Woolwich affordability changes

Options
2

Comments

  • ACG
    ACG Posts: 23,770 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Options
    Do these changes not come in until monday definitely?

    They have just reduced a loan down by £2k after making a change to the deposit amount (£2k is on top of the deposit change ... which is actually more than originally applied for). This is after already going to offer!
    I am a Mortgage Adviser
    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.
  • amnblog
    amnblog Posts: 12,470 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    My understanding is that it affects 'applications' submitted after Monday.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 23,770 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Options
    Oh well, something to look forward to on monday.
    I am a Mortgage Adviser
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    amnblog wrote: »

    Just a heads up as affordability is tightening some 4%

    Possibly on the back of the wage inflation news yesterday. Public sector pay is already capped at 1% until March 2016.
  • amnblog
    amnblog Posts: 12,470 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Let's not pretend any strategizing has gone on Thrug.

    It is more finger in the air planning from our illustrious friends at the sign of the Blue Eagle.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • jellyfish76
    jellyfish76 Posts: 81 Forumite
    First Post First Anniversary Combo Breaker
    Options
    I'm in a similar situation with Woolwich... It's a very slow process and are they being very pedantic about paperwork.

    I am staircasing and need to provide a letter from HA about the sale.

    The letter stated I owned 30% percent and and that I was buying the further 70%. This letter got rejected as it needed to say that 30% and 70% would equal 100% !

    I am a director in a ltd company too and have only submitted 3 years SA302s to the MA in branch. I have asked her and the helpline if I need audited accounts and have been told no. BUT the intermediaries site does state that if you are LTD company director that you also need to submit 2 years of accounts so I am half expecting to also get this request at the last minute.

    It's definitely frustrating that the branch MA didn't flag this up.

    I was told I would have an offer on Tuesday and it was all having a final review on Monday, but then I was also told I'd have an offer by last Thursday...

    Pretty certain now that my valuation will also run out before completion now for an extra spanner in the works...

    Sigh!
  • azure17
    azure17 Posts: 8 Forumite
    Options
    Just wondering if woolwich check the affordability prior or after valuation? Think I'm on the borderline but the valuation was instructed and carried out last Thursday (the report came back for the same price as my offer). They are apparently still waiting my employer reference but does this mean they are happy about everything else so far?

    Thanks!
  • jacobtheamish
    jacobtheamish Posts: 203 Forumite
    Options
    Woolwich usually underwrite cases before survey in my experience
  • antonyc79
    antonyc79 Posts: 21 Forumite
    Options
    I think they do all the affordability etc before survey. We had our survey last Thursday morning and got a text that afternoon saying offer was in post. I personally have found them very quick it was two weeks from putting application in to offer being sent.
  • Cypherite
    Cypherite Posts: 124 Forumite
    Options
    azure17 wrote: »
    Just wondering if woolwich check the affordability prior or after valuation? Think I'm on the borderline but the valuation was instructed and carried out last Thursday (the report came back for the same price as my offer). They are apparently still waiting my employer reference but does this mean they are happy about everything else so far?

    Thanks!
    Did the broker not run through their affordability checker?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards