Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 300
    • Blakey0500
    • By Blakey0500 8th Oct 16, 4:30 PM
    • 8 Posts
    • 3 Thanks
    Blakey0500
    Quick question. If I went to apply for a mortgage, do they base what they will lend you on your last 3 months payslips or on your annual earnings? I'm currently maxing out my overtime at work which is why I'm curious.

    Thanks
    • kingstreet
    • By kingstreet 8th Oct 16, 4:38 PM
    • 30,025 Posts
    • 15,963 Thanks
    kingstreet
    Quick question. If I went to apply for a mortgage, do they base what they will lend you on your last 3 months payslips or on your annual earnings? I'm currently maxing out my overtime at work which is why I'm curious.

    Thanks
    Originally posted by Blakey0500
    Gross annual basic plus c 50% of the annualised overtime averaged from your latest three payslips at the time of application.
    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.
    • lacoste1985
    • By lacoste1985 9th Oct 16, 12:04 AM
    • 173 Posts
    • 81 Thanks
    lacoste1985
    principality downvalued our new build home - help
    hi all

    found out yesterday that all is ok with our mortgage app but the valuation that was done on 3rd Oct has come back with a difference of 10k lower than the purchase price.

    have now been told that principality are one of the worst lenders to apply to when trying to get a mortgage on a new build and are renowned for doing this all the time.

    we are now in a position where the builders are appealing the valuation and producing comparables of other properties of the same spec to try and get principality to change their mind.

    does anyone have any experience of this? we have also asked the builder if they would consider negotiating the sale price to that of the valuation.

    failing both of these we are going to use the builders recommended broker to scour the market once again and hopefully select a lender that will value the property at the same price.
    • mancdude
    • By mancdude 9th Oct 16, 4:52 PM
    • 19 Posts
    • 1 Thanks
    mancdude
    Update: broker told us 6/10 that AIP gone through fine so full application has now been submitted. Anxiously waiting now!
    • Arlo
    • By Arlo 9th Oct 16, 8:03 PM
    • 27 Posts
    • 14 Thanks
    Arlo
    Update - mortgage all approved subject to valuation

    MA applied, uploaded docs (2 wage slips) called them & it is all approved
    Originally posted by Arlo

    Our mortgage offer was issued on Friday 07/10! Valuation was carried out on 6th. Happy days
    • jo3ler
    • By jo3ler 10th Oct 16, 10:51 AM
    • 11 Posts
    • 5 Thanks
    jo3ler
    Good luck to you, I know how anxious the wait can be. I must have read this thread in its entirety about 2-3 times.

    Seems to be different for everyone but the quicker the valuation can get locked in the better.

    Do you know if you're asking to borrow at the top of your affordability? That may be when the fine-tooth comb comes out re spending habits.
    Originally posted by psychological
    We are applying for about 15% less than our maximum, but have a 30% deposit so I'm hoping they leave the fine-tooth comb on the shelf, and just give us the once over with a lint roller!
    • Levs01
    • By Levs01 10th Oct 16, 4:37 PM
    • 224 Posts
    • 237 Thanks
    Levs01
    Now into week 19 of the Clydesdale remortgage application. These people are a joke, if it wasn't for the fact if we can help it we don't want another search on us we would go else where.
    • neo2020
    • By neo2020 10th Oct 16, 5:34 PM
    • 46 Posts
    • 19 Thanks
    neo2020
    Well, I can finally join this thread:

    30/09/16 - Property viewed
    05/10/16 - Initial offer made
    06/10/16 - Counter offer received from seller
    06/10/16 - Counter offer made to seller & accepted
    06/10/16 - AIP issued by Santander via MA
    10/10/16 - Full mortgage application made via MA
    14/10/16 - Full structural survey instructed

    MA seems fairly confident and he's as anal as me when it comes to detail so I have an unusual feeling that everything will be fine even though we are both self-employed.

    We are asking for £20k less than the maximum lending estimate with a slightly bigger deposit in % terms.

    MA says that because our mortgage includes a free valuation, if they instruct valuation it means the underwriters have approved.

    We are expecting a decision this week!
    • Gunther Golf
    • By Gunther Golf 11th Oct 16, 8:53 AM
    • 62 Posts
    • 36 Thanks
    Gunther Golf
    Hi guys

    Very pleased to say i got a call from our broker last night to advise our Halifax Mortgage Offer will be issued today

    Process, even though it has not felt like it, has been very quick indeed.

    House viewed 03/10/16, Offer Made, Accepted and Full Mortgage Application Made 04/10/16 - Wee bit of back and forth regards supporting documentation through the week and Mortgage Offer made last night. 7 days all in.

    Property is also empty therefore seller keen to have entry date at earliest opportunity - Suits us as FTB living with parents.

    I feel for each and every person on this thread awaiting a decision. I'm an extremely laid back person but i've been incredibly worked up all week.

    Good luck to everyone waiting on a decision and as easy as it is to say for us now try and keep calm.
    • jo3ler
    • By jo3ler 11th Oct 16, 4:39 PM
    • 11 Posts
    • 5 Thanks
    jo3ler
    Well, I can finally join this thread:

    30/09/16 - Property viewed
    05/10/16 - Initial offer made
    06/10/16 - Counter offer received from seller
    06/10/16 - Counter offer made to seller & accepted
    06/10/16 - AIP issued by Santander via MA
    10/10/16 - Full mortgage application made via MA
    14/10/16 - Full structural survey instructed

    MA seems fairly confident and he's as anal as me when it comes to detail so I have an unusual feeling that everything will be fine even though we are both self-employed.

    We are asking for £20k less than the maximum lending estimate with a slightly bigger deposit in % terms.

    MA says that because our mortgage includes a free valuation, if they instruct valuation it means the underwriters have approved.

    We are expecting a decision this week!
    Originally posted by neo2020
    I'd be interested to hear as in the same boat with Santander, although I read that they have recently started instructing valuation surveys regardless of whether you are approved to speed the process up. Although this could of course be wrong... Just google "santander free survey mortgage approved" and check out the mortgage strategy website for further info, I cant post a link
    • mancdude
    • By mancdude 11th Oct 16, 7:33 PM
    • 19 Posts
    • 1 Thanks
    mancdude
    We're applying to Santander too - got an email saying that the valuation has been instructed today from my MA however they also said that the underwriters haven't gone through any documents and won't do until after we've had out HTB approval email (this Thursday apparently).

    Like the poster above, I also read the valuation was a standard same day thing for all new applicants to shave time off the overall experience.
    • Scottycameron1
    • By Scottycameron1 11th Oct 16, 7:42 PM
    • 12 Posts
    • 2 Thanks
    Scottycameron1
    Does anyone no what NatWest final checks consist of?

    Thanks
    • neo2020
    • By neo2020 11th Oct 16, 8:32 PM
    • 46 Posts
    • 19 Thanks
    neo2020
    Like the poster above, I also read the valuation was a standard same day thing for all new applicants to shave time off the overall experience.
    Originally posted by mancdude
    This is very possible given the fact that we made the full application on Monday at 5PM and they scheduled the valuation on Tuesday lunch time for Wednesday morning... not out of the woods yet, I suppose.
    • neo2020
    • By neo2020 12th Oct 16, 10:30 AM
    • 46 Posts
    • 19 Thanks
    neo2020
    This is very possible given the fact that we made the full application on Monday at 5PM and they scheduled the valuation on Tuesday lunch time for Wednesday morning... not out of the woods yet, I suppose.
    Originally posted by neo2020
    Update:

    - Valuation being done today.
    - MA spoke with Santander and confirmed they started the underwriting today.
    - I am somehow not nervous. (no idea how this is possible, normally I'd be freaking out)

    So yes, Santander definitely book valuations before underwriting.
    • Bonfire Bride
    • By Bonfire Bride 12th Oct 16, 12:30 PM
    • 664 Posts
    • 817 Thanks
    Bonfire Bride
    20th August: Offer accepted
    23rd August: AIP received
    30th August: Mortage application submitted.
    5th September: Mortgage approved subject to valuation.


    ** 3 week wait for valuation to happen due to vendors stalling **


    3rd October: Valuation Complete
    4th October: Mortgage approved and offer letter on the way.


    I wish I could be more positive about it all - the mortgage has been so fast with Natwest - seriously impressed with them and our broker.


    However, house purchase is in limbo now and at threat of falling through as we have only now been told that the sellers are looking for a property - although we were told it was chain free and had been under this impression sinxe August.
    Originally posted by Bonfire Bride


    08/10/2016 - PULLED OUT OF PURCHASE (House was sold chain free and 2 months into it, they decide they actually want to purchase somewhere and wont be looking until after Christmas)


    08/10/2016 - Offer accepted on new house.


    Holding off advising Natwest of change as I dont want to be charged for another valuation until I am super sure this 2nd house purchase is moving in the right direction.


    Broker has advised though, that it's pretty easy to do.
    Mummy to 2 little boys born in 2013 & 2015
    House on the market for 19 months ....SOLD! ...complete!
    Natalie
    • neo2020
    • By neo2020 12th Oct 16, 12:34 PM
    • 46 Posts
    • 19 Thanks
    neo2020
    Update:

    - Valuation being done today.
    - MA spoke with Santander and confirmed they started the underwriting today.
    - I am somehow not nervous. (no idea how this is possible, normally I'd be freaking out)

    So yes, Santander definitely book valuations before underwriting.
    Originally posted by neo2020
    Update #2
    - Underwriter approval confirmed
    - Valuation done but figure not yet received

    All this in the space of a day, fairly sure we'll have a decision by the end of the day, i.e. within 48 hours of application
    • jo3ler
    • By jo3ler 12th Oct 16, 2:26 PM
    • 11 Posts
    • 5 Thanks
    jo3ler
    Update #2
    - Underwriter approval confirmed
    - Valuation done but figure not yet received

    All this in the space of a day, fairly sure we'll have a decision by the end of the day, i.e. within 48 hours of application
    Originally posted by neo2020
    Congrats! I got the confirmation today that our case has been agreed and we are just awaiting the valuation results before they release offer!!
    • neo2020
    • By neo2020 12th Oct 16, 4:05 PM
    • 46 Posts
    • 19 Thanks
    neo2020
    Congrats! I got the confirmation today that our case has been agreed and we are just awaiting the valuation results before they release offer!!
    Originally posted by jo3ler
    And the same to you. Still no word on the valuation so far even though it was done at 10AM today... SHOW ME THE MONEY!
    Last edited by neo2020; 12-10-2016 at 4:07 PM.
    • neo2020
    • By neo2020 12th Oct 16, 7:14 PM
    • 46 Posts
    • 19 Thanks
    neo2020
    And the same to you. Still no word on the valuation so far even though it was done at 10AM today... SHOW ME THE MONEY!
    Originally posted by neo2020
    And finally, mortgage offer confirmed by text. Will wait for full details tomorrow.

    • mancdude
    • By mancdude 12th Oct 16, 7:19 PM
    • 19 Posts
    • 1 Thanks
    mancdude
    Well done guys that was pretty painless

    Movement today for me has consisted of authority to proceed for help to buy, so underwriting process will commence now. Valuation day hasn't been set as development not open until tomorrow to arrange. Hopefully, pending no queries, I'd imagine the underwriting approval will come through by the weekend having seen your timescales? Here's hoping
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,742Posts Today

5,849Users online

Martin's Twitter