Valuation cancelled by Halifax

kingstreet

We would typically obtain and hold everything they might ask for and when they pull a case for audit we are ready to supply everything - bank statements, payslips, mortgage statement and so on...

Mani_London

Hi,

everything has been provided to broker in start, prior to application submission. payslips, bank statements, letter to say agreement has been paid in full, proof of deposit etc.

do you know roughly by your experience how long it take to come back ?

Thanks

Mani_London

Hi again all,

So my broker has told me that Halifax is not accepting my wife’s second job. She is in a fixed term contract with a company for last 3.5 years. She will expected to become permanent coming February. She also has a 2nd job which she started 2 months ago. Halifax refused to accept that.
I am doing a second job and my broker didn’t shown my second income as the DIP we received was enough for us to buy a house. Now My broker said they will accept my second job if we show them, i am doing current second job for last 3 months. I was doing a second job previously as well but I stopped that early this year and now started again around August.
Do you think they will accept my second job when they have refused my wifes.
Please share your experiences or views about this.

Thanks

What could be the reason of not accepting when all Payslips were provided along with the bank statements.

Mani_London

Hi All,

Anyone with any suggestions

Thanks
Nauman

Simby

As we don’t know what your wife’s second job is we can’t say why it was not acceptable.. we also don’t know what your second job is so we also have no way of knowing if it would be acceptable to Halifax.

If you give us more info then people could assist

MovingForwards

Normally 2nd jobs have to be 6 or 12 months into it as a lot of people take a 2nd job to raise the deposit costs, get the home and quit the 2nd job.

I would be surprised if any lender accepted 2 and 3 months into a 2nd job within the lending amount.

GDB2222

MovingForwards wrote: »

Normally 2nd jobs have to be 6 or 12 months into it as a lot of people take a 2nd job to raise the deposit costs, get the home and quit the 2nd job.

I would be surprised if any lender accepted 2 and 3 months into a 2nd job within the lending amount.

Or, indeed, the borrowers might take on a second job just before applying for a mortgage, but later find it simply too much for them. That would then leave the lender exposed. They might even be criticised for providing unaffordable debt and have to pay compensation.

However, if that’s the only issue, the good news for the OP is that he can apply again next year, and there’s a good chance his application will be okay then.

[Deleted User]

Mani_London wrote: »

Hi again all,

So my broker has told me that Halifax is not accepting my wife’s second job. She is in a fixed term contract with a company for last 3.5 years. She will expected to become permanent coming February. She also has a 2nd job which she started 2 months ago. Halifax refused to accept that.
I am doing a second job and my broker didn’t shown my second income as the DIP we received was enough for us to buy a house. Now My broker said they will accept my second job if we show them, i am doing current second job for last 3 months. I was doing a second job previously as well but I stopped that early this year and now started again around August.
Do you think they will accept my second job when they have refused my wifes.
Please share your experiences or views about this.

Thanks

What could be the reason of not accepting when all Payslips were provided along with the bank statements.

1. Halifax were never going to accept your wifes 2nd job income. It never should have been submitted with the income in place. 2 months of 2nd job income would never have been accepted
2. They may accept yours if they are satisfied you arent doing it just to get the mortgage affordability up. Having done a 2nd job in the past it might be ok but to be honest unless you have 3 months at least I wouldn't be confident
3. The reason for not accepting when they have all bank statements or payslips? They think you are getting 2nd jobs just to boost your mortgage affordability and will stop them once you move in

kingstreet

Halifax will also look at plausibility and work out how many hours you are working in total and if this is sustainable.

From criteria;-

In cases where the customer has more than one job, we will consider the following when deciding whether or not to take the secondary income into account. Hours worked, are they sustainable? Are the roles/skills similar? What is the distance between the jobs and the customers home? How long has the customer been in both jobs? Is the salary consistent with the type of employment? And the number of days the customer works per week.

Mani_London

Thanks for your reply. It has been three month since i started my 2nd job. I had the offer since May and then the company has some internal issues and they couldn't take me on board till august.

i use to do 2 jobs in past as well. Last year same time i was doing a 2nd job as well. i left that in feb 2019.

What type pf proof you can submit along with your application for lenders to consider 2nd job as well. Like it is genuine so providing proof or letters from employers is not an issue.

Thanks

For my first job i travel very less and i can get all the proof for this from my employer.