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

ftbamy2020

Trickster33 said:

ftbamy2020 said:

Trickster33 said:

ftbamy2020 said:

hannah2283 said:

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. 

Yeah the reasons are that it there was no electric so needs a full rewire when in reality the power just wasn't turned on. Full damp proofing but the house has been empty for about 10 years and the area of damp is on the chimney breast which was repaired a couple of years ago and just needs the flashings replaced now but because its been empty and not decorated you can still see where the damp was and we need to get a builder to check the ties on all four walls. So what has happened is they have sent a surveyor from the City to value and older rural property and he's just assumed there will be problems. He was only in the house 15 mins and didn't walk around the outside of it. 
Can anyone tell me if a valuation is necessary in Scotland if there is a recent home report? 

Think they are valid for 3 months after that needs to be done again . 

My home report was done 4 weeks ago so dont know why they have even done the valuation.

Should still stand then , no idea why they have done a valuation ? 

Very frustrating. I've sent them the home report to see if they will accept it. Even if they put a retention on the mortgage I could handle that.

SierraRomeo30

I’m feeling very stressed today, it’s been 5 weeks since we had the offer accepted. We’re nearing the 5 week mark on Thursday when we put the full application in. Our vendors are getting annoyed and we’re panicking they’re gonna panic and put it back on the market - that’s what a colleague of mine said she’d do if she was in their position (not helpful). I hope so much that we get news this week.

Trickster33

SierraRomeo30 said:

I’m feeling very stressed today, it’s been 5 weeks since we had the offer accepted. We’re nearing the 5 week mark on Thursday when we put the full application in. Our vendors are getting annoyed and we’re panicking they’re gonna panic and put it back on the market - that’s what a colleague of mine said she’d do if she was in their position (not helpful). I hope so much that we get news this week.

Been such a long wait for you no wonder your stressed but it’ll all be ok and worth the wait in the end ! 

onlyliveonce

SierraRomeo30 said:

I’m feeling very stressed today, it’s been 5 weeks since we had the offer accepted. We’re nearing the 5 week mark on Thursday when we put the full application in. Our vendors are getting annoyed and we’re panicking they’re gonna panic and put it back on the market - that’s what a colleague of mine said she’d do if she was in their position (not helpful). I hope so much that we get news this week.

How we love those helpful colleagues.

Have you heard anything in the weeks gone?

I had a call from out MB on friday to say they havent looked at the docs requested on monday, but should hear early this week. Fingers crossed.

Hope you hear soon.

SierraRomeo30

onlyliveonce said:

SierraRomeo30 said:

I’m feeling very stressed today, it’s been 5 weeks since we had the offer accepted. We’re nearing the 5 week mark on Thursday when we put the full application in. Our vendors are getting annoyed and we’re panicking they’re gonna panic and put it back on the market - that’s what a colleague of mine said she’d do if she was in their position (not helpful). I hope so much that we get news this week.

How we love those helpful colleagues.

Have you heard anything in the weeks gone?

I had a call from out MB on friday to say they havent looked at the docs requested on monday, but should hear early this week. Fingers crossed.

Hope you hear soon.

Thanks 🙂

We had the valuation on the 13th July

Got confirmation that was all fine etc on the 21st July and our application was awaiting final checks. We were advised we’d likely hear by the 24th July, that date came and went with no news. We were told it should be done by 31st July, still no news and just told it’s still in the queue. Beyond frustrating 🙈

SierraRomeo30

We’re desperately hoping for news this week because the estate agent just keeps getting more blunt and rude with each phone call. I’ve kept them up to date every few days but she just said the vendors are getting very annoyed now.

fiision2020

SierraRomeo30 said:

We’re desperately hoping for news this week because the estate agent just keeps getting more blunt and rude with each phone call. I’ve kept them up to date every few days but she just said the vendors are getting very annoyed now.

Sometimes you have to stand your ground and tell the EA/Vendor to back off. Even under normal circumstances there are delays to the mortgage application process that are out of your control. Anyone who says that Covid is not an acceptable excuse for delays are just not living in the real world. I work in the transport industry and 30% of my staff are still isolating/shielding etc. Many businesses are still closed and people are working from home. FTB have been hit by the lack of available smaller LTV mortgages and the few lenders who are offering them have been inundated with applications. There has been a spike in the housing market with many people trying to buy at the moment. I have had to wait for two weeks just to get a surveyor to carry out a building survey and I'm currently waiting 5 working days for a timber/damp report. My vendors got impatient with me and relisted the property back on the market but I just simply told them that i would withdraw my offer and they can start again. Do not put up with rudeness from anyone. 

carlyfluck

 Hi Everyone we are first time buyers and our  application went in last week with Leeds. This is totally new to us and had no idea that it could take so long to get a decision! Good luck to everyone, 

leodis23

Does anyone know how long it takes the soft/hard searches to show up on the free credit report sites? I know Credit Karma updates my full report weekly, and Clearscore/MSE Club do it monthly, but do searches stick to these time frames?

I've had radio silence from Nationwide for over a week so was hoping to see when they finally do the hard checks.

khtaylor

leodis23 said:

Does anyone know how long it takes the soft/hard searches to show up on the free credit report sites? I know Credit Karma updates my full report weekly, and Clearscore/MSE Club do it monthly, but do searches stick to these time frames?

I've had radio silence from Nationwide for over a week so was hoping to see when they finally do the hard checks.

I got an update the day after NW done a hard check with clearscore