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

Process90

Does anyone know how it works when it comes to an offer?
i.e. say if you've requested a loan amount of £200k based on your last year's figures of variable pay, bonus, overtime etc. Is it possible that a lender could come back and give you an offer short of of the amount you requested? 
Is this a done thing?

Looby321

ThatDavieGuy said:

Looby321 said:

ThatDavieGuy said:

nwh07 said:

ThatDavieGuy said:

Still waiting for TSB, apparently their underwriters are experiencing some IT related issue which is delaying the decision.
AIP 15th June
FHF Submitted 17th June
FHF Approved 18th June
Full Application submitted 22nd June - Hard checks completed  22nd
Valuation completed 30th June & sent to underwriters....still waiting

We are also still waiting on tsb. our case went straight to the underwriters before our mortgage broker could submit full application due to being self employed and we still haven't heard anything other than we are still in a queue. The estate agents are now on our case for a valuation or the house will be put back on the market
AIP 16TH JUNE
APPLICATION SUBMITTED & SENT STRAIGHT TO UW 18TH JUNE 
STILL WITH UNDERWRITERS 14TH JULY
Such a stressful agonising wait at the minute with TSB

MA saying that the IT issue is what's holding things up for us, the wait is so frustrating for us so can imagine with the added pressure from the estate agent it's not helping you at all.

My mortgage application was submitted over 6 weeks ago. Valuation took place on 28th June and still no offer from TSB. Broker emailed on Monday to say they're escalating the case. Agonising wait...

Has your broker been made aware of any IT issues at TSB? Surely if there were IT issues they would be resolving them ASAP as it's obviously going to create a backlog and longer times

He hasn't reported any IT issues back to me - just said that their lack of updates has been pretty bad. I've been checking their social media to see if they've made any posts/comments about any particular issues but there's been nothing. I'm really pleased for the people who are getting their offers through really quickly, but it's making me even more worried about why mine is taking so long!

Bryson20

I'm applying with Nationwide. I'm a first time buyer and the sole applicant. I'm using a broker.
AIP - 6th July
Applied - 6th July
Valuation scheduled, completed and received - 7th July
Sent Nationwide remaining requested forms (gifted deposit letter etc.) - 15th July
Now back to the nervous waiting

Jamaicanmelaff

Process90 said:

Does anyone know how it works when it comes to an offer?
i.e. say if you've requested a loan amount of £200k based on your last year's figures of variable pay, bonus, overtime etc. Is it possible that a lender could come back and give you an offer short of of the amount you requested? 
Is this a done thing?

Yes. They can look at your circumstances and affordability etc. and come up with an amount that they are willing to lend which may differ from the amount you see on their affordability calculators. If it is within the amount you've requested, that's fine. Otherwise they may come back with a lower loan amount and see if you can increase your deposit or negotiate the price or whatever.

Process90

Jamaicanmelaff said:

Process90 said:

Does anyone know how it works when it comes to an offer?
i.e. say if you've requested a loan amount of £200k based on your last year's figures of variable pay, bonus, overtime etc. Is it possible that a lender could come back and give you an offer short of of the amount you requested? 
Is this a done thing?

Yes. They can look at your circumstances and affordability etc. and come up with an amount that they are willing to lend which may differ from the amount you see on their affordability calculators. If it is within the amount you've requested, that's fine. Otherwise they may come back with a lower loan amount and see if you can increase your deposit or negotiate the price or whatever.

Thanks. Yes, that's what I was getting at really.

We've requested a loan amount based up our large deposit and incomes from the past year and further back which have a lot of variables i.e. alot of commission and additional shifts from my partner. However HSBC criteria is now that they'll only base income on the last 3 months so we think that'll effect whether they'll offer what we've asked - we've still been earning variable income in the last 3 months but it's obviously not been as good as pre-COVID but still OK.

 We've had our physical valuation booked in for next week today so that may be a good sign that we'll get some kind of offer should the valuation be OK.

moo313

I received my offer remortgage offer yesterday. There was a delay caused by Natwest not informing my broker that I must have my credit card balance cleared in order to pass their affordability checks. This delayed it for a week until I contacted Natwest and asked for an update. As the online application tracker was showing everything ticked under the assessment stage

Here is a timeline of my application

• 17th June : AIP issued(Full credit check performed)
• 18th June: Application Submitted: 18th June (Soft credit check performed)
• 25th June: Valuation:
• 26th June: Natwest requested additional docs confirming my annual salary and apartment service ground rent charges. Both submitted on the same day
  
• June 27th: Natwest informs me the service charge causes me to fail the affordability requirements and made a revised lower offer. Mortgage broker advised me reducing my credit card debt from £3000 to at least £1500. This will make the pass the affordability requirements. I agreed to this. Broker informed Natwest of this: 
• 29th June: Natwest supposedly informed mortgage broker to decline to reduce the credit card balance and inisists the entire balance is paid off immediately. Mortgage broker didn't recieve any notification of this
• A week goes by without any feedback from Natwest. Online application tracker shows everything in the assessment stage as completed (ticked)
• 7th July: I contact Natwest via the live chat feature. Asking for an update they inform me the credit card balance requires clearing. Informed mortgage broker of this who eventually confirms this this case as has to be done now. He ends up complaining to his Natwest account manager on why he wasn't informed of this in the first place. 
• 8th July: First Direct Credit Card balance paid off
• 10th July: First Direct Credit Card balance now shows at zero. Mortgage Broker send proof that credit card balance is fully paid off. 
• 13th July: Noticed everything was showing recent documents proofing the credit card balance was paid off was processed. So contacted Natwest again via the live chat feature.  Informed the formal offer will be issued the next day
• 14th July: Natwest send me the formal remortgage offer

If anyone got a application on going with Natwest. The application tracker is very useful, if everything is showing as processed and still waiting. There is no harm in contacting them to find out for an update. 

thaddy

Congratulations! moo313 said:

I received my offer remortgage offer yesterday. There was a delay caused by Natwest not informing my broker that I must have my credit card balance cleared in order to pass their affordability checks. This delayed it for a week until I contacted Natwest and asked for an update. As the online application tracker was showing everything ticked under the assessment stage

Here is a timeline of my application

• 17th June : AIP issued(Full credit check performed)
• 18th June: Application Submitted: 18th June (Soft credit check performed)
• 25th June: Valuation:
• 26th June: Natwest requested additional docs confirming my annual salary and apartment service ground rent charges. Both submitted on the same day
  
• June 27th: Natwest informs me the service charge causes me to fail the affordability requirements and made a revised lower offer. Mortgage broker advised me reducing my credit card debt from £3000 to at least £1500. This will make the pass the affordability requirements. I agreed to this. Broker informed Natwest of this: 
• 29th June: Natwest supposedly informed mortgage broker to decline to reduce the credit card balance and inisists the entire balance is paid off immediately. Mortgage broker didn't recieve any notification of this
• A week goes by without any feedback from Natwest. Online application tracker shows everything in the assessment stage as completed (ticked)
• 7th July: I contact Natwest via the live chat feature. Asking for an update they inform me the credit card balance requires clearing. Informed mortgage broker of this who eventually confirms this this case as has to be done now. He ends up complaining to his Natwest account manager on why he wasn't informed of this in the first place. 
• 8th July: First Direct Credit Card balance paid off
• 10th July: First Direct Credit Card balance now shows at zero. Mortgage Broker send proof that credit card balance is fully paid off. 
• 13th July: Noticed everything was showing recent documents proofing the credit card balance was paid off was processed. So contacted Natwest again via the live chat feature. As informed the formal offer will be issued the next day
• 14th July: Natwest send me the formal remortgage offer

If anyone got a application on going with Natwest. The application tracker is very useful, if everything is showing as processed and still waiting. There is no harm in contacting them to find out for an update. 

How do you obtain proof that the credit card balance is paid? My statements are generated monthly and I have just paid it off so the zero balance won't show until the next one

Tilly111213

How are you managing the pressures of estate agents / the other side in terms of contracts / getting surveys etc? I don't want to pay out for a building survey until I have my mortgage offer - is that usual? Or do people just accept the risk and get it done?

moo313

thaddy said:

Congratulations! moo313 said:

I received my offer remortgage offer yesterday. There was a delay caused by Natwest not informing my broker that I must have my credit card balance cleared in order to pass their affordability checks. This delayed it for a week until I contacted Natwest and asked for an update. As the online application tracker was showing everything ticked under the assessment stage

Here is a timeline of my application

• 17th June : AIP issued(Full credit check performed)
• 18th June: Application Submitted: 18th June (Soft credit check performed)
• 25th June: Valuation:
• 26th June: Natwest requested additional docs confirming my annual salary and apartment service ground rent charges. Both submitted on the same day
  
• June 27th: Natwest informs me the service charge causes me to fail the affordability requirements and made a revised lower offer. Mortgage broker advised me reducing my credit card debt from £3000 to at least £1500. This will make the pass the affordability requirements. I agreed to this. Broker informed Natwest of this: 
• 29th June: Natwest supposedly informed mortgage broker to decline to reduce the credit card balance and inisists the entire balance is paid off immediately. Mortgage broker didn't recieve any notification of this
• A week goes by without any feedback from Natwest. Online application tracker shows everything in the assessment stage as completed (ticked)
• 7th July: I contact Natwest via the live chat feature. Asking for an update they inform me the credit card balance requires clearing. Informed mortgage broker of this who eventually confirms this this case as has to be done now. He ends up complaining to his Natwest account manager on why he wasn't informed of this in the first place. 
• 8th July: First Direct Credit Card balance paid off
• 10th July: First Direct Credit Card balance now shows at zero. Mortgage Broker send proof that credit card balance is fully paid off. 
• 13th July: Noticed everything was showing recent documents proofing the credit card balance was paid off was processed. So contacted Natwest again via the live chat feature. As informed the formal offer will be issued the next day
• 14th July: Natwest send me the formal remortgage offer

If anyone got a application on going with Natwest. The application tracker is very useful, if everything is showing as processed and still waiting. There is no harm in contacting them to find out for an update. 

How do you obtain proof that the credit card balance is paid? My statements are generated monthly and I have just paid it off so the zero balance won't show until the next one

I supplied them with July statement and a copy of my recent payments made. I also got First DIrect to send me a secure message to confirm the balance is at zero. I also supplied them a copy of that message as well.

fiision2020

Tilly111213 said:

How are you managing the pressures of estate agents / the other side in terms of contracts / getting surveys etc? I don't want to pay out for a building survey until I have my mortgage offer - is that usual? Or do people just accept the risk and get it done?

I was willing to pay for a survey before getting my mortgage offer however when the vendor relisted the property back on the market I decided to proceed more cautiously. I understand that sellers sometimes get a lot of time wasters and in my case the vendor had two previous sales fall apart. However to show my commitment I instructed and paid my solicitor to begin the searches and chased the mortgage application almost daily. Valuation is booked for next week however I'm waiting until I get a formal offer before getting a building survey done. Its an older property so will be looking to get the most expensive survey done but don't want to commit to any further expenditure until that offer is in place.