Halifax Mortgage timescales 23 February at 1:40PM in Mortgages & endowments 7 replies 215 views

Rvsbf_104

Hi, we are applying for a Halifax mortgage (house move) through our broker. Just wondered how long their current timescales from application to offer are?

Joint mortgage, joint paye income £90k
Unsecured debt declared as being repaid when mortgage completes
Strong credit scores and history for both applicants
No dependants (just the dog!!)
LTV 55%
Standard build property, built in 1990s.
Application going in today, Valuation fee paid 

Thanks.
 

kingstreet

A couple of days if an AVM used. A week or so if a physical valuation is needed.

Rvsbf_104

Our AVM has been done. Same day as the application went in.
Does this mean that the financials have already passed the underwriting stage?
The valuation came in circa 6k under the price we have agreed with the vendor. Will Halifax lower their offer to reflect this, or will they still offer the 215k we have asked for, but adjust the LTV % (which was 55%).
Or, should we go back to the vendor/estate agent and negotiate the 6k off (would be very reluctant to do this as we do not want to do anything to lose this sale!).
Or am I just overthinking the whole thing?!!!

kingstreet

The valuation is usually instructed immediately so don't write anything into that.

Proof of earnings is usually checked same day or day after.

If LTV isn't affected by a downvaluation, the product stands and the offer will usually follow quickly if nothing else is needed. if you want to ask for a lower price, that's up to you. If it happens, simply let your broker know and they will amend the application to reflect this.

Rvsbf_104

Thank you for being so helpful. One more quick question, proof of earnings is it just cross referencing payslips to bank statements or will they contact employers? Thanks.

kingstreet

Usually just payslips unless there is a query over eg variable earnings.

Rvsbf_104

Application went in yesterday morning.
Valuation and credit searches done yesterday.
Fingers crossed for an offer very soon!

Rvsbf_104

Offer received yesterday afternoon. Less than 48 hours from application to offer 😀