Halifax Mortgage App in Limbo!

RauHughes

Hi,
FTB and forum newbie although long term stalker looking for advice.
My wife and I are are looking to buy our first home and have applied with Halifax via a MB. Our AIP was given on the 23rd subject to verification of credit bureau details and our full app submitted 24th. 2 hard searches we're completed on all three CRA's on the 24th for both of us, followed by an affordability soft search on Experian on the 25th and an affordability search on TransUnion on the 29th. Despite this we've heard nothing at all on our application since submission. Spoke to MB on 29th who stated the documents uploaded with the app we're still awaiting being checked. 

We're really confused as to why there's been so much CRA activity but no update on the app. MB stated they will check in with a BDM as to why there was two hard searches done but we've heard nothing back on this either. We paid our Val fee but this has not yet been arranged with the vender. 

My wife's credit history is squeaky clean,  but I have a default (£525, loan, 2016, settled) and number of payday loans (>18 months ago, all settled no defaults) all of which we made MB aware of from the onset and he added to the app. 

We've applied for a 85% LTV mortgage on a £215,000 property. We each earn £32,000 and have 1 dependent,a credit card each paid in full each month and no other debts. We have no car finance, child care costs or any other major outgoings so our affordability is way above what we've applied for. My wife is on mat Leave until Oct, and has had a pay rise since her mat leave started so we have sent he last three payslips and a letter confirming her new pay and return to work date already.

Is it usual to take so long for an update? Is it a good sign we've not been rejected yet? Or is it simply covid causing delays with our app? We're both nervous wrecks and would just love to know what's going on!

Any/all advice appreciated!

izoomzoom

I think you need to be a bit more patient.
http://www.intermediaries.hsbc.co.uk/our-latest-service-levels.html

izoomzoom

Sorry, see you've applied with Halifax - there should be similar on their website.

haras_n0sirrah

halifax queue for underwriters is 8 working days
if you don't need an underwriter (the front line team can sign it off - usually basic, no adverse, employed etc) it will be quicker but if you need to be in the underwriting queue then that is their current timescale.

craig_87

haras_n0sirrah said:

halifax queue for underwriters is 8 working days
if you don't need an underwriter (the front line team can sign it off - usually basic, no adverse, employed etc) it will be quicker but if you need to be in the underwriting queue then that is their current timescale.

Ive had a reply from Halifax stating amount i wish to borrow is available, which my broker tells me means ive passed the credit checks and the affordability. All within a couple of days.

Who checks home reports with halifax? I was advised my application is with the 'valuations team' for final checks broker advised  they are separate underwriters , hoping its not an 8 day turnaround with them. Assume this is the last stage of the process.

RauHughes

Thanks for the replies.

Patience is what I suspected was the answer, but I scan these boards and see people saying thinks like 5 days submission to offer and started getting worried. A lot of providers (such as HSBC shown above) have current SLA's on websites but I couldn't find anything for Halfiax at all.

Given so many 'hits' on our credit reports have been done already I assumed we'd have heard something by now, but I guess a lot of these will be automated? It's just a little torturous to be left for two weeks then find it it's a decline! Name of the game I guess!!

LRmortgage

Halifax don’t publish their current SLA’s on their website. 

They are currently on about 8-10 working days. 

RauHughes

LRmortgage said:

Halifax don’t publish their current SLA’s on their website. 

They are currently on about 8-10 working days. 

Thanks LR. So realistically, we could be looking the end of next week for a response. Best hope the old ticker can take the suspense!!

I've read a lot of conflicting info on the validity of Halifax's DIPs. Out of interest, what's your experience of placing adverse with them? Could I push you for a best-guess percentage of those approved at DIP with adverse that go on to be offered?

Tilly111213

I am no expert but have just been through similar with them - I have light adverse, husband none. We were 65% LTV - took around 17 days from AIP to offer via broker. Broker says they are absolutely creaking u see volume of apps and it’s a waiting game - frustrating I know!! In end I had almost decided not to move as so stressful then the offer popped up that day!! From my limited experience AIP is good indicator and broker says that Halifax are flexible with adverse so I am sure you will get your offer soon. Good luck!! I am now panicking it will be withdrawn - need to relax!! 

RauHughes

Quick update -
Heard from broker today.

Val completed and come back at agreed purchase price.  Spoke to vendor who said they called him and asked some questions but never came to visit, sounds like a desktop Val (I thought they were doing face to face ones again now?!)

Broker said they have asked for a payslip from my wife now she's been back at work for a month - she's on mat leave until October and we've sent them a letter from employer confirming this and her return to work hours! 🤦🏼‍♂️ 

I'm guessing they want my payslip as I was furloughed until 1st July so I've sent this over to my broker but not heard back from her. Just hoping broker hasn't put the wrong return to work date in for my wife!!!

Feel like we're not out of the woods yet but we've at least found the path!

penners324

Just gone through Halifax. Started on 14th July, valuation on 24th July, offer was made 3rd August (yesterday).