Halifax Valuation Timeline/ Underwriter

brianmrfq340

thanks Brian, we are based in outer London, and house is on outskirts of oxford

are you a FTB? and what was your LTV? 
When did you valuation happen? 

No I'm not a first time buyer, Ltv 65%, I presume it was a desktop valuation as it happened so quickly. 
Good luck 👍 

watch3r

Jazmin28 said:

watch3r said:

From what I know if you’re doing HTB - they will issue normal valuation unless someone have bought from this lender a property on this development within 28 days from you application ( but that’s Barclays ) 
hint : call you developer as they will know as soon as they book the valuation. ( my broker “is checking” on the valuation and my sales manager called me last weeks that they booked it for this Friday . 

So I have a week but apparently they issue an offer soon after . Now let’s hope that the valuation will be ok. 

I presume you have ATP from help to buy ? 

Yes we are doing HTB. Not sure what you mean by a Normal Valuation, do you mean like Physical? 
This is a small development with 8 other 2-3 bed properties, i checked with the developer/ estate agents we are dealing with and he has said that they were yet to commit to a time, they did in fact reach out to them but they didn't confirm a time...?!? 

Yes the ATP from HTB was approved on 25th June, we did this before we went ahead with our Full Halifax application. 
Good luck this week, sure it will all be fine. 

Yep I meant survey in person . 

Hard to say as my developer just confirmed the date , I’m trying to get more from my broker . 

We are using a local developer, has superb reviews and we talked to future neighbors and they ware very happy with them . 

Jazmin28

Ah i see, how long has your process been going on for?
Also are with Halifax? 
So once the valuation is done, do you think thats it? Or are they going to do more checks etc

watch3r

Jazmin28 said:

Ah i see, how long has your process been going on for?
Also are with Halifax? 
So once the valuation is done, do you think thats it? Or are they going to do more checks etc

I’m with Barclays, but they are very similar, keep in mind that some lenders do underwriting after valuation.
ATP - 26/06
full app- 30/06
declaration - 2/07
underwriting 7/07 ( valuation instructed )
valuation booked 9/07 
***

17/07 valuation 
** within 5 working days I should get an offer that’s maximum according to bank 
* once offer received 
3 working days for ATE 
2 working days for ATC .
so worst case scenario exchange by 31/07 completion by 7/08 .
best case scenario completion by 31/07 
^^

My property is completed and ready to move in so don’t need to wait for it. 

And once I got the survey date I’ve started chasing the solicitor 
^* 
property is in Norfolk I know that the ATE and ATC varies depending on HTB agent .
minimum term bank offered us the mortgage based on affordability was 11 years , we took 30.

Jazmin28

watch3r said:

Jazmin28 said:

Ah i see, how long has your process been going on for?
Also are with Halifax? 
So once the valuation is done, do you think thats it? Or are they going to do more checks etc

I’m with Barclays, but they are very similar, keep in mind that some lenders do underwriting after valuation.
ATP - 26/06
full app- 30/06
declaration - 2/07
underwriting 7/07 ( valuation instructed )
valuation booked 9/07 
***

17/07 valuation 
** within 5 working days I should get an offer that’s maximum according to bank 
* once offer received 
3 working days for ATE 
2 working days for ATC .
so worst case scenario exchange by 31/07 completion by 7/08 .
best case scenario completion by 31/07 
^^

My property is completed and ready to move in so don’t need to wait for it. 

And once I got the survey date I’ve started chasing the solicitor 
^* 
property is in Norfolk I know that the ATE and ATC varies depending on HTB agent .
minimum term bank offered us the mortgage based on affordability was 11 years , we took 30.

Thanks for that.

Is your ltv 75 and are buying outside london htb.. I'm just trying to gauge the market ?

Also you mentioned under writers.. (valuation instructed) does that mean that mine has gone past the under writers as our is valuation instructed?

I really hope something comes through soon.

watch3r

Jazmin28 said:

watch3r said:

Jazmin28 said:

Ah i see, how long has your process been going on for?
Also are with Halifax? 
So once the valuation is done, do you think thats it? Or are they going to do more checks etc

I’m with Barclays, but they are very similar, keep in mind that some lenders do underwriting after valuation.
ATP - 26/06
full app- 30/06
declaration - 2/07
underwriting 7/07 ( valuation instructed )
valuation booked 9/07 
***

17/07 valuation 
** within 5 working days I should get an offer that’s maximum according to bank 
* once offer received 
3 working days for ATE 
2 working days for ATC .
so worst case scenario exchange by 31/07 completion by 7/08 .
best case scenario completion by 31/07 
^^

My property is completed and ready to move in so don’t need to wait for it. 

And once I got the survey date I’ve started chasing the solicitor 
^* 
property is in Norfolk I know that the ATE and ATC varies depending on HTB agent .
minimum term bank offered us the mortgage based on affordability was 11 years , we took 30.

Thanks for that.

Is your ltv 75 and are buying outside london htb.. I'm just trying to gauge the market ?

Also you mentioned under writers.. (valuation instructed) does that mean that mine has gone past the under writers as our is valuation instructed?

I really hope something comes through soon.

I live in Surrey and property is in Norfolk ( that was problematic and we had issues with that ) .
check with bank what steps are they taking.
i know some lenders do it different way . 

Barclays is - application ( hard credit checks ) - underwriting- valuation- offer 
some have - application- valuation- underwriting- offer .
its 75 % LTV . 

Jazmin28

Hi All,

Does any one know the Halifax steps/ process order for a mortgage application??

kingstreet

Most Halifax cases are not greatly dealt with by human beings. The system is mostly automated. Your application is submitted, if it's normal, the valuation is instructed immediately. Evidence of income is uploaded and if acceptable, signed-off immediately so the mortgage is approved subject to valuation. Once that comes back, as long as it's fine, the offer is produced and issued.
Awkard stuff with past-adverse, high LTV, self-employed may need business assessor referral and that slows the process as sign-off is then required at each stage - income, valuation instruction, valuation returned and offer.

watch3r

Jazmin28 said:

Hi All,

Does any one know the Halifax steps/ process order for a mortgage application??

That might help:
” Lenders like Santander and Nat West approve your mortgage subject to valuation. This means that when valuation is instructed with these Lenders the valuation report is the last requirement to offer.

Other Lenders such as Halifax and Aldermore instruct offer on receipt of the case. Therefore valuation is not an indication that your mortgage is approved.”

Jazmin28

kingstreet said:

Most Halifax cases are not greatly dealt with by human beings. The system is mostly automated. Your application is submitted, if it's normal, the valuation is instructed immediately. Evidence of income is uploaded and if acceptable, signed-off immediately so the mortgage is approved subject to valuation. Once that comes back, as long as it's fine, the offer is produced and issued.
Awkard stuff with past-adverse, high LTV, self-employed may need business assessor referral and that slows the process as sign-off is then required at each stage - income, valuation instruction, valuation returned and offer.

hahah great so we are dealing with Robots  

So I've had 2 hard checks and a soft affordability check on 29th June, then it said Valuation instructed on the 29th my broker has only access to the portal and he said that there wasn't much update apart from that the valuation is instructed... is there any way for us to check if  "mortgage is approved subject to valuation" -  it would be a great relief to know if that was the case for us. 

I am fully employed on paye - and my partner is on furlough till end of July. 
We are both FTB, LTV is 75% and employed. 

I guess sometime this week ill hear from them as its almost been 2 weeks since application has been sent in.
Is there a Time line that Halifax have 2 stick to?