abbey came up trumps

emmahane

thanks skyler, i really hope it wont be too long for you now, gosh if we can get accepted anyone can lol, its never ending until you get those keys though is it? we had a clause in our offer that said we had to redeem one of our mortgages that we have but opur solicitor said its normal for them to put that in and he can sort it out, fingers crossed

Peelerfart

"abbey came up trumps "

not a thread title you read too often these days !


Congratulations
:beer:"

Skyler

emmahane wrote: »

thanks skyler, i really hope it wont be too long for you now, gosh if we can get accepted anyone can lol, its never ending until you get those keys though is it? we had a clause in our offer that said we had to redeem one of our mortgages that we have but opur solicitor said its normal for them to put that in and he can sort it out, fingers crossed

Our commercial mortgage is with Abbey so we're just switching to a residential mortgage but I was still worried that they would say no.

We're not past the finish post yet but its all good at the min

Will you not be redeeming your mortgage then? I'm looking forward to only having our mortgage to pay. Being debt free apart from the mortgage is something I'm really looking forward too

thefourbennetts

Hi, did you find the valuation with Abbey to be fair. We are waiting on the 75% loan to value and really hope they are generous :-)

emmahane

no we rent out the other properties but abbey know all this as they asked to see the tenancy agreements, it must just be something thats written in as we are not first time buyers and they expect us to be selling another property. They valued ours at what we were borrowing, went in wasnt a drive by, considering the amount of work our little cottage needs, i think it was very fair

Skyler

So do Abbey think that your going to redeem one of your BTL mortgages then. Is that one of the conditions of your mortgage with them?

emmahane

no they were made fully aware by our broler that we were keeping both other properties, they said that was fine as log as we could prove the rent, thats why we sent them the tenancy agreementas and filled in a form giving the figures etc. its just one of the prefixes on the mortgage offer which looks like standard for non first time buyers, because we havnt gone for the first time buyers product they would assume you have something to sell, solicitor will tell them we are not selling and that hopefully should be that, he reckons its the same mortgage letter sent to everyone but the personal details are obviously change for each individual applicant

udydudy

Cannot say the same about abbey....ofcourse mine was a remortgage(am currently with them). 2 years back they were pushing me to borrow more saying i had equity in my property. you may want to decorate, take a holiday,etc.... they said they have a computer model which values property basedon halifax index.

Luckily i refused point blank as i was expecting the property crash and did not want negative equity.

Voila!!! this year when i am up for renewal, all that equity seems to have vanished into thin air though the halifax index has fallen only 19% in the same period!!. Now they want 5% of the principal paid before they offer me anything worthwhile.

ofcourse i cannot complain, i guess they want to get back something from me!!. am payin only £40 a month so they think it is payback time!!.

waynehayes

Well, both us and our buyers are both going through Abbey. Nightmare so far. 5 weeks and counting and no valuation yet and ours is only a 47% LTV.

Skyler

I don't want to jinx ours but so far we have had very few problems but I put that down to our broker being super efficient. We had our original mortgage offer within 2 weeks of putting in our application, we lost the house as it was a repo and our circumstances changed with our business sale and we were able to go for our dream house but it meant borrowing £6k more, our broker submitted the new application for the revised amount the day after we made our offer and within a week we had an agreed mortgage offer of the amount we needed. The valuation was done 6 days later and the valuation has came back fine within a day of the valuation being done. We are now just waiting for our official mortgage offer which our broker says to expect possibly at the end of this week.

When we submitted our original application our broker made sure that we had every possible document that Abbey would need and we haven't been asked for any further information so far.

Fingers crossed that the process continues as it has done so far, reading other peoples experiences on here is a little unnerving but I guess people tend to post the negative side more as that's when you need advice.