Completing 4th July :)

martin2345uk

Independence Day! Independence from renting anyway.. (hello to actually having to be responsible for things rather than phoning up a letting agency!)

Offer was accepted on 7th May... so I make that 58 days in total.

Now touching wood that nothing goes hideously wrong between now and then...

Overall it hasn't been too stressful an experience - apart from the agonising wait to see if we'd been accepted by HSBC for the mortgage.

Currently in the process of sorting out electric, gas, council tax.. I like this part though, always enjoyed admin.

A big thank you to this forum anyway for answering several questions along the way... :T

tzzt123

Hello everybody and thank you for all this quick response !!

Let me share some more details.

there are 2 more lodgers in the house, and yes LL works
from home. I have never seen the LLs contract with the
housing association so I don't really know if she
has to go through house improvements or even
have lodgers in the house.

the reason why we know about the situation is because that letter
was handed to me we were quite worried once the lady
came and asked questions so.. I know its rude but I we opened
the letter and found out that our rent - for one room is more expensive than the house rent.

Like I said the LL said she would sort it out and about a week
later we found an eviction notice on the door.

when we asked her she said that the company that owns the house thought she rented the house out and lived somewhere else and thatshe was going to fight back since this was not the case

Someone from the company came once later on to look around

About a week after she told us that this might be a bit of a problem and verbally told us we all might have to leave the house by the end of the month.

We then contacted the housing association and told them what happened reminding them they are evicting people they're going to have to help again for no good reason hoping it would help the situation too. They haven't found a place for us yet the LL has spoken to us several times and it looks like she keeping the house
and better than that, walking around the house with paint booklets
yet she is still asking us to leave.

I am guessing our rent is going to pay for the house repainted

Mindtear

OP: we are early in the process of buying our first house. After receiving the AIP from HSBC our full application was referred to the underwriters - expected as its 90% LTV

Can I ask whether yours was and whether it was a standard application a* credit ratings etc? I am getting extremely stresse over it as my partner went over their overdraft for one day and I have two late payments from may 2011 all of this has been declared and we have been advised this is fine as we have passed the credit check, yet it's been referred to underwriters??

How long did it take for HSBC to instruct the survey?

Thank you in advance for any response!

martin2345uk

Mindtear wrote: »

OP: we are early in the process of buying our first house. After receiving the AIP from HSBC our full application was referred to the underwriters - expected as its 90% LTV

Can I ask whether yours was and whether it was a standard application a* credit ratings etc? I am getting extremely stresse over it as my partner went over their overdraft for one day and I have two late payments from may 2011 all of this has been declared and we have been advised this is fine as we have passed the credit check, yet it's been referred to underwriters??

How long did it take for HSBC to instruct the survey?

Thank you in advance for any response!

Hey We were also 90% and went to the dreaded underwriters... not sure what you mean by standard application a* though... but my partner doesn't bank with HSBC, had one or two blemishes on his records, I missed a CC payment last year, and we were fine in the end.

They told us pretty much every 90% one goes to the underwriters.

HSBC actually instructed the survey as soon as we were approved - in fact we got the text from the surveyors before HSBC phoned to tell me we'd been approved! It all happened quickly...!

Good luck and try not to stress about it; easier said than done I know...

martin2345uk

tzzt123 wrote: »

Hello everybody and thank you for all this quick response !!

Let me share some more details....

Ummm.. wrong thread? ;-) haha

Mindtear

martin2345uk wrote: »

Hey We were also 90% and went to the dreaded underwriters... not sure what you mean by standard application a* though... but my partner doesn't bank with HSBC, had one or two blemishes on his records, I missed a CC payment last year, and we were fine in the end.

They told us pretty much every 90% one goes to the underwriters.

HSBC actually instructed the survey as soon as we were approved - in fact we got the text from the surveyors before HSBC phoned to tell me we'd been approved! It all happened quickly...!

Good luck and try not to stress about it; easier said than done I know...

Thank you for the reassurance!! Sounds as though we are similar in terms of credit history my partner also doesn't bank with HSBC and bar the overdraft issue has no other credit issues.

By a* credit rating I just meant no missed/ late payments nothing odd or adverse on your credit rating.

I will sit tight with my fingers crossed, the more questions HSBC asked the more unsure I was! They seemed to take so much into account in regards to affordability that it made it sound unaffordable even though we're borrowing much less than even our basic salary allows and we both receive overtime and healthy bonus'.

It's reassuring to hear yours went so smoothly and quickly even after going to the dreaded underwriters. We're obviously keen to move into our new property as soon as possible!

martin2345uk

Yes they asked us some very probing questions too; but I thought "well I guess they are lending us £170,000 of their money, they wanna be sure!"

When did your application go for approval?

Mindtear

We had to request an additional statement from my partners account which was only received yesterday so I'll be taking it into branch next week then keeping everything crossed until we get an answer!

Did you use the notes section on the application form to provide information on the missed/ late payments? I was a bit surprised they don't ask you to provide information as part of the application form.

martin2345uk

No we didn't use the notes section... We didn't actually fill anything in ourselves; the advisor did it all for us in branch...

Fingers and toes crossed for you!

Mindtear

martin2345uk wrote: »

No we didn't use the notes section... We didn't actually fill anything in ourselves; the advisor did it all for us in branch...

Fingers and toes crossed for you!

I just wanted to update this thread as I'd done several searches and was glad for any similar stories to reassure me!

Offer acceped 24th June. Application by phone done same day, pack received Wednesday 26th June. Returned to HSBC branch asked them to check and certify copies of original docs 3rd July. they said everything was there sent it through internal post and said any issues the call centre will contact me within the next day or so otherwise underwriting would be in touch within 7 days.

Called HSBC mortgages Tuesday 9th July To ensure everything was received and okay. No it wasn't I was told a letter had been sent 5th July to me as one piece of evidence hadn't been certified by the bank so the application was put on hold. After speaking to a couple of departments I was told this wasn't my issue and they will contact the branch for verification, left it with them they said they'd call to confirm that morning. Nothing was done and after a full day of chasing I was forced to go into the bank to wait until the branch manager had made the call.

I was then promised no less than 5 times the application would be sent to the under writers and assessed within 3hour time frames and they would call me. Nothing was done, after waiting almost 48hours and getting extremely annoyed (but polite to the call centre staff!) the application was fast tracked today at 1pm and assessed within 3 hours.

Lovely lady from underwriters approved the mortgage with 2 late payments for me (plus one from June 2009 still on credit report) and my partner using overdraft and even going over the overdraft within 3months. We both had credit card balances of £500 I have a student overdraft of £1000 and store card of £70 plus student loan of £25k. Deposit is part savings part gifted.

We were approved 90% mortgage at 3.2x salary.

This was all at 4pm today, contacted by surveyor to make payment at 6.30pm who will book survey with agents tomorrow to be completed and report sent to Hsbc within 2-8 days.

I am unbelievably relieved!!!!!

And the letter sent 5th July was received today! So glad I called (wish I had earlier) as I wouldn't have known there was any delay until today. Tip to others get on the phone to them morning, lunch and before closing to ensure its looked at.

martin2345uk

Great news!! What a relief that must have been :-) onwards and upwards now!!

We have now bought and received sofas, fridge, bed... now looking at mattresses which cost a TONNE, I was completely naive about mattress prices!!