illustration of mortgage with new price £120 (£108+£12k) and i was told that now everything is done and once it is processed the formal mortgage offer will be sent to post. Its almost 8 working days now still waiting. Are they very busy or they again doing any check?
Any idea what is happening?