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

onlyliveonce

Hi.
Submited docs with accord last thursday.

Got an email from our MB with questions in regards to deduction on payslip and dd on a statement yesterday.

Does this mean it is with an underwriter? I am very impatient.

watch3r

onlyliveonce said:

Hi.
Submited docs with accord last thursday.

Got an email from our MB with questions in regards to deduction on payslip and dd on a statement yesterday.

Does this mean it is with an underwriter? I am very impatient.

i don't know Accord but our MA did initial Underwriting before it went to Underwriters . 
I know its not related but my HTB agent when i applied a month ago had 4 working days for issuing first document . 
now its 14 . 
Everyone is supper busy so it might drag a bit .  

onlyliveonce

watch3r said:

onlyliveonce said:

Hi.
Submited docs with accord last thursday.

Got an email from our MB with questions in regards to deduction on payslip and dd on a statement yesterday.

Does this mean it is with an underwriter? I am very impatient.

i don't know Accord but our MA did initial Underwriting before it went to Underwriters . 
I know its not related but my HTB agent when i applied a month ago had 4 working days for issuing first document . 
now its 14 . 
Everyone is supper busy so it might drag a bit .  

Yeh. Im thinking the same. Everythings up in the air.

hannah2283

fiision2020 said:

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.  

Yeah it is pretty weird doing the £0 value, the estate agent was pretty confused as well. It might be that the problems that the valuation threw up aren’t as bad as they thought once the HB report is done. I hope so at least. I know they went in and did a physical valuation so hopefully it means they didn’t spot any problems of note! The seller wants a quick sale and my rental contract ends at the end of October so there’s a bit of time pressure on, but I don’t want to pull out of this one! This probably happens quite often but when it’s your first time it’s quite stressful! 

Steven_C

Hello everyone, would like to share my experience with HSBC and also have a question.
6th July - Mortgage application submitted via mortgage broker.
20th July -  HSBC requesting wage slips and provided same day. 
21st July - Mortgage offered approved and documents received. 
When reading over the documents there was a typo in my name. I told them mortgage broker and they said they would let HSBC know. The issue is now we still haven't heard anything from HSBC or received any change. We don't understand how it can take this long to change a correction as its now been a week but offer the mortgage the following day after submitting wage slips and we are getting worried. Broker said it should only take a few days. Anyone else had the same issue before?

HamburgerExpert

Anybody know how close we might be to getting an offer from Nationwide if the latest from our broker is "reviewing the finance disclosure form from Barretts, once accepted an offer will be produced."

We were promised this yesterday but nothing has happened. The nerves are making me physically sick at this point.

jade2612

HamburgerExpert said:

Anybody know how close we might be to getting an offer from Nationwide if the latest from our broker is "reviewing the finance disclosure form from Barretts, once accepted an offer will be produced."

We were promised this yesterday but nothing has happened. The nerves are making me physically sick at this point.

Im in the same boat waiting for word from
nationwide. I was told Tuesday and the latest then yesterday they Changed it to Thursday at the latest. My nerves are awful aswell. The last I heard from my MA was “I can see the documents they asked for are satisfied which is great. They are currently waiting for their underwriters to check over the valuation report so as soon this has been satisfied fingers crossed your offer will produced.” I don’t know if this means the credit check and all has been passed but at this rate I just want to know either way. 

Process90

Steven_C said:

Hello everyone, would like to share my experience with HSBC and also have a question.
6th July - Mortgage application submitted via mortgage broker.
20th July -  HSBC requesting wage slips and provided same day. 
21st July - Mortgage offered approved and documents received. 
When reading over the documents there was a typo in my name. I told them mortgage broker and they said they would let HSBC know. The issue is now we still haven't heard anything from HSBC or received any change. We don't understand how it can take this long to change a correction as its now been a week but offer the mortgage the following day after submitting wage slips and we are getting worried. Broker said it should only take a few days. Anyone else had the same issue before?

''We don't understand how it can take this long to change a correction as its now been a week but offer the mortgage the following day after submitting wage slips''

Try not to worry, I'm sure it's fine. Just understand that HSBC are generally useless. Kick things around for weeks until someone pushes a button.

SierraRomeo30

Day 18 for us, feeling rather fed up. Pie, mash and gravy for tea tonight...proper comfort food 👌🏻

padlilly115

padlilly115 said:

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!

Updated timeline:
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!
27/7 - Estate agents confirmed valuation booked for 29/7
28/7 - MA confirms that HSBC has reserved the rate has been reserved and application referred to the underwriters for review.

So far this has moved quicker than expected but I assume underwrite takes a while.  Is it normal to go to underwrite for mortgages?