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

Nic34

We got our HSBC mortgage offer today!

Final timeline (FTB, new build flat, 75% LTV):

July 6th - Application submitted through MB

July 7th - Supporting documents requested (proof of deposit, income, address and identity) - originals sent via MB

July 15th - Desktop valuation carried out

July 16th - All requested documents received by HSBC
July 27th - Mortgage offer sent by email

I can finally stop checking my emails every 2 minutes and will be able to sleep peacefully again.

moo313

MadMax_2 said:

My FA has applied for a mortgage for myself and my husband with Nat west - he said we had passed the credit search and the formal application was sent to them early last week but when I looked at my Experian status is said Nat West had conducted a Soft Identity Search not a Hard Search - does this mean our application could be declined and the hard search is still to take place?  I have two missed payments over a  year ago for an online item hence why I am concerned - hoping someone can help Thank you 

When Natwest issued me my DIP, they did a hard credit check. The next day my MA submitted my application they did a soft search. Apparently applying via a broker Natwest performs a hard check first at the DIP stage then a soft search when the application is submitted.

hannah2283

fiision2020 said:

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. 

It’s such a nightmare isn’t it? I hope it all gets sorted for you. My broker isn’t exactly being forthcoming with information - she seems to think the HB report could be fine but may need specialist quotes, but isn’t clear on whether I have to send the whole HB report through or just the bits relating to what they have flagged. It’s all quite frustrating. Luckily there is no chain but it’s weird they said £0 when it’s more like the amount I offered minus the value of the work. Who is your lender? 

MadMax_2

moo313 said:

MadMax_2 said:

My FA has applied for a mortgage for myself and my husband with Nat west - he said we had passed the credit search and the formal application was sent to them early last week but when I looked at my Experian status is said Nat West had conducted a Soft Identity Search not a Hard Search - does this mean our application could be declined and the hard search is still to take place?  I have two missed payments over a  year ago for an online item hence why I am concerned - hoping someone can help Thank you 

When Natwest issued me my DIP, they did a hard credit check. The next day my MA submitted my application they did a soft search. Apparently applying via a broker Natwest performs a hard check first at the DIP stage then a soft search when the application is submitted.

Oh that's good thanks for replying - fingers crossed for us all

Process90

Nic34 said:

We got our HSBC mortgage offer today!

Final timeline (FTB, new build flat, 75% LTV):

July 6th - Application submitted through MB

July 7th - Supporting documents requested (proof of deposit, income, address and identity) - originals sent via MB

July 15th - Desktop valuation carried out

July 16th - All requested documents received by HSBC
July 27th - Mortgage offer sent by email

I can finally stop checking my emails every 2 minutes and will be able to sleep peacefully again.

Congrats. Judging by your timescale we’re a week behind you. Our valuation was 20th and our additional docs were uploaded on 21st. 

Was your case straight forward? Both employed etc with good income and credit history? 

carriesmonkies

We’re going a bit crazy here.
Applied with Nationwide on 30/06/20 (MIP couple weeks before that)

valuation completed on 9th July and report returned and accepted on 10th July.

On 16th July they contacted our MA to say we needed to resubmit the application as a right to buy (which it isn’t, we aren’t council tenants and are not buying a council house but we are receiving a grant towards our deposit from the local authority).
Re-submitted another application the same day.

Finally today our MA contacted you say that it’s been accepted subject to another letter from the LA to say that the grant doesn’t need repaying.  Submitted that to them this afternoon.

I really hope we aren’t waiting much longer.  I’ve not really slept for almost a month now.  It’s honestly been the most stressful thing I’ve ever been through.  

carriesmonkies

Lancs1234 said:

Trickster33 said:

Can not believe it , that’s us got our offer from Accord ! We are delighted and surprised  9 days from application to offer. I wish you all the best for your applications and will hang about a while to see your news . Good luck everyone 

Congrats!
It seems its just our underwriter who is being a pain! After a call with the main call centre yesterday, the valuation was miraculously found and attached to the case for the underwriter to issue to offer. 
Fast forward to this morning and the underwriter has emailed saying they cannot find the valuation attached and it will mean the case goes back to the bottom of her pile and will be reviewed again in 8 days. 

Mortgage advisor has sent one not too happy email to the underwriters boss as it is their error and we have already had a week added on due to them 'losing' the valuation before this extra week they're stating.

Not quite the same but I couldn’t find page 5 of my son’s DLA award.  Page 5 only discusses what happens when you turn 65 years old (he’s 9) and that was an issue. 

We’re now having a problem with our deposit contribution.  I think the underwriters can be quite pedantic.

good luck! 

fiision2020

hannah2283 said:

fiision2020 said:

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. 

It’s such a nightmare isn’t it? I hope it all gets sorted for you. My broker isn’t exactly being forthcoming with information - she seems to think the HB report could be fine but may need specialist quotes, but isn’t clear on whether I have to send the whole HB report through or just the bits relating to what they have flagged. It’s all quite frustrating. Luckily there is no chain but it’s weird they said £0 when it’s more like the amount I offered minus the value of the work. Who is your lender? 

My lender is Saffron Building Society. After doing a bit of research it appears that this is standard procedure from BS valuers especially when purchasing older properties. Your quote of £0 is weird. I would have assumed the valuer would have given an estimate of the potential costs for remedial work and deduct that from whatever value they think the property would be worth with the work done. I'm not sure how old the property is that you are trying to purchase but its pretty standard that specialist surveys can be asked for especially for damp, wood rot, and electrics. I'm going with the full structural (or building as they now call it) survey which should also clarify any potential damp issues. I would imagine that your lender would want to see the whole HB report and will just focus on the areas of concern. 

I've read a lot about the sharp practices of damp proofing companies that quote unnecessary work for thousands of pounds. I'm hoping that this will not be the case as I think my vendor would be a difficult person to negotiate with if I asked him to drop the price of the property. The one positive is that he did get a damp proofing course done last year with a guarantee so he may just need to get in contact with that company to carry out any remedial work.

Hope it all works out for you as this is just a frustrating and potential expensive delay to the whole process.  

motherofcats

Valuation went well, valuation was bang on what price the house was listed for. My offer was less but still accepted. Just waiting for the mortgage offer now 

hounsehunterftb

hounsehunterftb said:

Our timeline with Nationwide so far!!

• 6th July 2020 - DIP received
• 7th July 2020 - Mortgage application submitted (Got a text and email from Nationwide about receiving the application)
• 8th July 2020 - Valuation booked for 20th July 2020
• 16th July 2020 - Another update with valuation being resheduled for 27th July 2020
• 17th July 2020 - We can see the hard search performed on us 

Hey guys. so here is our timeline. (JIC if anybody curious) 

• 6th July 2020 - DIP received
• 7th July 2020 - Mortgage application submitted (Got a text and email from Nationwide about receiving the application)
• 8th July 2020 - Valuation booked for 20th July 2020
• 16th July 2020 - Another update with valuation being resheduled for 27th July 2020
• 17th July 2020 - We can see the hard search performed on us 
• 27th July 2020 - Valuation Report Received
• 27th July 2020 - Mortgage offer issued! (Should expect it in post soon)

https://forums.moneysavingexpert.com/discussion/6173813/nationwide-offered-mortgage-without-asking-for-a-single-document#latest