Anyone want to join me? Awaiting Mortgage decision...

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  • charliewocka
    charliewocka Posts: 413 Forumite
    Waiting on the let to buy offer to be made from TMW. Was due to receive on Friday but our broker was on holiday so have emailed her asking if she has had a response. In case the offer is lower than we hope, we have the appeals form all ready to be submitted (fail to prepare and prepare to fail and all that! :D).


    As soon as this is through then we can submit the residential mortgage application to Woolwich which involves porting over the existing mortgage on the house we will be letting out and applying for another one. Plan is then to let the fixed rates expire in a couple of years and then combine into one mortgage with the same rate.


    I am a 'doer' and am not coping very well with the fact it's all out of our hands at the moment!
  • mhuk01
    mhuk01 Posts: 121 Forumite
    First Post First Anniversary Combo Breaker
    Waiting for my mortgage decision from HSBC (had the formal application last monday). They said at the time I should have an answer by 15th, so I guess I'll be waiting by the phone all day :/
  • charliewocka
    charliewocka Posts: 413 Forumite
    Just had the offer through from TMW and it's based on the lower end of the expected rental income, as we had suspected. Never mind, appeal will be submitted later today based on other comparable properties in the area so fingers crossed we should get this. Otherwise we are £50k down on our deposit. This means we can still achieve the residential mortgage just with a lower deposit than we had hoped.
  • frogandcount
    frogandcount Posts: 23 Forumite
    Dodds84 wrote: »
    How did you find out it had been accepted?
    Try ringing the estate agent if you ask they will let you know once the valuation has been booked.
    mhuk01 wrote: »
    Waiting for my mortgage decision from HSBC (had the formal application last monday). They said at the time I should have an answer by 15th, so I guess I'll be waiting by the phone all day :/
    :eek: Good luck hope its a positive result.
  • frogandcount
    frogandcount Posts: 23 Forumite
    progress so far
    01/04/15 put in full application via broker for house a
    24/04/15 evidence requested
    28/04/15 all evidence sent
    29/04/15 valuation instructed
    07/05/15 valuation done
    14/05/15 recieved valuation prblem with roof.
    15/05/15 roof report decided to pull out
    16/05/15 viewed house B
    18/05/15 offer on house
    21/05/15 offer accepted
    22/05/15 application transfeed to new house and valuation fee paid (told no more evidence needed)
    26/05/15 no news due to bank holiday
    29/05/15 case has now been reference to previous application told they are behind
    01/06/15 still no update chasing broker
    03/06/15 asked for more evidence sent same day told valuation would be instructed
    08/06/15 valuation still no instructed and EA want an update
    10/06/15 valuation instructed
    12/06/15 valuation undertaken
    15/06/15 valuation back at 61k same as offer on house

    Have been told my MA that it takes at least 3 working days for the bank to assess my application so i should hear back on Friday if i have an offer. Im hoping that the valuation coming back as the same as the offer we put on the house means that there will be no more problems.
  • spiritless
    spiritless Posts: 83 Forumite
    First Post First Anniversary Combo Breaker
    Thought I'd join in :)

    27/4 DIP obtained with Halifax

    1/6 property viewed, offer made and accepted
    5/6 full application made
    8/6 all requested paperwork provided
    11/6 valuation carried out
    15/6 mortgage offer issued

    We haven't had a brilliant credit history, have a fair bit of debt still and only a 10% deposit. We are feeling very grateful for a good mortgage broker right now.
  • titch85
    titch85 Posts: 43 Forumite
    22/05 - Original mortgage offer with Aldermore ran out
    23/05 - New offer accepted (£2k less than original)
    26/05 - Broker called Aldermore to see if we could extend the offer. Said yes but need to move quickly.
    27/05 - Sent over latest payslip.
    28/05 - Paperwork received and offer being worked on. Should hear by 1/6!
    1/6 - Aldermore have offered extension but won't lend as much as before. Broker had a look at NatWest and they will offer more at a better rate. AIP done and approved. Mortgage application completed and sent off today. Should hear in a week if it's been approved.
    8/6 - NatWest have requested more documentation which was sent off today. Back into the backlog queue!
    15/06 - Mortgage approved subject to valuation being okay! So happy!
    SwagBucks since 25/5/15 - £70 Amazon
  • Dird
    Dird Posts: 2,702 Forumite
    First Anniversary Combo Breaker First Post
    edited 15 June 2015 at 8:33PM
    Damn you London. So my appointment with Yorkshire BC went worse than expected but not a big disaster from what I understand despite being passed to underwriters. Issues:
    1) While the estate agent mortgage advisor asked for a breakdown of my costs YBC just goes off national averages. Bit dodgy as a childless singleton living outside London. Before the meeting I had emailed them a full cost break down of my expenses which showed 25% left over per month to use as reserves if I lived alone.
    2) My mom will live with me (sad ehh). I took the advice of people on here ("mortgage fraud") and declared this. This basically meant it had to go to the underwriters but as she's working 20 hours with OT (more like 39 hours) and I declared her not a dependent they agreed (for now? Chance of them changing their mind?).
    3) Electoral roll/China. I lived at 3 addresses in 3 years. For some reason there's an electoral roll of me from 2011 (didn't vote) but nothing of me since then despite the fact I voted in the GE this year. They said a bank statement dated 2012 at previous address & a statement dated now at current will suffice. Handed in the 2012 earlier and just found a recent one for my mom to pass over Tomorrow...they refused printed slips. Even ones printed from the bank that was stamped and no mention of being from a website!

    Also the guy was nice enough to point out that cash back "on completion" should actually be called "on commencement" as you get it paid at the start and so I changed from a 1.44% with no cash back to 1.54% with as it works out better.
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
    Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
  • frogandcount
    frogandcount Posts: 23 Forumite
    spiritless wrote: »
    Thought I'd join in :)

    27/4 DIP obtained with Halifax

    1/6 property viewed, offer made and accepted
    5/6 full application made
    8/6 all requested paperwork provided
    11/6 valuation carried out
    15/6 mortgage offer issued

    We haven't had a brilliant credit history, have a fair bit of debt still and only a 10% deposit. We are feeling very grateful for a good mortgage broker right now.

    congratulations on the offer. sounds like you had a quick turn around as well. hope the rest goes smoothly.
  • mhuk01
    mhuk01 Posts: 121 Forumite
    First Post First Anniversary Combo Breaker
    A quick update - my mortgage with HBSC has been referred to the 'High Value Lending Team' (my income is from abroad so it's a slightly complex case)... Looks like another few days waiting for me!
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