what happens after valuation survey

[ftb882]

Hi all ,
I am a bit confused about the process and the credit checks that the lender does . Here it is what we have done at the moment :

1. Online agreement in pronciple with halifax
2. In branch appoitment to discuss aip
3. Found a house booked appoitment with bank . They did a credit check at that point (can see it on my experian ) . Told us our options and we selected one . Paid for the valuation
4. Valuation was done yesterday came back at the same price we offered so good news .

So what different checks do they do now ? In order to have the mortgage offer ? I thought the credit check was done on step 3 ? How long does it usually take ? She said she will be on holiday next week so we should know when she comes back

I know my questions are probably a bit naive forgive my ignorance ftb here

[wowfudge]

There will be an underwriting process - this may have already been done. Have you provided things like bank statements, etc? Underwriting can be a purely electronic process or an underwriter (a person) may check all the information you've provided to assess whether they will lend to you.

I've always waited until I've got an offer which is subject to survey. If the survey is okay then they will make a formal mortgage offer.

[ftb882]

Thanks wowfudge . We have only provided our payslips . But they have already done a credit check so i thought that would tell them about our credit cards etc . Not sure what else they need to check . Are there different levels of credit check ?

[Moving15]

Yes I think Halifax do a deeper credit check as part of the application process, not sure if that is the one that you mentioned or if another will take place, I think it is likely there will be another once the underwriter has everything in front of them. They will look at the whole application and all the information that has been collected and go through their process. Then they will tick various boxes on their computer system and computer will say... Yes... And the offer will be issued. Good luck!

[ftb882]

This waiting to know is so excruciating we know our credit score and we dont really have anything else to tell them but the uncertainty is still there . I just cant wait until all of these are done and we are in our new lovely home !