Halifax Mortgage Underwriter Asking For More Information

snoopy07

I suffer from anxiety and am super stressed. My partner and I are going through a separation, and I’m buying an apartment on my own through shared ownership. We’re forced to live together until I can complete on the purchase and move out.

I’ve put down a 15% deposit on my 25% share of the property which is only £43,500, and I’m only applying for £39,950. Because I have only one year of accounts as self employed, my broker has applied for the mortgage with Halifax. He said they’re fine with one year, they won’t want to see my bank statements, and it should sail through with an offer subject to valuation within 72 hours.

The 72 hours came and went, so he chased them and then called me saying he had the underwriter on the phone with questions about whether I had prior experience in my field of self employment, and what my qualifications were. I satisfied his questions and he said it was all fine to approve, but their process involves a second underwriter just checking everything over with 24/48 hours and then they’ll send me the offer. He said they virtually never change the decision, it’s just to make sure he’s done his job properly.

The 48 hours passed and we didn’t hear anything, so the broker chased them again and they said there’s a backlog and it’s actually taking 3.5 days but they’ll escalate mine, that was yesterday.

Today the broker called me and said that unfortunately the second underwriter was now asking questions about some other self employed income on my tax calculation (which is for a franchise I used to run with my partner but we got rid of, so I didn’t include that income in my application), and they want to see my last 3 months of business bank statements. I sent them to him this afternoon and then he called me straight back and said they’d sent a further email asking for the last 3 months of all of my bank statements, including my personal and savings accounts.

He said that it might be another 3/4 days wait now if they have to go back into the queue for the same underwriter to look through them.

Now I’m having a major panic and I feel like I’m going to be sick. The broker told me this would sail through in a few short days and now it’s been 12 days and it feels like they’re not going to offer me the mortgage and I won’t be able to buy at all.

I said to the broker that they told me Halifax don’t ask for bank statements, and they said that the second underwriter is just a safety check, they virtually never have a problem with what the first underwriter signed off, and he said that normally they don’t, but he can’t see anything at all that would cause a concern, they must just be being super vigilant because of Covid-19 and they’re offering such low interest rates.

Should I be concerned? I’ve got my heart set on owning somewhere of my own rather than paying £200 a month more to rent someone else’s grotty home. I think it would break me if I got declined now, I’m already losing the love of my life, I don’t want to lose the only positive thing that’s happening in my life right now.

jamielutz1987

@Snoopy007
Sorry to hear this.

Unfortunately based on what I see in the forum, self-employed applications are being given extra scrutiny, by all lenders not just Halifax. Covid times, that's all.

I guess all that can be done is to provide what they've asked. On the bright side, they're still asking questions and haven't declined so that's a good sign.
Good luck!

snoopy07

If they’re asking questions just that mean that they want to approve me but just need to be extra careful? If they were thinking of declining would they even bother to ask for all of this extra stuff?

[Deleted User]

If you've got another self employed role that you haven't included then I suspect they are just checking you aren't hiding losses by transferring money around all over the place. 

I wouldn't be hugely worried if I was you. It sounds like they are just dotting i's and crossing t's

haras_n0sirrah

Any broker saying self employed cases will sail through is either deluded or think it is still February.
Anything self employed will be heavily scrutinised and will also want the latest 3 months business bank statements to make sure your income is back to pre covid levels. Your broker should be setting your expectations. With self employed at the moment we are warning them that it is a tough ride and to expect delays and questions, lots and lots of questions.

snoopy07

That makes sense thank you. My income hasn’t dropped due to Covid-19, so hopefully they’ll be happy with the bank statements showing that.

fackers_2

snoopy07 said:

That makes sense thank you. My income hasn’t dropped due to Covid-19, so hopefully they’ll be happy with the bank statements showing that.

Same, but being scrutinised to the hills - Giving me heart failure! haha

alanastill12

i hope everything goes well for you! me and my OH are currently waiting on the underwriters coming back (not self employed) but we are just checking emails all the time and stressed too! i hope for both of us everything comes through soon so we can sleep a little easier! 

Memie

We submitted on 16th im employed husband self employed. We are still waiting ... my husband has work throughout Covid and we too are being made to wait. We’ve not had any questions asked yet we were told forty eight house a week ago! So fed up x

Smithy12378

Hey - I am processing a mortgage with Halifax. Valuation booked in and awaiting the results. My understanding is that they will offer mortgage after the valuation. Do I need to provide anymore information as part of the underwriting process?? Such as more pay slips, P60 etc. Or do they just ask for that once?

I have already uploaded 3 months pay slips but this was a few months back, just wanted to check if I need to prepare any other documents/payslips/P60 etc

fackers_2

Smithy12378 said:

Hey - I am processing a mortgage with Halifax. Valuation booked in and awaiting the results. My understanding is that they will offer mortgage after the valuation. Do I need to provide anymore information as part of the underwriting process?? Such as more pay slips, P60 etc. Or do they just ask for that once?

I have already uploaded 3 months pay slips but this was a few months back, just wanted to check if I need to prepare any other documents/payslips/P60 etc

They will ask as and when needed.