Mortgage Application Timeline

accountingbod

Good morning all

Firstly, we received some good news yesterday!
We had out mortgage application declined due to incorrect information on my credit report. This has now been ammended and the mortgage company has now accepted our application!

My advise on this would be to challenge declined applications as the decision for us was reversed

They are now instructing a valuation to be carried out.

Could anyone tell me what comes next in the process?

If they have now accepted our application then the credit report has come back satisfactory - our mortgage broker used the term 'approved' for our mortgage application.

Is the survey the last part before a mortgage offer is sent in the post?
We have sent and they have had all our documents since the time of application three weeks ago.

Excited but nervous at the same time!

Many thanks

sunshineband

we are slightly ahead of you in the process. We had a valuation report carried out a couple of days ago and receievd our mortgage offer in the post. this is still subject to receipt of a report that the conveyancer is carrying out (coalmining) so its all now down to the conveyancer.

Hope that helps!

Girt

I'm also in the middle of a mortgage app. The survey was done last wednesday but i'm yet to hear anything. The lender requested some more information yesterday, proof of deposit, proof of income and we had to sign a declaration.

I was hoping I would have the official mortgage offer by now. As for the next stage I have no idea.

Anyone know how fast things move along after the mortgage offer has been recieved?

Sorry to jack the thread..

Ms_Sophia

We got our valuation done last Mon. Haven't received the offer yet, i.e. 10 days after the valuation. Have been chasing them up every single day. Yesterday they said they'd just sent the offer. But I won't believe them until I see the offer...

jonomassey

We had ours Submitted on the 20th June and sent all paperwork they had asked for by the 23rd. Ours is currently with the underwriter but they asked for more information on our deposit yesterday which we have gone back with (even though we'd included a letter to say the deposit is a non refundable gift from parents). The next stage if approved by the underwriter is to arrange a valuation on our new property. We are applying for a mortgage with the Abbey who I think work differently from other lenders by instructing valuation after its been approved by the underwriter.

Girt

Ok so it seems normal to wait a while for the actual offer after the survey/vaulation..

What happens usually when the valuation is under the original agreed price? Do the vendors drop the price or do you have to pay more?


~offtopic~

I don't know about others but buying a house has been the single most stressful thing I have EVER done. One minute its on then its off, then they offer you under what you need..

Anyone else having sleepless nights and pulling their hair out?!

jonomassey

I'm the same, I'm more stressed now than I can ever remember in my life and that includes getting Married, having kids etc. This is the second time we have done it and the first time was so simple as we were first time buyers and had a mortgage in place (even though it was a dreaded together mortgage with Northern Rock).

Abbey have now come back and said they can't read my wife's payslips even though they have been sent scanned colour copies from my broker. He has sent them again but said it might be a delaying tactic so the application is approved in July as they may have hit their June numbers with it being most of the builders year end.

All we want is a simple yes its approved and to know they have instructed a surveyor as we need to exchange next Friday.

accountingbod

Sleepless nights yes!
Hair pulling out ... not yet, but may consider it!

Spoke to my broker who said that the application has gone through underwriting and has been approved. Just the valuation left for our offer letter to come out which is a relief and the valuation is tomorrow!
Will not be able to relax until i see the letter though...
Thanks for your replies.
This is my third propery purchase and it gets no less stressful.

Can't wait until i can buy somewhere for cash - may have to wait for a good few years for that day though!

SSHK

jonomassey wrote: »

We had ours Submitted on the 20th June and sent all paperwork they had asked for by the 23rd. Ours is currently with the underwriter but they asked for more information on our deposit yesterday which we have gone back with (even though we'd included a letter to say the deposit is a non refundable gift from parents). The next stage if approved by the underwriter is to arrange a valuation on our new property. We are applying for a mortgage with the Abbey who I think work differently from other lenders by instructing valuation after its been approved by the underwriter.

Very similar situation. Applied with abbey, sent all paperwork on the 23rd. Has been with underwriters since 27th. They asked for proof of deposit on the 28th - it was faxed immediately. Now just waiting! I wonder how much longer its going to take!

jonomassey

I'm waiting for an update from my broker, the longer the wait, the more anxious we get that they will find something to decline us on. My broker said not to worry all will be fine but those words don't help much when your sat waiting for a phonecall lol.

SSHK

I think you'll hear today!

I've been thinking of posting for days and as soon as I post on here i get a call from the broker!

Thankfully ours was approved and they've instructed valuation. Fingers crossed for you that you hear before the weekend too.