Halifax mortgage - awaiting decision

Weeboots

Hi, 
just after some reassurance I think. 

I’ve been reading others Halifax timelines and they seem quick. 

So, I own my current home outright. 

It was a bank repossessed property that I bought in a poor state if repair and was cheap so able to buy outright.

me and my partner have decided to move. 

I have some debt from the renovations- but pay cards / car loan ect every month - I do have some late payments but no CCJ/ defaults ect. 

He has no debt but old defaults about to drop off in a few months ! 

We have found a home we love and are sale agreed on it. 

We had our AIP on the 01/02/21
Which said we could borrow 330K 
we are only looking 200k (with 100k) going down from the same if this house as the deposit 
so 50% LTV. 

We have a good wage and MA saying affordablity not an issue. 

We are using a broker / MA
the full application was submitted on 09/01/21 and “accepted pending the review of payslips and the valuation” 

the valuation fee and hard search on credit report was completed that day. 

The valuation is either Friday (tomorrow) or Tuesday. 

I’m worried it won’t be accepted or we will have a problem.

do most DIP for Halifax go through ?

we don’t have good credit but we have passed their credit checks I assume with the DIP. 

I am hoping the large deposit offsets the risk and poor / fair credit rating. 

Any advice ? Similar experiences? 

Does the “accepted pending payslips & valuation” mean they are more likely to accept us ? Or irrelevant? 

Thanks 🙏 

Carl2510

Have you gone in with a higher bid than the sale price, was the house up for a reasonable amount compared to others in the location. That could have the valuation be lower than you expect it to be. And you would have to either make up the money or ask the seller to negotiate on the price.

But don’t worry let the valuation happen and go from there. At least you are in a good position with your LTV.

Hammy76

I have been in a similar panic Weeboots but once it’s offered subject to valuation they have credit checked you already so you can breathe again 😁 I’m awaiting my valuation as well 🤞

Kayfranky

If they have offered you the DIP ..you are good to go.
also I note you have a big deposit which helps a lot.
Halifax will normally come back with full mortgage offer within 2 weeks.

RLS1988

Hi 
We have had an offer accepted on a house just waiting for the full mortgage application process tomorrow with Halifax. The house price is 420k, we have sold our house and have gifted money to use as part of the sale (250k) we need a mortgage of 180k. 
My husband had excellent credit report, I have late payments showing on mine but not within the last 12 months - do you think my credit report will decline the application or with my husbands good report and the bigger down payment we should be ok? 

I would be interested to know what Halifax ask as part of the mortgage application - we are doing this over the phone because of the current covid situation.

Thanks