Anxious wait

Futura_Bold

Hi

I've had a mortgage in principle from Abbey, then fell in love with a flat, put an offer in, got it accepted and now having to wait til I get the full mortgage offer, which is even more torture than it was waiting on the flat offer itself.

Has anyone had a similar experience with this agonising wait? Having read about people who've been given a mortgage in principle offer, only to be rejected later, has convinced me that the same will happen to me.

I can't bear to arrange to see the new flat again or get excited, until I know the mortgage is gonna happen! Argggh

Thanks

evoke

Don't fall in love with the flat just yet. Many FTB mortgages are turned down despite a mortgage AIP. Just forget about it completely and focus on other things until you get your mortgage approved. And even then there is lots that can go wrong. Always have a backup plan and always have something else to look forward to every couple of weeks so if the worst happens with your property purchase, at least you'll have something nice to look forward to.

Hartington

Yes!! I have been going through exactly the same torture as you for past couple of weeks. Don't despair
We found the house of dreams a few weeks ago without having sorted the AIP beforehand. Fell in love with the house and then looked to getting an AIP. We were accepted with HSBC and had to send off all the supporting paperwork which seemed to take forever - i mean it took over a week for them to receive our stuff even though it was sent via their internal mail! I was so nervous that i wasn't sleeping or eating properly. I pestered them every day (sometimes twice a day) in order to check on it's progress.
Found out this morning that they've approved the mortgage and we now have to go through the valuation and survey part. Obviously the deal isn't done until these steps have been completed and we have the 'formal offer' in our hands but i am hopeful that all will be fine.
Like you say it's probably best to hold off viewing the flat again, but really try not worry about it. I am sure you will get things approved before long. I had read all the posts on here and elsewhere about AIP's being rejected further down the line and was convinced it would happen to us too.
There are some good lenders out there and if anything were to fail then there are other options )

bandofbrothers

Hi.

It's also an anxious experiance for us sellers too !

Ive had a buyer that got to the stage of signing at their solicitors for the draw down of the mortgage and then went awol.

A buyer that could not get a mortgage. Ftb that fell in love with the property.

A buyer that at first wanted a vendors gift which collapsed ,then a normal morgage but collapsed due to no or very little deposit.

A buyer that was made to jump thro hoops by their mortgage company who then backed off.

Im now some way into another sale of my property keeping my fingers and everything else crossed !

Futura_Bold

Thanks for your helpful replies. I couldn't resist and went to see the flat again on Saturday, and it's made me want it even more (though it did seem smaller 2nd time around). I'm unable to concentrate on anything at the moment, and sleeping and eating are affected, and spent all day yesterday looking for threads by people who have been rejected mortgages. I spoke to my mortgage broker this morning, and told him I'm convinced the mortgage application is going to be rejected because I've moved around so much renting, and my bank statement shows I use my overdraft regularly. Anyway he said not to worry, and, right now, the lender has only requested to see a payslip (chances are they'll want to see other documents later).

Good to have a place to vent!

dizziblonde

You HAVE to relax or it'll really make you ill by the time it all grinds its way through the system. Seriously - the mortgage was actually the least stressful part of ours (getting sense out of the vendor's solicitors was our total nightmare) but you have to keep in your mind until the very end that until the money's there, nothing's certain. Our mortgage provider were actually incredibly good with us as FTBs - answering what might have seemed idiotic questions when we were filling in the form of utter terror, texting they'd recieved documentation, texting when it went into processing, texting that our approval documents were in the post... that the funds had been released etc. We had the added dimension of panic of the stuff about the Bank of Ireland getting right into the news the week before we were due to exchange contracts and complete (was a Post Office mortgage so provided by the BoI) so I worked myself up into a right tizz that Ireland was going to implode and kill our mortgage offer before we completed!

I'd got myself convinced the app would be rejected - my income had to be declared as zero on it because I'm an agency worker, and I had the usual early 20 something student screw ups with overdrafts and things... went straight through based on hubby's income but on our joint account and with both of us on the application. But I get paranoid I'll be rejected on credit scores for mobile phone contracts and ridiculous things like that!

So much of the hard bit of a house purchase is the waiting game - while you can gently prod solicitors and estate agents when things get further down the line, there's very little you can do with the waiting game parts of it - I found the lack of control aspect of things the hardest part to deal with.

Futura_Bold

Thanks for that Dizzi. I can identify with early 20 something screw ups.

And yes I will try to relax, but having impatience as a major character defect isn't helping. Having read people's experiences on getting mortgages, it just seems like a lottery. I mean some people who earn more money than me and have asked to borrow less have been rejected, yet some that appear less 'safe', have had no trouble at all.

A few years ago I applied for a credit card with barclays and, without any trouble, I was given a 4k limit, yet not long after O2 wouldn't let me have an iPhone because of 'something' on my credit file.

You're right though, lack of control (along with impatience and fear) is the hardest part to deal with.

Benson

Did you hear Back from Abbey? Only wondering as ours is going through at the moment!

Futura_Bold

My mortgage broker told me yesterday they'd approved it and the valuation will be done this week, so big relief I'm feeling.

Such a rollercoaster of emotions when buying a house.

Hope yours goes well