FTB Timeline diary

siankylie2009

we just rung up and applied over the phone and they sent the AIP to us with all the id they needed and we then sent it back. so thats been from sat to now. so.. wouldnt it be quicker just to phone up and send the stuff to them then it will be done straight away. you wont have a prob with your income at all. and im guessing your credit was checked for the AIP. also, you havent got any defaults or ccjs have you. theres nothing to worry about if your all ok.

Bufger

we havent got any adverse credit at all. We both have outstanding student loans and the only thing we have and are paying monthly for are mobile phones. Even our cars were paid for in cash so we dont have car loans. Hopefully its just enough credit history - im worried because ive never had a credit card!

siankylie2009

check your credit report thats what i did on experian.co.uk/ 30 days free trial. it tells you your score if you pay £5.95, if its over 750 then it should be ok id imagine. but im sure ull be ok anyway. i made sure i got credit cards about 1 year ago jut to try and get my credit up and it has helped. but my friend has just bought a house and hes never had any type of credit at all ..

JellyIcecream

siankylie2009 wrote: »

jelly icecream yours only took 12 days then from application to offer. thats soooo gd. do u think its anything to worry about that they asked me for confirmation of my wages over the phone even tho its on my wage slips. it just seems a bit strange? they only recieved it yest and are looking at it today and they asked me whether it ok to take value fee so im guessing that its all gonna be ok subject to valuation report? how come they are soooo quick at the mo? not many apps?

don't worry, after we had handed in the forms on the friday, we got a text on the monday with the AIP for the mortgage subject to my partners most recent bank statements confirming wages going in and the survey. we are with natwest too! they never asked us if they can take the money for the survey lol, they just took it but the survey was arranged the next day and done by the week hence the mortgage offer coming in so quickly.
ours has gone fast yes ... but i suspect now is the time its gonna go slow .... haha!

Bufger

siankylie2009 wrote: »

check your credit report thats what i did on experian.co.uk/ 30 days free trial. it tells you your score if you pay £5.95, if its over 750 then it should be ok id imagine. but im sure ull be ok anyway. i made sure i got credit cards about 1 year ago jut to try and get my credit up and it has helped. but my friend has just bought a house and hes never had any type of credit at all ..

Credit score is 999. That either means its good or that im an emergency case

siankylie2009

yes that means it the best. so stop worrying. i know its easier said that done i was a nightmare.

thanks jellyicecream. so u seem to think that our valuation will be done by next week and should have offer through week after if everything is ok!! ooohhhhh so exciting it all is. i just wanna be in there now!! i love my little house

JellyIcecream

siankylie2009 wrote: »

yes that means it the best. so stop worrying. i know its easier said that done i was a nightmare.

thanks jellyicecream. so u seem to think that our valuation will be done by next week and should have offer through week after if everything is ok!! ooohhhhh so exciting it all is. i just wanna be in there now!! i love my little house

natwest used Connells to do the survey and yes they were quick with us. obviously they give the valuation info to natwest first, hence the mortgage offer the next working day after survey completed.
we paid for a homebuyers report to be done as well. the surveyor called and said there was nothing major wrong with the house and that the report was in the post. this was on monday so we guessing our report is stuck in the postal strike.
our sols have just told us that the other party are waiting on paperwork on the retirement house they are buying so until they get that, things aint moving very fast ... just the usual questions and queries etc.
we have been advised to provide a copy of the homebuyers report to our sols as soon as we get it so they can look at it and ask more questions if needed.
think things are going to slow down now so i need to stop stressing and just wait patiently ... but im so excited!

Bufger

meeting with the lender today. Also had a letter from the solicitors today so we'll go and visit them and get the process rolling. I'm impressed that i managed to ring the solicitors yesterday afternoon and have a letter through my door by the time i woke up even though there is a postal strike in my city!

My solicitors are ninjas :cool:

sallycanwait

Hello all and congratulations on getting on the ladder too!

We have been saving for forever and then biding our time while prices have been dropping but eventually decided to bite the bullet in June and start casually looking. We are moving from London to the coast so could only go down occasionally to do viewings. The first time we looked at 12 places between 11am and 5pm. We also have a small baby who we had to feed/change between viewings. It was a nightmare!

The next time we went down we stayed in a hotel overnight and only saw 4 properties but one was fab so we did a 2nd viewing the next morning and put an offer in. The asking price was £150-£175k. We started at £147,500 then were told to try £155k. We left it 24 hours and did and were told we'd have to wait till Monday. Got a call from the MA that works with the EA and told they couldn't go lower than £157k but had an offer of £160k in from someone in a chain. Agreed to £157k and they accepted. Were probably conned but we'd agreed to go in with £157,500 so saved £500 in the end on what we expected so felt like we did ok.

Were told we had to use the same solicitors to speed things up. Got mortgage sorted that day.

So dates - seems like it's taking a long time really considering there's no chain:
First viewing 20 Aug
Second viewing 21 Aug
First offer 21 Aug
Second offer 22 Aug
Final offer 24 Aug
Offer accepted 24 Aug
Paid deposit to solicitor 25 Aug
Sent mortgage and solicitor paperwork back 28 Aug (recorded delivery)
Valuation fee paid to mortgage provider 11 Sept

The solicitors have an online tracking tool and nothing seems to have happened yet - they are waiting on something from the vendor's solicitor which seems odd considering they're the same company.

Going down later to have a good look at the place with my dad's friend who knows what to look for, take measurements and check what's being left behind. Just really nervous in case there's a problem.

But if today goes well and the valuation is ok I assume things could start moving quite quickly. Just seems very slow at the moment! Naively thought we'd be in by start of October when there was no chain! Doh!

Oh and we have a fab £72k deposit (with £8k for fees and other costs left over) so went with the Co-Op's capped tracker at base rate + 2.49% capped at 5.99%. Just hoping interest rates don't shoot up too soon!

Now got everything crossed today goes ok and the valuation is fine - does anyone know if they value it based on what you're borrowing or what you're paying - obviously it's worth a lot more than we're borrowing (or so we hope!) so we're hoping this shouldn't be an issue. I assume the mortgage provider just needs to know that if it had to be sold on if we default that they'll get their money back. Or am I being too simplistic?

Bufger

the value will be to cover their costs if you default on payments so it will only be on what you're borrowing (LTV) If your LTV is 60% for example then they need to make sure that they can get the loaned money back through sale of the house. which would be fairly easy in those circumstances.

Keep us posted! congrats on your accepted offer.