Stressed out FTB waiting for offer from Abbey

BigBrother

Just want to share my experience just now whilst im waiting for an offer. Well i applied for a mortgage and got an AIP. I was interested in a property that was going at a local auction. Well i won the property at auction on the 7th Feb. The small print says that date of completion is 3 weeks from auction (28th feb). I applied for a mortgage via a broker and sent the application form along with all relevant copies of documentation on that same day. So counted the days and hoped survey would be completed as soon as possible. Well week passed and i kept phoning mortage broker that i really need to get that done. Phoned him up and asked whether i can send my own surveyor instead. He insisted abbey would like one they instructed themselves. GOt impatient and instructed my own surveyors for valuation. Got a call from another survey company 2 days later asking for permission. Got really frustrated with broker as this should have been done nearly a week ago so i phoned up and i spoke to his colleague about it. His colleague phoned abbey to ask whether a valuation from my own surveyors would be acceptable_ they agreed. got a little impatient and went straight to Halifax to apply for another mortgage as i was scared my abbey application would be rejected. Anyway Halifax requested a survey report. got some info from a financial adviser who told me that my credit report may be affected by multiple applications. Im really worried this will affect both applications now. Abbey still havent received the survey report yet; this should be sorted out by tomorrow though. So i have a week on wed to have everything completed otherwise i may face penalities_ the worst one will be losing my 10% deposit i had to pay in the auction. How long will it take after valuation before offer is sent?
To all potential buyers going to an auction. get the property surveyed and mortgage application well advance before proceeding!

danjberry

it will depend have abbey applied for any other references such as from your employer? landlard? if so are they still waiting on these as they will need these prior to offer, or are they waiting just for the survey? have you instructed your solicitors yet, you may wish to give them a call to see how far along they are, the worst situation for you would be if they were waiting for the formal offer before applying for searches etc

herbiesjp

Just trying to get an idea of timescales here.

Did you apply for the mortgage after the auction day?

BigBrother

herbiesjp wrote:

Just trying to get an idea of timescales here.

Did you apply for the mortgage after the auction day?

Hi i applied on the same day as the auction which was the 7th.

Anyway good news! Halifax have given me an offer. Im going to speak to my solicitor tomorrow to see whether we have enough time to wait for Abbey for an offer. I have told L&C that i no longer want that mortgage broker to deal with my case. One of his other colleagues has taken over and he seems more efficient. My surveyor have just received a telegraphic request from Abbey so hopefully they can give me an offer tomorrow.

BigBrother

Apparently Abbey does all the relevant checks first and surveying last. So Ive got a feeling theyr definately going to give me an offer.

BigBrother

Kuztardd wrote:

keep us posted. ive just applied for a mortgage through Abbey so will be interested in seeing how yours pans out. We are on a tight deadline as well (but not as much as yours though)

hope it all works out for you

Have you applied directly with Abbey or via a broker? Its been pretty difficult because i cant contact Abbey directly and instead i have to rely on the broker to do the job. The broker i got is a right lazy !!!!!! and I always have to chase him up.

BigBrother

Might be a good idea to have the place surveyed first. You should get one who are part of Abbeys panel. Im saying that cos one of the problems i had was that the application was delayed because of trying to get a valuation.
For me I phoned a surveyor to get building surveyed last wed 14th. This took place on Thu. Report had to be written up and was eventually sent to the lender this afternoon. So you're talking about 4-5days wait just to wait for the survey.

BigBrother

I phoned my solicitor to let him know that Halifax have already given me an offer and wondered whether it is ok to wait for Abbey. He said the latest will be Mon. Hopefully Abbey will give me a mortgage offer for tomorrow, I'd rather have bit of leeway time.

danjberry

have halifax actually given you a formal offer or just a decision in principal, as from your original post it looks like you applied to them on the 16th feb and have done all paperwork and val done already and an offer has been produced within 4 days, is this correct or is it a decision in principal? the reason abbey may be stalling is they may have received information you have applied to halifax and an offer has been given. basically they may be trying to figure out if you have bought 2 properties under the pretense of them both being residential properties but one or both may be a buy to let.

BigBrother

halifax have definately made an offer cos the mortgage adviser said they will only offer subject to a survey. credit score has been checked and payslips all checked too.
whereas abbey have only just received the report today and my broker is trying his best to get somewhere. If abbey had a problem then they would have told my broker that.

BigBrother

Ok my mortgage broker has phoned me up to tell me some good news. Abbey have offered me the mortgage. I shall be at my solicitors tomorrow afternoon to sign things. :j