Mortgage broker - ask me anything

obloquy

ahh right, thank you do much for clearing that up, that puts my mind at ease!

kingstreet

chloesdad said:

Hi kingstreet.

Whats the latest you’re seeing with Virgin Money mortgage timelines? I know they’re a nightmare at the moment.

Our buyer’s buyer is doing a FTB mortgage with them. Valuation was undertaken on 31/5 but no word on the offer as yet, so trying to work out how much longer. Rest of the chain all waiting on this!

Here you go;-

https://intermediaries.virginmoney.com/virgin/news/service-levels/

Not used VM for ages.

SamanthaDawn

Following the bank of England interest rate increase last week, and lenders still revising their rates? Do you expect current deals to be pulled in the next few days/weeks?

Kitkat8967

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

Narges

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

check the following link, it might be useful:https://forums.moneysavingexpert.com/discussion/5198994/halifax-credit-decisioning-team

K_S

SamanthaDawn said:

Following the bank of England interest rate increase last week, and lenders still revising their rates? Do you expect current deals to be pulled in the next few days/weeks?

@samanthadawn Looking at my inbox this morning I can see product-update emails from 6 different lenders. It's been the same over recent weeks with lenders regularly updating rates.

I can't say for sure but generally speaking, I would expect current deals which are more than 2-3 weeks old to be replaced soon. As an example, most Halifax rates from early June are being refreshed tomorrow with up to 0.5% hikes.

Kitkat8967

Narges said:

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

check the following link, it might be useful:https://forums.moneysavingexpert.com/discussion/5198994/halifax-credit-decisioning-team

Thank you!

K_S

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

@kitkat8967 The thread posted above by Narges should throw some light on the CDT. 

Perhaps it might have something to do with the reason for the Nationwide decline?

Kitkat8967

K_S said:

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

@kitkat8967 The thread posted above by Narges should throw some light on the CDT. 

Perhaps it might have something to do with the reason for the Nationwide decline?

K_S said:

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

@kitkat8967 The thread posted above by Narges should throw some light on the CDT. 

Perhaps it might have something to do with the reason for the Nationwide decline?

K_S said:

Kitkat8967 said:

Hi everyone,

My mortgage broker sent the following update from Halifax:

The case requires a review by our Credit Decisioning team

        • Valuation will be instructed the case is agreed by the Halifax Underwriting team. If we are unable to instruct the valuation then we will issue an update email to advise.

Does anyone know how long the credit decisioning team takes? Does this mean it’s good news pending the teams decision?

Sorry, I’m a first first buyer and was previously declined by Nationwide so I’m over here stressing!

Thank you in advance.

@kitkat8967 The thread posted above by Narges should throw some light on the CDT. 

Perhaps it might have something to do with the reason for the Nationwide decline?

Yes I reviewed the thread.

I’m applying for the property by myself as my husband has bad credit and I have good credit. I removed my husband from a joint bank account last year however he is still showing as a financial connection (we have nothing linking us financially anymore). This was the reason Nationwide declined me, my broker said that Halifax has a different lending criteria so all should be okay hopefully.

Thanks for everyone’s help I feel a little better. I just have to wait it out.

K_S

@Kitkat8967 You're absolutely right, Nationwide criteria doesn't allow spouses to be left off of the application for reasons of adverse credit, even if you're not financially linked on credit reports, but Halifax has no such explicit criteria.

Good luck, hope your offer comes through soon!