Hello all... Just wanted to asses approximate time-scales on mortgage application.

Prichard

Buying a house (new build) which is my second home. I am part-exchanging my old house and have gone through one of Halifax's Participating Broker/Builder combinations (opening up 85%+ lending on new builds).

Buying a house for £650,000 with a £80,000 deposit. My income is £96k and my fiancee's is £56k. AIP was fine through Halifax's Premier Lending team. Broker says that he has never seen a Halifax Premier AIP have issues at full application. No history of any missed payments/defaults etc in the last 6 years.

Full application went in with Amy at Halifax, hard searches done on both my partner & I. Broker said that Amy was happy with everything on Friday. Valuation instructed for Thursday. Email from broker's assistant advising that she thinks an underwriter will have reviewed in 2-3 business days.

Are Halifax AIP's as reliable as my broker is saying? I have read that they very good if the broker got the AIP application correct.

Just really excited to get into our new place and start working on what we have planned for it.

NewShadow

Duplicate thread here - just in case anyone else had a bad case of deja vu

https://forums.moneysavingexpert.com/discussion/6098679/hello-all-just-wanted-to-asses-approximate-time-scales-on-mortgage-application

foxy-stoat

If they knew it was a new build at AIP stage, and the builder is on their approved list (as the LTV is over 85%) and any incentives have been confirmed already then you shouldn't have an issue.

kingstreet

If you've submitted a full app, forget the AIP as the hard search is done at full app.

As long as the supporting documents match the application data and the valuation comes back alright this should be offered within a couple of days of the valuation report return to Halifax.

Prichard

Cheers - We used the broker (Charles Cameron) before and they seem to be knowledgeable enough - Hope you're not going to tell me of any horror stories about them.

The broker did advise that the developer would be paying the stamp duty (apparently not a problem as less than 5% of the value). The mortgage illustration sets out the fact that it is a new build so it is clear that they are aware of this too.

Fingers crossed that things move fairly swiftly!

foxy-stoat

Prichard wrote: »

Cheers - We used the broker (Charles Cameron) before and they seem to be knowledgeable enough - Hope you're not going to tell me of any horror stories about them.

The broker did advise that the developer would be paying the stamp duty (apparently not a problem as less than 5% of the value). The mortgage illustration sets out the fact that it is a new build so it is clear that they are aware of this too.

Fingers crossed that things move fairly swiftly!

Any more incentives and did the broker check with Halifax that the builder is on their list?

kingstreet

foxy-stoat wrote: »

Any more incentives and did the broker check with Halifax that the builder is on their list?

They would not have been unable to submit the application without making the right builder selection.

Prichard

No - That's the only incentive (other than part exchange of our current house, which is as much an incentive for the builder as them).

They did check the lists (and we checked too as you can access them at the bottom of the new build section on Halifax Intermediaries' website)!

Prichard

'Not have been unable'? Double negative there.

kingstreet

Yeah. I started work just after 6am, processed six new enquiries, tried to sort out a few LTB/Purchase combinations and tried to get a builder to give us a correct, signed reservation the HTB agent will accept.

Spelling is reserved for those who pay the bills.

Prichard

Valuation on Thursday too.... I'm hoping the fact that it's a large development on which the majority (80%+) of houses are already sold means it should be OK - Presumably the builder would be aware of valuation issues by now. Also, there have been a couple of the same style house as the one we are purchasing which have sold already & presumably they got through their valuations without issue.