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DanielACB

How long could I expect between completed valuation and a decision/offer  from Halifax please? Valuation completed yesterday (19/09)

haras_n0sirrah

DanielACB said:

How long could I expect between completed valuation and a decision/offer  from Halifax please? Valuation completed yesterday (19/09)

It will depend on whether there are any surveyor comments. If no surveyor comments and the rest of your case is approved then can be as little as 1 day. If the surveyor has put comments it has to go to underwriting which would be 8

haras_n0sirrah

qad007 said:

I am purchasing a property via auction. My lender valued the property at £0 due to potential structural movement and noted the removal of load bearing walls, pending further investigation by a chartered building surveyor or structural engineer. I wasn't willing to foot the bill for this, and therefore the vendor contacting her building insurance company who visited the property and provided a 1 page letter stating the following:
As I advised at the time of the inspection, subsidence damage typically takes the form of cracking that extends from ground level passing diagonally through door/window openings, is tapered becoming wider as it rises up the building and is present in the same locations externally and internally.  The cracking that is present to the building doesn’t exhibit these characteristics to indicate that it is associated with foundation movement/subsidence.  My opinions on the causes of the various cracks are as follows;
1. The external cracking that steps up above the kitchen window at the rear of the house is due to deflection of the window frame off which the wall is supported in the absence of a lintel.
2. The internal cracks above the door openings internally are generally uniform in width which is indicative of cracking that has been caused by thermal expansion/contraction.
I am not completely convinced by this report or if I can even call it a report. I seriously dont want my lender to accept this letter from a registered structural engineer, as I believe it is not a conclusive report. Would my lender accept this, or ask for a full structural report?  Has anyone else had the same issues, any advise would be appreciated. 

I wouldn't know I am afraid but if you dont agree with the report then commission your own full structural survey 

Bolto

Gem_M90 said:

I've had my mortgage approval through from Halifax, however the application was based on me clearing just under £5k I have across credit sources. I had to apply as a single applicant due to a few defaults on my partners credit file from a past relationship, as applying jointly we were looking at nearly 4% interest rates as opposed to the 1.5% I now have on my own. As I had to apply myself, we had to increase our deposit which meant I couldn't clear the credit beforehand. They have accepted it will be clear before completion (which is estimated at late February), which is all fine. However, ploughing over £10k extra into the deposit and still having our rent to pay (which is £100 more/month on a 2 bed flat than the 3 bed house will be!) and clearing the credit will leave us a little short for the larger purchases for the new house. If I clear the credit before completion, can I utilise a small portion of my available credit again just after completion for 1 or 2 of the larger purchases without it having an adverse affect, or will it have to stay clear for a certain amount of time? 

Hi. Can I ask if you went directly to the lender or if you used a broker? 

Keano24

Hi, my brother and his partner are both supply teachers who have sale agreed on a house and have an appointment with a mortgage broker today.

Their initial call to him on the phone, he seemed very confident they would get a mortgage and said he would be putting it through Halifax. 15% deposit on house value of £133,500

They have the same pattern every year for the last 4 years, September is slow enough for work and they generally worked 2/3 days per week but then after that they have been secured in the same school for the rest of the school year.

So they can show 4 years of real steady work but if asked right now for three months wages slips, they would be screwed as no work in summer, etc.

Do you have any experience with mortgages for supply teachers, specifically Halifax and will the 4 years steady work go more in favour than the no work in summer and slow September?

Cheers

DanielACB

Hi,

I have an open mortgage application with Halifax via a MB.
Arrangement fee of £999.
Maximum available loan amount for product applied to = 75%

Initial calculation from MB was for 75% LTV (paying arrangement fee upfront).
I decided to build the arrangement fee into the Mortgage, therefore taking the LTV up to 75.43%. This is outlined in the mortgage illustration. 

Halifax say the following: "If product fee is added to the loan it will be included in the affordability calculation."

Is this likely to effect the decision/interest rate? Do I need to raise this with the MB? Valuation was completed over the weekend.

Many thanks

Dan

haras_n0sirrah

Keano24 said:

Hi, my brother and his partner are both supply teachers who have sale agreed on a house and have an appointment with a mortgage broker today.

Their initial call to him on the phone, he seemed very confident they would get a mortgage and said he would be putting it through Halifax. 15% deposit on house value of £133,500

They have the same pattern every year for the last 4 years, September is slow enough for work and they generally worked 2/3 days per week but then after that they have been secured in the same school for the rest of the school year.

So they can show 4 years of real steady work but if asked right now for three months wages slips, they would be screwed as no work in summer, etc.

Do you have any experience with mortgages for supply teachers, specifically Halifax and will the 4 years steady work go more in favour than the no work in summer and slow September?

Cheers

Generally this would be treated as a 0 hour contract which means it would be based on the latest 3 payslips

haras_n0sirrah

DanielACB said:

Hi,

I have an open mortgage application with Halifax via a MB.
Arrangement fee of £999.
Maximum available loan amount for product applied to = 75%

Initial calculation from MB was for 75% LTV (paying arrangement fee upfront).
I decided to build the arrangement fee into the Mortgage, therefore taking the LTV up to 75.43%. This is outlined in the mortgage illustration. 

Halifax say the following: "If product fee is added to the loan it will be included in the affordability calculation."

Is this likely to effect the decision/interest rate? Do I need to raise this with the MB? Valuation was completed over the weekend.

Many thanks

Dan

Hi Dan
The 999 is not included in the affordability calculation so this can be added and take you over the 75% without impacting the rate
Not all lenders do this but Halifax do

Vasquez65

Is there any indication that 90/95% ltv deals will come back any time soon?
My daughter will have a 10% deposit for a £250k house by the end of the year and obviously the SDLT holiday ends in March - their rental agreement is also up for renewal in March,  her partner has previously owned a house so only she is a FTB. 
We’ve got around £100k equity in our house  and £35k left on our mortgage,  looking around there aren’t many lenders doing guarantor mortgages.  

She earns £42k,  her partner earns slightly more but pays £400 a month in child support,  both in secure jobs. 
Will they even get a £225k mortgage as things stand currently?

tbar11

How bad is having gambling transactions on your bank statement when applying for a mortgage?

I have been matched betting (not gambling!) which helped me raise a deposit but worry lenders won't know what matched betting is and will see betting transanctions unfavourably. Is there any way around that and are there any lenders that don't check bank statements?