Leeds Building Society Mortgage Application Progress

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moo313
moo313 Posts: 59 Forumite
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in Mortgages & endowments
I am a FTB purchasing a new build apartment via shared ownership.

I am apply for my mortgage with the Leeds Buiding Society via broker. The reviews on them seem to a mixed bag. Some good but others are of a cause of a corcern.
I am keen to know when LBS will come back to with a decision to accept or decline my application. All of this waiting around is starting to bug me alot!

Here is a timeline of what happened so far

16/8 DIP issued (on a £6k deposit)
25/8 Full Application Submitted
25/8 Credit Search Performed
26/8 Landlord Tennacy Reference form submitted

So how long should I be expected to wait. I have contacted my mortgage broker but he told me its too early to chase them up. However he has confirmed all the documents LBS need have been submitted and I just need to wait.

Also in the meantime should my solicitor be doing anything? They have been very quiet lately. Only confirming last week to me on who would be doing the legal side of the work and my first point of contact with them.

Sorry for the silly questions. I am completely new to this buying property business! :(:(:(:(:(:(:(
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  • kingstreet
    kingstreet Posts: 38,767 Forumite
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    You aren't notified of a decision.

    You will go from application submitted to offer issued. It usually takes between two to three weeks.
    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.
  • CookieM
    CookieM Posts: 27 Forumite
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    I'm currently in the application process with Leeds

    17/8 application submitted
    18/8 Surveyor instructed for 26/8
    19/8 Credit Check done.
    24/8 Chased broker who said no further information required at present
    26/8 valuation went ahead
    30/8 leeds made contact with HR department at work for a reference (confirm salary, bonus, start date etc) and sent request for further information to my broker (to explain some payments on my bank statement)

    Hoping to have a mortgage offer (or not) by the end of the week.

    I've decided not to get the solicitors doing anything yet as i don't want to pay for any searches etc before having a full mortgage offer. Also, the housing association (orbit) wants to look over and approve the offer before they will allow me to proceed with the purchase.
  • moo313
    moo313 Posts: 59 Forumite
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    kingstreet wrote: »
    You aren't notified of a decision.

    You will go from application submitted to offer issued. It usually takes between two to three weeks.



    Thank you for the clarification. I am a complete newbie to this process. I'll have to be patient and wait. :(
  • moo313
    moo313 Posts: 59 Forumite
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    CookieM wrote: »
    I'm currently in the application process with Leeds

    17/8 application submitted
    18/8 Surveyor instructed for 26/8
    19/8 Credit Check done.
    24/8 Chased broker who said no further information required at present
    26/8 valuation went ahead
    30/8 leeds made contact with HR department at work for a reference (confirm salary, bonus, start date etc) and sent request for further information to my broker (to explain some payments on my bank statement)

    Hoping to have a mortgage offer (or not) by the end of the week.

    I've decided not to get the solicitors doing anything yet as i don't want to pay for any searches etc before having a full mortgage offer. Also, the housing association (orbit) wants to look over and approve the offer before they will allow me to proceed with the purchase.


    Thank you for your providing me your progress so far. At least I am not on my own. Also I'll have to be patient and wait.
    Just one question how did you find out about the surveyor? I have heard nothing from LBS since my application got submitted on Thursday.


    I have also given my HR department a heads up. In case someone from LBS contacts them to clarify any details they may have.


    In regards to the solicitor I am doing the same. I don't see any point in involving them yet. As the you clearly explained. I too don't want to pay for searches etc before I got a mortgage offer.
  • CookieM
    CookieM Posts: 27 Forumite
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    No Problem :). Ah i should have mentioned... I'm in direct contact with the seller as it is a shared ownership resale and she showed me around the house. So she let me know that surveyors had made contact with her, i guess i wouldn't have known otherwise.

    Also just heard back from my adviser... the HR department decided not to fill out Leed's form and just sent their own pre-formatted one which Leeds weren't particularly happy about. Make sure if they do require this that your HR department fill out the provided form. We're hoping that another payslip will negate the need for the employee reference so i don't have to get them to fill & send it again!
  • moo313
    moo313 Posts: 59 Forumite
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    CookieM wrote: »
    No Problem :). Ah i should have mentioned... I'm in direct contact with the seller as it is a shared ownership resale and she showed me around the house. So she let me know that surveyors had made contact with her, i guess i wouldn't have known otherwise.

    Also just heard back from my adviser... the HR department decided not to fill out Leed's form and just sent their own pre-formatted one which Leeds weren't particularly happy about. Make sure if they do require this that your HR department fill out the provided form. We're hoping that another payslip will negate the need for the employee reference so i don't have to get them to fill & send it again!

    My property is a new build so I am clueless if a surveyor has been arranged. I have decided not to pester my broker for updates as its clearly too soon to ask. I'll have to be patient and see what LBS formally offer.

    Thank you for the tip regarding the form. I have given HR a heads up. They are happy to provide any information they request. They have to as its in their interest I remain as a employee. The only issue that they might ask for details. Is proof I have returned my rental cars to my employer (I work at the head office of Hyundai) Hopefully September's payslip will prove I have.

    In the meantime I am just getting by in my old Ford Fiesta that I kept after I joined Hyundai.
  • Newbie78
    Newbie78 Posts: 78 Forumite
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    Hello


    We are in a similar situation, Mortgage AIP on 28/10 and officially sent through yesterday 08/11 by our advisor. Exchange is Mid December and have our solicitor working on their sides just waiting to see how fast it moves with LBS


    any other experiences with shared ownership I'd love to hear the timescale you experienced


    Cheers
  • mashmash90
    mashmash90 Posts: 80 Forumite
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    We bought a new build shared ownership flat this time last year. Found Leeds BS were a very quick turnaround and no issues at all- we found their service status on their website pretty accurate so have a look there on what timescales you should expect! We did go though a broker though,
  • Newbie78
    Newbie78 Posts: 78 Forumite
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    mashmash90 wrote: »
    We bought a new build shared ownership flat this time last year. Found Leeds BS were a very quick turnaround and no issues at all- we found their service status on their website pretty accurate so have a look there on what timescales you should expect! We did go though a broker though,


    Thank You just checked, we have gone via a broker also so hopefully even faster . Cheers
  • bm546
    bm546 Posts: 4 Newbie
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    Hi All,

    I'm hoping theres still a little action on this Thread, we are using a broker who has advised us that LBS will provide the best rate for what we are looking for. We are both working on fixed term contracts currently and i have been lucky enough to find the right house when my official contract has expired, as a result our broker has been in contact with Leeds and their underwriters before submitting the DIP. Have any of you experienced your DIP application being reviewed by the underwriters and if so how long did it take for you to get a decision?

    The same as many of you we are buying a shared ownership resale property, it seems as though everyone is asking for the details of our solicitor but we don't want to be charged for a service if the mortgage falls through.....any timelines would be great.

    Thanks
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