Sale of Mortgage Property (SOMP) Interest Only repayment plan
In order to select this repayment plan for an interest only mortgage, applications will need to achieve a minimum level of credit score. If applications do not meet this you will be prompted to select an alternative repayment plan.
Further advances (FA) applications
Customers can now complete a maximum of two further advances within a 12 month period. If a third FA application is made within a 12 month period, you will be advised that the application has been declined.
By reviewing the frequency that additional lending is available and ensuring appropriate repayment vehicles are available, these updates will ensure we continue to lend responsibly.
If you have any queries please contact your Business Development Manager.
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Changes to delivery method of Mortgage Offers and Certificates of Title for Conveyancers
We’re introducing the functionality to send conveyancers electronic copies of mortgage offers and for them to submit an electronic Certificate of Title to request funds release through Lender Exchange. This will remove posted offers and faxed Certificate of Titles.
Recent events have highlighted we need to have a quicker, more accessible means of sending mortgage offer packs to our conveyancers that removes the reliance on post and fax as well as supporting remote working. By removing post from the process, we can reduce the overall time to completion by up to 10 days, improving your clients experience. We have started rolling out this service to conveyancers already and this will continue over the next few weeks.
We’re writing to all conveyancers with more details on what this means for them and advising them when their company will start receiving mortgage offers electronically. Some conveyancers will already receive mortgage documentation through Lender Exchange and will be familiar with the system.
To support these changes it is critical that the correct conveyancer details are always keyed at application submission stage.
It is important to note that once a conveyancer is receiving electronic offers they will no longer receive offers by post and we cannot accept any requests to email them copies of any offer documents. There is no change to the process for conveyancers to contact us for any post offer queries.
These changes relate to conveyancers only and there is no change to the process by which you view documents via Halifax Intermediaries Online and your clients will continue to receive their copy of mortgage offers via the post.
If you have any queries please contact your Business Development Manager.
