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

burge1983

firstimebuyer1993 said:

Happy Monday everyone! I, unfortunately, don't have any more news on my BOI application... But the valuation came through on the 16 July and BOI website indicates they are examining documents from 15 July so the broker expects the offer to come through tomorrow!

Fingers crossed for you, I'm following in your wake so to speak so I've been basing my timelines on yours!!

burge1983

firstimebuyer1993 said:

Happy Monday everyone! I, unfortunately, don't have any more news on my BOI application... But the valuation came through on the 16 July and BOI website indicates they are examining documents from 15 July so the broker expects the offer to come through tomorrow!

The bad news for us based on the current BOI service levels is that our documents weren't passed to an underwriter until 22/07..so it could end up being another week. Our broker was hopeful that our application would be assessed tomorrow after he spoke with someone last week, and was aiming for an offer towards thursday/friday of this week

izoomzoom

chaney92 said:

Hi all. 

First time buyer here. Doing shared ownership. 25% of 290,000

so £72500 loan
il be putting down 15% deposit. 

I’m self employed partner employed 

Put application in on the 17th with Halifax. Heard today that valuation is booked for 5th August (we had hard and soft searches day after application)

Just worried about valuation as don’t know if new build semi detached 3 bed is worth 290,000

how does it look?

We're staircasing to 100%. Our house had to be valued by an independent chartered surveyor (which we had to pay for), and lender seemed to be on the same page as we got offer today. Lender didn't ask to see the valuation, and seems just a desktop version was done. Good luck with your application. 

eireal

I got my BOI offer this morning! 

My timeline:
16/6 - offer accepted on property 
17 - 26/6 - MB tried to submit 90% LTV with HSBC (fail!)
26/6 - 85% LTV application submitted with BOI
30/6 - additional documents requested 
1/7 - Valuation 
(nothing....)
27/7 - Offer 

Best of luck to everyone!

firstimebuyer1993

burge1983 said:

firstimebuyer1993 said:

Happy Monday everyone! I, unfortunately, don't have any more news on my BOI application... But the valuation came through on the 16 July and BOI website indicates they are examining documents from 15 July so the broker expects the offer to come through tomorrow!

The bad news for us based on the current BOI service levels is that our documents weren't passed to an underwriter until 22/07..so it could end up being another week. Our broker was hopeful that our application would be assessed tomorrow after he spoke with someone last week, and was aiming for an offer towards thursday/friday of this week

Oh no According to my broker, BOI is very strict on assessing documents from their submission date so it is not when they were passed to the underwriter but when they were uploaded on the system I am assuming... I will keep you updated, I hope you hear very soon!

hannah2283

Had the valuation from HSBC today via the broker. Basically valuing it at £0 unless I get a timber, damp & wall tie report plus a quotation for remedial works. It’s a bit odd because normally they would take the value of works off the value offered for the house (according to my agent) and these are things that can be quite easily repaired. Luckily I have my homebuyers report survey scheduled for this week which will hopefully clarify these issues. I do still want the house though so it looks as though it’s going to be longer, more complicated and more expensive than I thought! Has anyone else experienced this before (and it’s turned out fine?) 

Chilli6

Just put mortgage application through today. I've gone with nationwide as I was with them previously and found them easy to deal with. 
It's a 30% LTV mortgage so hoping it will be OK as its affordable. Only potential negative I can see is my job which is charity manager and with todays uncertainty may be seen as risky. I've remained working throughout with same pay so hopefully its all OK 

hughes1497

Help! I'm so frustrated. Current timeline below:
14/07 - mortgage application submitted
17/07 - mortgage application received by nationwide
17/07 - valuation instructed and provided same day (home buyers report - scotland)
24/07 - update from nationwide to say full application passed to underwriters
27/07 - further documentation request from underwriters - provided same day 

One of the documents the underwriters needed was proof my credit card balance was paid off which it is but the statement will not bill until august 10th so I have showed them a screenshot of credit card balance on app being £0, my previous statement from month before and the transaction from current account which shows me paying off the statement amount. Is this enough?

Has anyone else had a similar experience from Nationwide and how long it took after further documents to be reviewed? I'm equally frustrated as I had to call nationwide for the update this morning as the MA is useless in my opinion and is not doing everything he can (I got update this morning, called him to see if he had heard anything and he said no yet they emailed him just after 9am)...

padlilly115

Been hovering on this thread the last few days but can now join!  Timeline so far:
21/7 - Initial call with MA to confirm budget of 400k with 10% deposit (as FTB) is doable mortgage wise
22/7 - See dream house, make offer of 383k and have it accepted!
23/7 - Mortgage illustration with HSBC received and docs send to MA for application
24/7-25/7 - Fail to get an application in due to daily limit
27/7 - MA submits application!

And so the wait begins.  Feeling very nervous as the 90% LTV are so limited, if this doesn't work we do not have many options (either due to length of mortgage restrictions or lending amount restrictions).  Thankfully my income has been unaffected by COVID, and I only have car finance, an excellent credit rating, and have been consistently saving for years, however I don't really know what they look for and my brain is helpfully coming up with all sorts of issues they might have!  Think I will be having nightly mortgage nightmares for a while!

fiision2020

hannah2283 said:

Had the valuation from HSBC today via the broker. Basically valuing it at £0 unless I get a timber, damp & wall tie report plus a quotation for remedial works. It’s a bit odd because normally they would take the value of works off the value offered for the house (according to my agent) and these are things that can be quite easily repaired. Luckily I have my homebuyers report survey scheduled for this week which will hopefully clarify these issues. I do still want the house though so it looks as though it’s going to be longer, more complicated and more expensive than I thought! Has anyone else experienced this before (and it’s turned out fine?) 

I'm going through something like this at the moment. The property I hope to purchase was undervalued by £3000 due to evidence of rising damp. The lender has simply asked for a timber/damp survey and will pass this back to the valuer for further consideration. I'm assuming because the cost of any potential remedial work could be more than £3000 and the lender is being cautious. This is going to cause delays. The survey is booked for tomorrow but it can take up to 5 working days to get the report back. This then needs to be forwarded to my broker who forwards it the the lender and on to the valuer. Once the valuer makes a decision and passes on their comments back to the lender, i will then have to wait for the underwriters to make a decision (i.e. a possible retention on the mortgage). I'm also still waiting on my building survey to be completed. The guy is fully booked for the next two weeks.