Anyone want to join me? Awaiting Mortgage decision...

Creditfixer3021

Tilly111213 said:

Can I join? I am 3 days into the waiting and not sure I can cope with this much longer! I am normally quite paitient and what-will-be-will-be but it's taken so many viewings to get a buyer and I am so invested in the next house (silly I know but I can't help it!). Really nervous as, although AIP went straight through with Halifax, we were declined by Virgin first of all. I am carrying some debt (but well within affordability) and have around 6 small late payments in the last 2 years - really frustrating and just pure bad admin on my part.  Also had a hard search for car finance a few weeks ago but I was about to take the house off the market!! We have a 40% deposit so am just crossing everything and hoping for the best. Here is my not very long timeline...

06/07 - AIP with Halifax

Good luck. With such a large deposit it should really go in your favour

fiision2020

I'm literally going out of my mind at present. I made the full mortgage application on 19 June and apart from having to send some additional documents, I have heard nothing since. The application was with Saffron Building Society. I was told that there was a 12 day backlog for valuations however that point was surpassed two days ago. Every time I ring the broker he just tells me that he has no other news and just to wait as everything is delayed due to coronavirus. I would appreciate an update now and again even if its just to say that he is still waiting but this guy does not do that. He sounds frustrated when I have managed to contact him (I think more frustrated that I'm calling). The vendors are panicking believing that I do not have my mortgage in place and even put the property back on the market to attract other potential buyers. This only stopped when I threatened to withdraw my offer. This is really causing me a great deal of anxiety and I'm even feeling guilty for calling the broker every two to three days for an update.I don't know if anyone or here as applied to Saffron, they were one of the few lenders still offering 90/95% LTV mortgages at the end of June. What makes matters worse is that they will not speak to me directly. I have been advised to speak to my broker only as they are not allowed to discuss my case with them............arrgh 

NatalieAGC

Creditfixer3021 said:

Does anyone know how long I should expect conveyancing to take on a new build property (that’s already built and completed). When I googled it, it said 8-12 weeks, is it really that long? 

That’s usually average on any buying process. 

However I complete next Friday 17th and from submitting application to completion it will be 28 days in total.  Offer on house accepted end of may.  Mortgage application submitted 10th June and offer sent 2 July ( had to wait for valuation but they told me offer was waiting 17th June)  complete 17th july! 

Right now is a great time to be buying! Market is quiet 👍🏼🤞🏼

Creditfixer3021

NatalieAGC said:

Creditfixer3021 said:

Does anyone know how long I should expect conveyancing to take on a new build property (that’s already built and completed). When I googled it, it said 8-12 weeks, is it really that long? 

That’s usually average on any buying process. 

However I complete next Friday 17th and from submitting application to completion it will be 28 days in total.  Offer on house accepted end of may.  Mortgage application submitted 10th June and offer sent 2 July ( had to wait for valuation but they told me offer was waiting 17th June)  complete 17th july! 

Right now is a great time to be buying! Market is quiet 👍🏼🤞🏼

That’s reassuring, thank you!

my solicitor will hopefully start the searches etc today, I would like to move in 5/6 weeks so fingers crossed 

Tilly111213

Creditfixer3021 said:

Tilly111213 said:

Can I join? I am 3 days into the waiting and not sure I can cope with this much longer! I am normally quite paitient and what-will-be-will-be but it's taken so many viewings to get a buyer and I am so invested in the next house (silly I know but I can't help it!). Really nervous as, although AIP went straight through with Halifax, we were declined by Virgin first of all. I am carrying some debt (but well within affordability) and have around 6 small late payments in the last 2 years - really frustrating and just pure bad admin on my part.  Also had a hard search for car finance a few weeks ago but I was about to take the house off the market!! We have a 40% deposit so am just crossing everything and hoping for the best. Here is my not very long timeline...

06/07 - AIP with Halifax

Good luck. With such a large deposit it should really go in your favour

Thanks Creditfixer - I would hope so too but who knows. If I get the chance to explain the late payments it really was just an oversight, no excuse I know but it's not like I am trying to avoid paying debts. Our current mortgage is with Halifax and with the AIP in place I am trying to be positive. It's just hard because you put your heart and soul into don't you! So hard to wait!!

Tilly111213

fiision2020 said:

I'm literally going out of my mind at present. I made the full mortgage application on 19 June and apart from having to send some additional documents, I have heard nothing since. The application was with Saffron Building Society. I was told that there was a 12 day backlog for valuations however that point was surpassed two days ago. Every time I ring the broker he just tells me that he has no other news and just to wait as everything is delayed due to coronavirus. I would appreciate an update now and again even if its just to say that he is still waiting but this guy does not do that. He sounds frustrated when I have managed to contact him (I think more frustrated that I'm calling). The vendors are panicking believing that I do not have my mortgage in place and even put the property back on the market to attract other potential buyers. This only stopped when I threatened to withdraw my offer. This is really causing me a great deal of anxiety and I'm even feeling guilty for calling the broker every two to three days for an update.I don't know if anyone or here as applied to Saffron, they were one of the few lenders still offering 90/95% LTV mortgages at the end of June. What makes matters worse is that they will not speak to me directly. I have been advised to speak to my broker only as they are not allowed to discuss my case with them............arrgh 

Bless you. It's so horrible isn't it. Very frustrating that your broker is the gatekeeper. Seems odd that they have said they will only discuss with him? It's your money! But I am new to this so maybe that is standard practice? Hopefully someone more experienced can advise. I totally understand re the anxiety though - I feel your pain. If this all goes through for me I am never moving again!

Jamaicanmelaff

fiision2020 said:

I'm literally going out of my mind at present. I made the full mortgage application on 19 June and apart from having to send some additional documents, I have heard nothing since. The application was with Saffron Building Society. I was told that there was a 12 day backlog for valuations however that point was surpassed two days ago. Every time I ring the broker he just tells me that he has no other news and just to wait as everything is delayed due to coronavirus. I would appreciate an update now and again even if its just to say that he is still waiting but this guy does not do that. He sounds frustrated when I have managed to contact him (I think more frustrated that I'm calling). The vendors are panicking believing that I do not have my mortgage in place and even put the property back on the market to attract other potential buyers. This only stopped when I threatened to withdraw my offer. This is really causing me a great deal of anxiety and I'm even feeling guilty for calling the broker every two to three days for an update.I don't know if anyone or here as applied to Saffron, they were one of the few lenders still offering 90/95% LTV mortgages at the end of June. What makes matters worse is that they will not speak to me directly. I have been advised to speak to my broker only as they are not allowed to discuss my case with them............arrgh 

Tbh your application is still currently well within the normal timescales at present so your vendors getting antsy and wanting to relist etc is them having unrealistic expectations of how long things take to proceed, particularly given the global pandemic we find ourselves in. It's not even been three weeks yet. It looks like they removed the STC after just over 2 weeks, that's insane in the current climate. Yes, some applications are being approved by some lenders within 3 weeks, but even during normal times application processing times vary and can take a lot longer. Was the 12 day delay for valuations 12 calendar days or 12 working days? Are you self-employed or do you have any other circumstances that would require your application to be manually underwritten?

I feel for you. I had a request for additional documents from HSBC on the 8th of June and they sat in a queue for 4 weeks until an underwriter started assessing them earlier this week. I also tried calling HSBC direct and was just referred back to my broker for any updates. It's a horrible nerve-wracking wait. My valuation hasn't been booked yet (my application went in on the 1st of May, but in fairness to HSBC I couldn't upload my docs until the 4th of June so they couldn't do much for the first month), but I'm in Wales and the property market only opened back up here 2 weeks ago so I'm guessing they want to do a physical valuation and figured they may as well assess my documents first. They updated my broker earlier this week that they will hopefully get back to us by Friday with either a valuation date or a request for more additional documents. There's really not much you can do except wait, but I think your seller just needs to have a bit more patience and understand that most companies aren't running at full capacity atm and that will, of course, have an impact on timescales.

macca2424

My latest update with Barclays is that my application has been accepted subject to valuation which has now been instructed but my broker doesn’t have a date for it yet. It’s been just over 3 weeks so far so hopefully not too much longer to wait. 

hayleyanne25

Just FYI - for anyone waiting on HSBC: 

I called them today and they had on their system a question to ask me 'have I been financially disadvantaged by Covid-19?' I haven't been and the guy updated the system and said I should have a decision by 13th July at the latest!
It made me wonder if I haven't had called, how long would it have been outstanding for?!
Number called: 0345 603 0171 - 14 minutes in total (about 10 min wait time) called at 10.15am today  

heston2014

hayleyanne25 said:

Just FYI - for anyone waiting on HSBC: 

I called them today and they had on their system a question to ask me 'have I been financially disadvantaged by Covid-19?' I haven't been and the guy updated the system and said I should have a decision by 13th July at the latest!
It made me wonder if I haven't had called, how long would it have been outstanding for?!
Number called: 0345 603 0171 - 14 minutes in total (about 10 min wait time) called at 10.15am today  

We called HBSC every day for updates as that’s exactly what we thought, had we not called, there wouldn’t be any update and our application would’ve sat around until someone looks at it. So definitely keep calling for update even if they tell you give x number of days before contacting them again. We got our full offer within 13 days. Would’ve been much longer if we just waited for HSBC to update.