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Homebuy Direct - RBS Mortgage
mermole69
Posts: 22 Forumite
Hello,
I was hoping for some advice please. This is my first ever thread so please forgive me if I yabber on
.
My husband and I are in the process of trying to buy a property under the HBD scheme. The story so far...
We were approved for the scheme and just had to find a property. We have now found a property and 3 weeks ago reserved the property and sent everything off to the HBD people for the "Approval to Proceed"(ATP) to be issued. This sadly took over a week to be issued due to people being off etc. It has now been issued.
At the same time as the reservation our IFA submitted our application to RBS. It has been credit checked and approved so far and they asked for the ATP and bank statements, payslips etc to be sent so they can underwrite it fully.(this is what the IFA said). This has now been done.
The issue we have is we originally said that we would like to be done by the end of the year so that we can miss out on stamp duty. Our solicitor said they could do it and the IFA led us to beleive it would be fine. Since then we have received a letter from the developer saying they would like to echange on the 6/1/2010.
A couple of days ago I emailed the IFA to check how long it would be once all documents were submitted and he said it will take between 8-12 weeks. Everyone we have spoken to have said they don't understand how it could take so lond including the developer.
The question I hae are:
1) How long do RBS actually take?
2) How does the RBS process work?
3) How likely is it that the mortgage could still be refused?
4) Is there anything I can do to hurry it along?
I am really worried about meeting the deadline of 6/1/2010 and fear we will lose the house. In regaerd to affordability the IFA says this should be fine as we are asking for a much lower amount that the level an AIP says a few months back.
Sorry for such a long post and I would love any advice/experiences any of you have had.:o
I was hoping for some advice please. This is my first ever thread so please forgive me if I yabber on
.My husband and I are in the process of trying to buy a property under the HBD scheme. The story so far...
We were approved for the scheme and just had to find a property. We have now found a property and 3 weeks ago reserved the property and sent everything off to the HBD people for the "Approval to Proceed"(ATP) to be issued. This sadly took over a week to be issued due to people being off etc. It has now been issued.
At the same time as the reservation our IFA submitted our application to RBS. It has been credit checked and approved so far and they asked for the ATP and bank statements, payslips etc to be sent so they can underwrite it fully.(this is what the IFA said). This has now been done.
The issue we have is we originally said that we would like to be done by the end of the year so that we can miss out on stamp duty. Our solicitor said they could do it and the IFA led us to beleive it would be fine. Since then we have received a letter from the developer saying they would like to echange on the 6/1/2010.
A couple of days ago I emailed the IFA to check how long it would be once all documents were submitted and he said it will take between 8-12 weeks. Everyone we have spoken to have said they don't understand how it could take so lond including the developer.
The question I hae are:
1) How long do RBS actually take?
2) How does the RBS process work?
3) How likely is it that the mortgage could still be refused?
4) Is there anything I can do to hurry it along?
I am really worried about meeting the deadline of 6/1/2010 and fear we will lose the house. In regaerd to affordability the IFA says this should be fine as we are asking for a much lower amount that the level an AIP says a few months back.
Sorry for such a long post and I would love any advice/experiences any of you have had.:o
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