Halifax mortgage application

In this brief guide, we will cover the Halifax mortgage application process, what you can expect and how you may want to consider going about it.

The Halifax mortgage application process

Once you have gotten all your documents together and have gotten your Halifax mortgage in principle then you can look to get a mortgage offer by starting your Halifax mortgage application online or in the branch.

Before you fill in your Halifax mortgage application you will be shown a key facts illustration which provides all the details about the mortgage product you are about to apply for.

Apply for the Halifax mortgage

When filling in your Halifax mortgage application you will need to provide:

Income – Your gross income details, this should match the amounts shown on your proof of income documents e.g. payslips and details of any other income you have

✔ Outgoings – Details of any loan repayments and any credit card balances

✔ Address – Your current address and postcode and the date you moved to this address

✔ Bank details – Your bank account and sort code number

✔ Contact details – Your employer’s, solicitors and estate agent’s address and postcode

You will not be able to start a Halifax mortgage application for Help to Buy, Right to Buy, Shared Equity or Interest Only mortgages online.

Once you have completed the Halifax mortgage application it will be assessed and the mortgage underwriter may request further details or documents. After this, the home will then be valued.

Home valuation

Some mortgage lenders do desktop valuations which are carried out online whilst others will instruct a surveyor to go inspect the house. This can be a drive-by survey where the survey is simply from the outside of the house or a more in-depth survey where the surveyor will go into the home (with permission) and look everywhere.

If Halifax finds that the home is valued less than you are buying it for then they may reduce their loan to value rate on the mortgage which will mean you need to put down a bigger mortgage deposit.

If you are not already using a government first-time buyer or home mover scheme then you may want to consider if you are eligible for any to see if they can increase your mortgage deposit or reduce the total cost of purchasing the property.

You can also carry out a more in-depth survey at a cost to you if you dispute the valuation provided by Halifax or if you just want some peace of mind.

Receiving a mortgage offer

At this stage of the Halifax mortgage application, Halifax will then provide you with a Halifax mortgage offer as long as everything is fine with your mortgage application. If anything has changed since you first made your Halifax mortgage application then you may want to declare this change of circumstances to Halifax or they may withdraw the mortgage offer if they find out.

Completion

At this stage of your Halifax mortgage application, you are now ready to complete the home purchase. This will be handled mostly by your conveyancer and the seller’s conveyancer.

You can read more about the Halifax mortgage application process here

Can I get a mortgage with Halifax?

Yes, you can get a mortgage with Halifax but before you make your Halifax mortgage application you may want to ensure you are very well prepared and are likely to get a mortgage offer.

Here are a few things you may want to do a few months before you make your Halifax mortgage application:

Get on the electoral roll:

When you get on the electoral roll this gives you more credibility to Halifax as it confirms your address and in some cases how long you have been living there.

Ensure you don’t have any recent payday loans:

Mortgage lenders don’t like lending to borrowers with a bad financial habit. Payday loans are seen as a bad financial habit and you should avoid taking any out at least a few months before starting your Halifax mortgage application.

Use a credit card to build credit:

You may want to get a credit card in order to build credit by repaying your credit card on time every month.

You may also be able to use a credit builder loan to build credit.

Check your credit report:

You should check your credit report with all four credit bureaus before you start your Halifax mortgage application to ensure there are no errors on your credit report which may then affect your ability to get a mortgage with Halifax. You can do this through checkmyfile and in case you are wondering the last credit bureau is called Crediva.

Get your documents ready

You should then begin to get your documents ready for your Halifax mortgage application.

These will usually include:

3 months worth of bank statements

3 months worth of payslips

Your P60 tax return

Your SA302 calculation form if you are self-employed

Your CV

Your contract if you are a contractor

How do I apply for a Halifax mortgage?

Now you are done doing the things you should do before starting a Halifax mortgage application you can now apply for a Halifax mortgage by going into a Halifax branch or by applying online through the Halifax paperless online mortgage application.

Does Halifax Mortgage ask for bank statements?

Yes, Halifax asks for your Bank statement but Halifax has recently adopted an online paperless mortgage application. In this process, they will still be able to access your banking data through something known as AISP(account information services provider).

How long does a Halifax mortgage in principle last?

You get a Halifax mortgage in principle online from the Halifax website. A mortgage in principle will usually be valid for about 90 days.

Can I borrow more on my Halifax mortgage?

Yes, you may be able to borrow more on your Halifax mortgage if you still meet the Halifax mortgage affordability requirements.

When starting a Halifax mortgage application or considering one you should really take a step back and consider if you want to get a mortgage by going to Halifax directly or seeking to go to a mortgage broker who may likely have access to thousands of the product from the mortgage market rather than just a few products which may be available from Halifax.

How to apply for a Halifax mortgage?

To apply for a Halifax mortgage you may want to first contact a mortgage broker.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document that details the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer, and set a completion date with the seller or their conveyancer.

In this brief guide, we discussed the Halifax mortgage application.

 If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.