Halifax Mortgage - Timescale PLEASE!

K_S

FLB2796 said:

My partner is paid CIS so it’s done on a certain formula. Is it possible that the processing team can make mistakes?
Day 26 and we seem to be no closer to getting our offer! 

@flb2796 If you've already done it this way, then please ignore.

When I have a CIS case, I fill in this calculator and attach a PDF of it to the case so the underwriter just has to tick the numbers off the payslip.

https://www.halifax-intermediaries.co.uk/income_calculator/guide_to_keying_employed_income.html

I've personally never had an issue with the underwriter changing the assessed amount materially doing it this way but of course that's always a possibility especially if they're juggling a large number of weekly payslips.

FLB2796

K_S said:

FLB2796 said:

My partner is paid CIS so it’s done on a certain formula. Is it possible that the processing team can make mistakes?
Day 26 and we seem to be no closer to getting our offer! 

@flb2796 If you've already done it this way, then please ignore.

When I have a CIS case, I fill in this calculator and attach a PDF of it to the case so the underwriter just has to tick the numbers off the payslip.

https://www.halifax-intermediaries.co.uk/income_calculator/guide_to_keying_employed_income.html

I've personally never had an issue with the underwriter changing the assessed amount materially doing it this way but of course that's always a possibility especially if they're juggling a large number of weekly payslips.

Thanks for a quick response. This was the calculator I used and got the same calculations as our mortgage advisor. It’s monthly pay so only 3 payslips.
She thinks the processing team have used the net pay and not gross. 

It’s just a constant battle between Halifax.

trakky14

Sootster2021 said:

Quick update for you all... We had our valuation and survey today with e surv (arranged through Halifax). The surveyor phoned me this evening at 5pm to confirm there are no issues with the house that's he's concerned about and nothing he can write on the report bar the standard every house risks etc. He also confirmed that he has valued the house at our purchase price! Such a massive relief. He says the report will be written up and shared by the end of the week. Hopefully that means we will get our mortgage offer next week.... So at least you know that when the valuation does happen you should hear back quite quickly ! 🙂

Thats fantastic news!!! 😀  we have Esurv doing our valuation on Friday so fingers crossed we hear back soon after too!! 

K_S

FLB2796 said:

K_S said:

FLB2796 said:

My partner is paid CIS so it’s done on a certain formula. Is it possible that the processing team can make mistakes?
Day 26 and we seem to be no closer to getting our offer! 

@flb2796 If you've already done it this way, then please ignore.

When I have a CIS case, I fill in this calculator and attach a PDF of it to the case so the underwriter just has to tick the numbers off the payslip.

https://www.halifax-intermediaries.co.uk/income_calculator/guide_to_keying_employed_income.html

I've personally never had an issue with the underwriter changing the assessed amount materially doing it this way but of course that's always a possibility especially if they're juggling a large number of weekly payslips.

Thanks for a quick response. This was the calculator I used and got the same calculations as our mortgage advisor. It’s monthly pay so only 3 payslips.
She thinks the processing team have used the net pay and not gross. 

It’s just a constant battle between Halifax.

@flb2796 In that case it's probably a matter of the broker writing up a note clearly indicating where to look to verify the payments to the payslip and the bank statement, and attaching a copy of the calculator if they haven't already.

Might be worth the note showing it calculated manually as well. This how to do it -

Amount 1 -  Take monthly average gross from payslip and pro-rate it to 46 weeks. So monthly average gross x 12 / 52 x 46.

Amount 2 - Take monthly average net from bank statement, gross it up by dividing by 0.8 and pro-rate it to 46 weeks. So monthly average net x 12 / 52 x 46.

If these two figures (Amount 1 and Amount 2) differ, the lower figure should be used for affordability.

Tbf in my experience Halifax are pretty good at sorting out issues like these, hopefully it gets sorted out quick for you, good luck!

rdchick

Sooooo looks like the valuation is all ok, Halifax had a couple of discrepancies about my bank pay but it should be ok apparently, plus I've given the broker this months payslips too today so that's good! Halifax now want to an ID check so today we're gonna scrabble some ID together and hopefully get an answer soooon

trakky14

rdchick said:

Sooooo looks like the valuation is all ok, Halifax had a couple of discrepancies about my bank pay but it should be ok apparently, plus I've given the broker this months payslips too today so that's good! Halifax now want to an ID check so today we're gonna scrabble some ID together and hopefully get an answer soooon

Oh fab! Sounds good!!

Our valuation is apparently now Thursday, so a day earlier! 

Sootster2021

WE GOT OUR OFFER!! So here is our timeline: 

16.06.22 - full application submitted
16.06.22 - hard credit check
17.06.22 - valuation & survey provisionally booked for 21.06.22 
21.06.22 - confirmation that valuation & survey had been rearranged for 27.06.22
27.06.22 - valuation & survey completed, valuation matched purchase price
27.06.22 - offer issued

So, 7 working days in total.  If the original survey date hadn't had to be moved it could have potentially only been 3 working days! 

I'm really keeping my fingers crossed for you all and can't wait to hear your updates when you all get good news!  and thank you for keeping me sane. 

Sootster2021

rdchick said:

Sooooo looks like the valuation is all ok, Halifax had a couple of discrepancies about my bank pay but it should be ok apparently, plus I've given the broker this months payslips too today so that's good! Halifax now want to an ID check so today we're gonna scrabble some ID together and hopefully get an answer soooon

You are nearly there!! Keeping everything crossed for you. 

Sootster2021

trakky14 said:

rdchick said:

Sooooo looks like the valuation is all ok, Halifax had a couple of discrepancies about my bank pay but it should be ok apparently, plus I've given the broker this months payslips too today so that's good! Halifax now want to an ID check so today we're gonna scrabble some ID together and hopefully get an answer soooon

Oh fab! Sounds good!!

Our valuation is apparently now Thursday, so a day earlier! 

Brilliant news! It's close now.. 

rdchick

Yesssss @Sootster2021!!! So pleased... 

Guess what?! We've got an offer toooooooooo!! 🎉🎉🎉🎉🎉

The broker was on the phone to Halifax for more than an hour this afternoon for us so I am so grateful to them but omg. 

Started this year with a CCJ on my file, using 98-101% of credit limits on my cards and in a bit of a rut.

6 months later, 6k paid off (3 out of 4 cards are at £0) and no more CCJ (since the 13th June!) on my file and now a mortgage! It felt unattainable and a dream for other people. I am so happy I could (and probably will) cry!! 

So our timeline has been... 

21/05 viewed house 
24/05 offer accepted 😳 (we did it all backwards!) 
25/05 DIP from Nationwide
13/06 dropped by Nationwide for unknown reason 
13/06 DIP from Halifax and my CCJ fell off my file

14/06 full application in to Halifax

21/06 valuation 
28/06 mortgage offer! 

So really 2 weeks or so from start to finish. Getting dumped by NW was probably a blessing in disguise! 

Got my fingers crossed for you @Trakky14 and everyone else on this mad journey!