Ftb - YBS mortgage

Wooden_Top

Hi, first post here, lurking for many years, never thought this house buying lark would be so stressful!

Just made an offer on a house which was accepted at 215k. Joint income about 66k basic, aged late 20's. Missus has a student loan and I have a few credit cards with a balance of about 1k on one card and zero on the rest. No other loans or real outgoings (have one child but luckily family look after him). Never had any debt issues.

We have both been saving £600 a month each whilst renting and have managed to save about 38k so far. We were not actively looking for a house until we saw an ideal property which is hard to emotionally detach ourselves from no matter how hard we try! Anyway, I had the AIP from YBS for 180K (just less than 3xjoint), putting down 35k deposit and completed the full mortgage application the same day the offer was accepted a few days ago.

Since then we have both been stressing and losing sleep, probably due to reading so many negative posts on here about rejected mortgages :-) My missus has never had a credit card or any debt so I am worrying that her credit score might not be the best. We did have settee on finance a few years back that we paid off and both of our names were on, and she once had a mobile contract a few years back.

The suspense is killing me to be honest, I need someone on here to tell me everything will be ok and to chill out :-) We can easily afford the mortage which will be about £1000 a month, we take home about 3.5k joint (dont smoke/drink).

Has anyone had any experience of the YBS mortgage application?

Regards

WT

kingstreet

Everything will be ok. Chill out.

Worry about things you can influence. I can't see anything for you to stress over.

Wooden_Top

kingstreet wrote: »

Everything will be ok. Chill out.

Worry about things you can influence. I can't see anything for you to stress over.

Thanks I hope your right, tis true what you say though, there is nothing I can do that can influence it.

System

Wooden_Top wrote: »

Hi, first post here, lurking for many years, never thought this house buying lark would be so stressful!

Just made an offer on a house which was accepted at 215k. Joint income about 66k basic, aged late 20's. Missus has a student loan and I have a few credit cards with a balance of about 1k on one card and zero on the rest. No other loans or real outgoings (have one child but luckily family look after him). Never had any debt issues.

We have both been saving £600 a month each whilst renting and have managed to save about 38k so far. We were not actively looking for a house until we saw an ideal property which is hard to emotionally detach ourselves from no matter how hard we try! Anyway, I had the AIP from YBS for 180K (just less than 3xjoint), putting down 35k deposit and completed the full mortgage application the same day the offer was accepted a few days ago.

Since then we have both been stressing and losing sleep, probably due to reading so many negative posts on here about rejected mortgages :-) My missus has never had a credit card or any debt so I am worrying that her credit score might not be the best. We did have settee on finance a few years back that we paid off and both of our names were on, and she once had a mobile contract a few years back.

The suspense is killing me to be honest, I need someone on here to tell me everything will be ok and to chill out :-) We can easily afford the mortage which will be about £1000 a month, we take home about 3.5k joint (dont smoke/drink).

Has anyone had any experience of the YBS mortgage application?

Regards

WT

Agree with the prev post, I would relax. Im in similar postion, in the process of remortgaging with YBS. Went in on Oct 29th to apply and got full offer by 8th Nov. My wife doesnt have a credit card either. I was more worried about my house valuation coming back ok, but thankfully it did.

Wooden_Top

Just to update for anyone interested in the YBS application process. Receipt of my application was acknowledged on 14/11/11. They started looking at it on 19/11/11 and requested last 3 months pay slips and bank statements which I sent the same day via a YBS branch. It took them until 25/11/11 to acknowledge receipt of these. Called them and they stated they are working on a 5 working day opening post backlog, which is a pain.

Homebuyer survey was conducted on 21/11/11 and on 23/11/11 they requested a damp and timber report, with the valuation coming back OK.

So now im just waiting for damp and timber report to be conducted today or tommorow. Once i have this it will take another 5 days for YBS to receive it and then they have to send it to the surveyor I believe and its up to him whether he puts a retention on the mortgage if there are any damp problems, which I dont think there are.

There is no chain either side however, chances of a pre-xmas completion are fading.....

kingstreet

Please tell me you're getting an independent surveyor to carry out your timber and damp inspection and report.

One of the biggest problems in this scenario is people getting contractors in to do quotes, then finding out a full damp course and woodworm treatment is recommended which is a massive "overquote" to get more money out of you.

http://www.independentdampsurveyors.co.uk/coverage.html

Sometimes, a leaking guttering or removal of a bit of soil against a wall can cure a problem you are quoted £2,000 to fix!

Have a read on HBR&S - there are loads of threads on there about it.

Wooden_Top

Hi,

Im just waiting an update from a local damp and timber contractor organised for free by the estate agent (i know i know) but fully intend getting an independant surveyor in.

The survey states:

Rising and penetrating damp

Tests for dampness were made with a moisture meter at random points to all internal walls, floors and other

surfaces, wherever possible. Dampness was noted in the wall between the kitchen and rear reception room

and also a minor reading in the front bay window area. It warrants a specialist to provide the reason for this

and a quote to rectify the problem. A retention has been placed on the loan accordingly.

Im not so convinced, this is a recently extended and plastered internal wall and I dont imagine there being too many issues. The house has been empty for a while with no ventilation and from what I have read on here, the plaster can retain moisture for while and an unoccupied house can give high readings.

Thanks

crapwithcash82

payvpac wrote: »

Agree with the prev post, I would relax. Im in similar postion, in the process of remortgaging with YBS. Went in on Oct 29th to apply and got full offer by 8th Nov. My wife doesnt have a credit card either. I was more worried about my house valuation coming back ok, but thankfully it did.

We are in a similar situation to you payvpac, remortgaging and worried about the house valuation coming back okay - still waiting for a surveyor to come round, but posted all payslips and bank statements today so fingers crossed it all goes well and it doesn't take too long. OH has £500 od which he uses so I am seriously praying this doesn't have a detrimental effect on the remortgage. Loosing sleep over it.

Who are YBS btw, we are with Royal Bank of Scotland.

kingstreet

Yorkshire Building Society.

Wooden_Top

Another little update. Not much has moved on the mortgage front. Waiting for the surveyor to get back to the lender regarding damp report/rentention if there is going to be one. This was meant to take 48 hours. One week later and still no further despite me ringing most days. Both sides saying the same things stating that nothing has been received from the other. Email and fax are pretty instant where I im from so im not sure what is going on there.

Solicitor has received searches back and some documentation from vendors solicitors. Documentation didn't include the relevant planning permission confirmation and completion certificates as the house has been completely renovated and extended (I know the planning permission was granted as I know some people who know some people). Why the vendor didn't include this with the property information form I will never know, its obviously going to be a raised query from my side and the form clearly states to include relevant copies. On the fixtures and fittings forms the vendor has pretty much ticked no to everything including boiler, fire, fireplace etc although these have just been added in the recent renovation. Im sure its just a mistake by the vendor but its another set of queries and more time.

Very frustrating last week and it seems that unless you call people all the time, everything is done at snails pace.

Megalomaniac

Hi Wooden Top,

I know how you feel. We had an agreement in principle with the YBS and got the house we wanted. Went in a few days later to the YBS in our high street to complete the full application in person. Gave them the payslips, bank details etc... a few of weeks ago, popped some other bits in a few days later and then today got an email saying they should be about ready to send it on to head office for final approval. This seems to me to be 2-3 weeks that could have been utilized by the YBS to have sent the details off and it could have been approved a short while ago. Instead we are coming up to Christmas and it's not even on their desk yet. Bit worried, especially if something comes back that I have to send evidence of as we are away in the USA for Christmas! At least here in Scotland the home buyers survey is sufficient for the bank so that's all done.

Completion is the first week of the New Year... I really hope we make it! Based on this analogy, you may be OK for a pre-Christmas completion!