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Halifax Mortgage timescales
Rvsbf_104
Posts: 11 Forumite
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.
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.
0
Comments
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A couple of days if an AVM used. A week or so if a physical valuation is needed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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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?!!!0 -
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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
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.0
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Usually just payslips unless there is a query over eg variable earnings.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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Application went in yesterday morning.
Valuation and credit searches done yesterday.
Fingers crossed for an offer very soon!0 -
Offer received yesterday afternoon. Less than 48 hours from application to offer 😀
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