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

firsttimebuyerlpl

iamap said:

Just reading the comment from SierraRomeo30... Do people generally wait until after their mortgage application is successful before going ahead with the searches? £300 or so risk.

First time buyers. Mortgage in principle. We have an offer accepted with an understanding everyone would like to move promptly. Have a solicitor with all paperwork in hand and surveyor lined up but not booked in. On of us is self employed and the mortgage application we’ve been advised could take a while.

Our MA advised not to pay the local searches until the mortgage was approved. However I’m aware that will delay things slightly. It is a risk if you pay the searches early but if you are confident you’ll get your mortgage without issue then there is no harm in paying. We have waited but our solicitor and vendor is putting pressure on us to pay the fees and get things moving in the meantime. 

SierraRomeo30

It’s a difficult decision to make, I suppose usually it wouldn’t be too much of a problem, but things are taking ages because of covid. We have paid for the survey now too, but it’s going to take them 2 weeks to get in. If we cancel 24 hours before there will be no charge. So fingers crossed we get some news soon. Although I dreamt last night that I was working on a morgue as a ‘Pulse Checker’ and it’s freaked me out because apparently it means bad news. That’s not reassured me in the slightest 🙈

Process90

firsttimebuyerlpl said:

iamap said:

Just reading the comment from SierraRomeo30... Do people generally wait until after their mortgage application is successful before going ahead with the searches? £300 or so risk.

First time buyers. Mortgage in principle. We have an offer accepted with an understanding everyone would like to move promptly. Have a solicitor with all paperwork in hand and surveyor lined up but not booked in. On of us is self employed and the mortgage application we’ve been advised could take a while.

Our MA advised not to pay the local searches until the mortgage was approved. However I’m aware that will delay things slightly. It is a risk if you pay the searches early but if you are confident you’ll get your mortgage without issue then there is no harm in paying. We have waited but our solicitor and vendor is putting pressure on us to pay the fees and get things moving in the meantime. 

Our MA has also advised us not to pay the search fees etc. In a different time with more certainty around mortgages and affordability, then I'd pay the searches straight away but in COVID times, I'm not paying anything until we get our mortgage offer. Pushy EA or not... 

a6

We're now in the third week of waiting with Halifax. Had a back and forth with the underwriters over some documents proving wife's name change which seems to have been resolved, and now waiting for the valuation to be booked. Halifax have instructed it, but apparently the surveyor is having difficulty getting booked in with Persimmon. Hoping that things are moving in the right direction!

J4mesg

Anyone had any updates from BOI?

ng1993

fiision2020 said:

ng1993 said:

Current update with myself:

23/06 - AIP with Saffron for 95% mortgage (Got it via a refferal originally)
29/06 - Offer accepted on house for £175k
07/07 - Mortgage application submitted with Saffron via broker, told 12 working days
21/07 - With underwriters, told ANOTHER 12 working days!

Rang for an update this afternoon and was told that it should be a decision this week, Been a long long process!!

It was 15 working days for me with Saffron. Did they mention anything about a valuation?

Hello,

Got the email yesterday, Mortgage approved subject to valuation so now awaiting the valuation, also they said they’ve sent a letter to my Girlfriends employer as shes worked in her current job for 3 months so they need an Employer reference but should be no issues with this.

Was a massive weight off my shoulders cos I was worried about affordability originally, but i’m confident there should be no issues with the valuation as I felt I got the house on a good deal and built in the 70’s so a solid build.

Do you know if Saffron are long on their valuations and how long did they take to come up with yours? 

burge1983

J4mesg said:

Anyone had any updates from BOI?

We are on working day 17, 90ltv and our application is yet to be assessed. Hopefully it will be looked at either late this afternoon or tomorrow in line with their current service levels (reviewing  fully packaged cases passed to underwriters on 21st July currently, ours was passed on to them 22nd July). Horrible waiting, we've ended up having to proceed with searches in the absence of an offer due to seller estate agent pressure, and will be liable for 90% of the solicitor fees even if we are declined now, so could end up £1100 out of pocket for nothing potentially

SierraRomeo30

I feel you burge. We have paid the searches and survey. My stomach is permanently in knots, no one has money to throw around do they. 

Chilli6

iamap said:

Just reading the comment from SierraRomeo30... Do people generally wait until after their mortgage application is successful before going ahead with the searches? £300 or so risk.

First time buyers. Mortgage in principle. We have an offer accepted with an understanding everyone would like to move promptly. Have a solicitor with all paperwork in hand and surveyor lined up but not booked in. On of us is self employed and the mortgage application we’ve been advised could take a while.

If I were the seller I would want to see some commitment from the buyer, especially if the wait for mortgage could be over a month. A few weeks wait I feel is fine though. Getting started now is also helping you to move it along so I'd take the risk and pay for the searches at least

hannah2283

Chilli6 said:

iamap said:

Just reading the comment from SierraRomeo30... Do people generally wait until after their mortgage application is successful before going ahead with the searches? £300 or so risk.

First time buyers. Mortgage in principle. We have an offer accepted with an understanding everyone would like to move promptly. Have a solicitor with all paperwork in hand and surveyor lined up but not booked in. On of us is self employed and the mortgage application we’ve been advised could take a while.

If I were the seller I would want to see some commitment from the buyer, especially if the wait for mortgage could be over a month. A few weeks wait I feel is fine though. Getting started now is also helping you to move it along so I'd take the risk and pay for the searches at least

I got a letter from the EA about 5 days after my offer was accepted saying that if they hadn’t heard from the surveyor in two weeks or so they’d be in touch with me. I got on with the survey and solicitor as I (and the seller) want to move quickly but typically it’s the mortgage holding stuff up. I found there was a really long wait for a survey (25 days from instructing to it actually being carried out) so I’m glad I just got on with it.