Halifax Valuation Timeline/ Underwriter

Jazmin28

watch3r said:

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.”

oooh fair enough... 

watch3r

Heads up 😁
I was scheduled to do the reservation on Saturday . ( 3 h drive appointment at 10 am) . Sales manager from the developer calls me at 4:50 pm saying that my broker ( just mortgages) just let her know that they can’t progress with our application. So they cannot process the reservation as we don’t have a valid AIP . I was like !!!!!! ?? Called just mortgages broker on 1 phone and Barclays broker on 2nd. Justmortgages - we cant help you anymore because you live to far from the property , meant to call you next week ... !!!!!! ?? Barclays -after explaining I work from home full time and have this in the contact- yeah no problem. He send an email to sales m “we are happy to lend”
all ended well, lesson learned stay away from mortgage advisors .

Thrugelmir

Jazmin28 said:

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.

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?  

When 3rd parties are involved Halifax will have no control. There's still many people furloughed. Business is far from normal.  With housing transactions well down. 

Jazmin28

Thrugelmir said:

Jazmin28 said:

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.

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?  

When 3rd parties are involved Halifax will have no control. There's still many people furloughed. Business is far from normal.  With housing transactions well down. 

True, when you say third party, are you talking about the surveyors firm? 

Thrugelmir

In this instance surveyors. 

FTHophap

This is a relief to see that other people are going through the same thing. I have been sat at Approved awaiting Valuation stage for three weeks. Application originally went in 12th June. Not sure where the delay is 😅seems people are playing hot potato.
Perhaps it’s because it’s HtB

Jazmin28

FTHophap said:

This is a relief to see that other people are going through the same thing. I have been sat at Approved awaiting Valuation stage for three weeks. Application originally went in 12th June. Not sure where the delay is 😅seems people are playing hot potato.
Perhaps it’s because it’s HtB

are you with Halifax as well? 
Yeah i just dont get it, some people get theirs done like super fast and then there is us who are doing htb and its all but standstill... when did you get notice of valuation instructed? 
Also are you using a broker? 

FTHophap

Jazmin28 said:

FTHophap said:

This is a relief to see that other people are going through the same thing. I have been sat at Approved awaiting Valuation stage for three weeks. Application originally went in 12th June. Not sure where the delay is 😅seems people are playing hot potato.
Perhaps it’s because it’s HtB

are you with Halifax as well? 
Yeah i just dont get it, some people get theirs done like super fast and then there is us who are doing htb and its all but standstill... when did you get notice of valuation instructed? 
Also are you using a broker? 

I’m with Halifax (knock wood)  I have been waiting for the valuation to be booked in since 23rd June. Using a broker,

I’m surprised it’s taking so long considering the number of properties reserved and progressing. Perhaps it’s a London thing?

watch3r

FTHophap said:

Jazmin28 said:

FTHophap said:

This is a relief to see that other people are going through the same thing. I have been sat at Approved awaiting Valuation stage for three weeks. Application originally went in 12th June. Not sure where the delay is 😅seems people are playing hot potato.
Perhaps it’s because it’s HtB

are you with Halifax as well? 
Yeah i just dont get it, some people get theirs done like super fast and then there is us who are doing htb and its all but standstill... when did you get notice of valuation instructed? 
Also are you using a broker? 

I’m with Halifax (knock wood)  I have been waiting for the valuation to be booked in since 23rd June. Using a broker,

I’m surprised it’s taking so long considering the number of properties reserved and progressing. Perhaps it’s a London thing?

If you think about it most HTB properties are not finished yet or in various stages of building. Not all the sites are open etc. they can’t view the property if it’s not safe , or incomplete. Builder wants to present it as well if it’s a physical valuation, and probably there’s a backlog of valuations . Not everything can be AVR and I’ve come across some serious undervaluations for new builds so probably that doesn’t help. And after two months of standstill I can imagine lenders are pushing straight forward high chance of completion cases ( I would do, after two months of “out of business” I would prioritize the applications that have the best potential) but then I will repay 1.54 the amount I’ve borrowed ( 30 years 1.81 5 year fix) so every customer counts and you can see more and more offers on the market .

FTHophap

watch3r said:

 FTHophap said:

Jazmin28 said:

FTHophap said:

This is a relief to see that other people are going through the same thing. I have been sat at Approved awaiting Valuation stage for three weeks. Application originally went in 12th June. Not sure where the delay is 😅seems people are playing hot potato.
Perhaps it’s because it’s HtB

are you with Halifax as well? 
Yeah i just dont get it, some people get theirs done like super fast and then there is us who are doing htb and its all but standstill... when did you get notice of valuation instructed? 
Also are you using a broker? 

I’m with Halifax (knock wood)  I have been waiting for the valuation to be booked in since 23rd June. Using a broker,

I’m surprised it’s taking so long considering the number of properties reserved and progressing. Perhaps it’s a London thing?

If you think about it most HTB properties are not finished yet or in various stages of building. Not all the sites are open etc. they can’t view the property if it’s not safe , or incomplete. Builder wants to present it as well if it’s a physical valuation, and probably there’s a backlog of valuations . Not everything can be AVR and I’ve come across some serious undervaluations for new builds so probably that doesn’t help. And after two months of standstill I can imagine lenders are pushing straight forward high chance of completion cases ( I would do, after two months of “out of business” I would prioritize the applications that have the best potential) but then I will repay 1.54 the amount I’ve borrowed ( 30 years 1.81 5 year fix) so every customer counts and you can see more and more offers on the market .

Oh my place is complete and operational, the fridge is running and all. I know other valuations are going ahead with people who reserved at a similar time - just not mine 😅

i almost wish your explanation applied to my case haha

patience i suppose - what’s the worse that could happen!