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

motherofcats

Day 19 with aldermore. Still waiting for mortgage offer. Valuation was done on Friday and I saw the report on Monday and all was good. How long can it take for them to look at a bit of paper?

gjheward91

Our timeline so far with Barclays.
HTB & Mortgage applications submitted Friday 17th July
HTB Authority to proceed - 23rd July
Valuation instructed - 24th July
Valuation booked - 29th July for 30th July

SierraRomeo30

Process90 said:

SierraRomeo30 said:

Process90 said:

chillicheesedog said:

Yep, absolute ages with HSBC. Sent extra docs 14th of July. Valuation done and all was well but not heard anything since. We've been chasing every day 🤦🏻‍♀️

Have you instructed your solicitor etc? We're been hassled by the EA but don't want to fork out the solicitor fees without the mortgage offer.

We’re in the same position. EA hassling saying it’s unusual not to have done the survey, instructed solicitor etc. But that not far off £1000 upfront payment for something that may fall through. Worried our sellers will grow impatient.

Ahhh, tell me about it! I've had all of that nonsense from them today as well. Saying that they're going to start accept viewings if we don't instruct and send the paperwork back. We've stuck by our guns. 

Wish I could say the same. We’ve caved and paid for the searches. I got a not very call from the EA earlier saying the vendors are angry. She said that Coronavirus is not an acceptable excuse for the delay as other people are booking their valuations a day or so in advance. I ‘calmly’ explained that we’ve already had our valuation which came back fine but due to the influx of applications, our lender is behind on usual timescales. She then proceeded to demand to know who our broker is and point of contact so she can speak with them herself. Knock yourself out love - they’ll just tell you what I’ve been telling you 🙄.

Creditfixer3021

Daniboy1 said:

I need advice!!!! Please. So in march we decided to apply to santander with one years accounts. Broker was positive he could do it!  We applied self employed accounts, and a second income from employment( my partner has a job as a merchandiser, basically making sure stock in factory of clothes are delivered and made on time. Altogether he earns 60k are year. They rejected him. Applied to Halifax and accord, they both rejected. In all of this I was saying 3 rejects are wrong for broker to do, there's a pattern here. Fast Forward to June I asked him to go with another broker, this broker has a great reputation! They corrected the error on accounts which broker picked up on so accountant fixed it and we applied with nationwide. They asked for 6months pay slips, and 6 months bank statements and his 2 Yr self employed accounts. Asked for employment contract. Went to head office for decision, rejected again. (arrhhhh) 
Now option, 1) rent for few months and apply from natwest (he Banks with them last 15yrs) however only apply with self employed accounts and not his secondary job and go for smaller house. 
Option 2- apply with natwest, apply with him and my name, however my credit file has very little history.
Your answers are really appreciated as I'm soo confused now. 

Dani - I was in a similar position with Santander. We even got to the point where they said they were going to send us the offer then the following day we got rejected (gutted).

im self employed and they had an issue with a dip in accounts for 18/19. What annoyed me was the fact the reason for the dip was due to a new large contract that didn’t get invoiced until after year end so despite the extra work and profit, it won’t show till next year. What really annoyed me was the fact I bank with Santander (business and persoanl), they could see I have over 300k in my current account and our turnover is going to double this year - they claim they can’t look at bank accounts as the mortgage division is seperate - I said, why did you ask for my bank statements then (personal and business)

anyway, my MA advisor was determined to stick with a high steeet lender, we were rejected on dip (pesky BT arrear that’s been challenged for the last 12 months and still ongoing) so we then went to Kensington.

we’re at the final stages and hope to get a decision next week. It’s costing us an extra £560 per month but worth it (we’re getting a 5% discount on a new build as my wife is a teacher and stamp duty) so even with the £540 we’re better off (we currently pay £1500 pm rent, the mortgage is £1890 (repayment) 

pearsforlife

@Creditfixer3021 I would be taking that 300k that you have and put it into the house, save yourself a heap of interest??

hannah2283

ftbamy2020 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 have just had my valuation back from barclays and they have valued at 0! I had a home report done 1 month ago and it was reported as having no immediate problems and suitable for mortgage. To say I am fuming is an understatement! Not sure where to go from here. 

Ah sorry to hear this. Has a reason been given for the 0 valuation? They should/your broker should tell you why. I have my HB report survey tomorrow and when I spoke to the surveyor yesterday he said that the reason given is quite a common one and should be fine one way or another - just with some extra expense. HSBC are super picky apparently and I’d be unlikely to have the same issue with other lenders. But, I hope you find a way through. 

Creditfixer3021

pearsforlife said:

@Creditfixer3021 I would be taking that 300k that you have and put it into the house, save yourself a heap of interest??

I’ve decided to grow my company, I’m in a nice position where even if it did go downhill, we could survive for 15 months (if business went to zero tomorrow with the full team and all bills and tax paid).

if this pays off, I’ll use the money for a bigger deposit in the future

Avallon_2

Well I'm annoyed. 
Received AIP from Firstdirect some weeks ago. Got an offer accepted on a house last week.
Phone application submitted 22-07. Uploaded supporting docs same day.
Got phone call today confirming the application was approved subject to valuation. 
However, I need an appointment with a Firstdirect advisor - and the wait is a month. After that it will supposedly take another 4-6 weeks to complete and exchange.
I was told that an online application would still be subject to a month wait for an appointment.
It would have been helpful if Firsdirect had confirmed this before I put the application in as I now have a hard search on my record...
I do need a 90% LTV mortgage unfortunately so that doesn't help....
Does anyone have any suggestions on how I can expedite the process? 

firstimebuyer1993

firstimebuyer1993 said:
I'm with BOI as well

AIP: 29/06
Offer on the house accepted 01/07
Full application: 02/07
Additional documents added: 06/07
Valuation ordered: 10/07
Valuation: 15/07
Valuation result: 16/07
My broker said that we should expect an offer Tuesday or Wednesday now so fingers crossed! I'll keep you updated!

Update!!!!! Best one ever: we got our offer from BOI this evening!!! We are FTB with a straight forward case (employed, not affected by COVID) I am over the moon! But it took so long before it arrived! Good luck everybody!

Frances13

Avallon_2 said:

Well I'm annoyed. 
Received AIP from Firstdirect some weeks ago. Got an offer accepted on a house last week.
Phone application submitted 22-07. Uploaded supporting docs same day.
Got phone call today confirming the application was approved subject to valuation. 
However, I need an appointment with a Firstdirect advisor - and the wait is a month. After that it will supposedly take another 4-6 weeks to complete and exchange.
I was told that an online application would still be subject to a month wait for an appointment.
It would have been helpful if Firsdirect had confirmed this before I put the application in as I now have a hard search on my record...
I do need a 90% LTV mortgage unfortunately so that doesn't help....
Does anyone have any suggestions on how I can expedite the process? 

We are in the exact same position.... 

We got our DIP with HSBC on 21st July, offer accepted on 28th July and now we can't get an appointment with them to proceed with the application until 18th August..... We also need a 90% mortgage and no broker is able to help us either - I've tried three so far!

Unfortunately it's just a waiting game. I'm just grateful that our sellers haven't found anywhere yet so we aren't the ones causing the hold up