Halifax mortgage 95% LTV

Hi all,

Just posting this because i am currently applying for mortgage with halifax

Breakdown
29/1/24- DIP given
02/2/24- application submitted
02/2/24- hard and soft credit check carried out
02/2/24 - valuation booked for Wednesday 

just a few questions

 If they have asked to do an in person valuation is that a bad, good or just routine sign?

ive read if the valuation fee is taken your credit check and affordability has passed is that correct? (I have no adverse credit history, had a loan (£500) but settled 2-3 years back and i have no late payments, defaults or other bad markers) partner has nothing bad on credit report either?

i was using some of my arranged overdraft but before application stopped using it and closed it as it was a student one. again ive heard halifax are more understanding with stuff like that my partner has good savings and never has used an overdraft. I bank with halifax so they only asked for my most recent payslips and three from my partner. 

Its a DMV house with a 95% LTV we have a combined income of 58,000 and and had an offer accepted for 163,800 

understandably for a 95% LTV the credit checks will be stricter but i take it the DIP and the valuation being booked pretty much instantly is a sign they have no problem with it?

i normally dont get chewed up on things i can't control but for this i am bricking it!

We have used a broker and they are pretty confident i guess im still just nervous

cheers guys

Comments

  • kingstreet
    kingstreet Posts: 38,600
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    All appears to be progressing normally.
    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.
  • All appears to be progressing normally.
    Thanks for this, do you happen to know if affordability is checked before the valuation is booked or is this alongside the valuation? Only asking because ive seen you have a lot of experience with halifax mortgages
  • kingstreet
    kingstreet Posts: 38,600
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    Affordability is confirmed at DIP submission. If you fail, you can proceed no further. Submission of the full application would result in a decline or requirement to remodel (reduce loan amount or reduce loan to value) due to affordability or credit issues.
    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.
  • Update - subject to valuation approved 
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