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

SierraRomeo30

Congrats to all those with their offers!

28tsw

ThatDavieGuy said:

Finally we have approval from TSB!

AIP - 20th June
Full application - 22nd June
Valuation - 30th June
Sent to Underwriters - 1st July
Approval - 4th August

Took a looooooong time but we got there in the end

Thanks for sharing - sorry if I’ve asked before, any delays caused by furlough or self employment?

bookblogger

We finally have our offer from Santander BUT, we're not happy...here's why:
AIP 85% - 1st July
Full application - 7th July.
Desktop valuation - 14th July 
Sent to underwriters - 15th July
Responded to underwriter query on 17th July.
Responded to a second underwriter query on 24th July
Approval 3rd August BUT for 65% mortgage offer, not what we'd agreed in principle which was 85%!
Has anyone else experienced a similar change in goalposts? We are staggered by this decision. It means putting an extra £70k on top of what we'd originally planned to put down. We'd set the 70k aside to renovate the house, but we're going to have to put the renovations on hold. Meanwhile, the vendors have lost all patience with us. We have until today for the lender to send through the confirmation of the mortgage offer to the solicitor, or else they'll put the house back on the market. BUT the lenders say that could take another day or two to get it to the solicitors. I'm inclined to tell the vendors that the risk associated with putting it back on the market is that they could be waiting another 10-11 weeks all for the sake of one week!  Can't rid of the anxiety and stress this purchase is causing...we are literally breaking our backs to make this purchase. The agents and vendors could cut us some slack...am I being unfair?

bookblogger

28tsw said:

ThatDavieGuy said:

Finally we have approval from TSB!

AIP - 20th June
Full application - 22nd June
Valuation - 30th June
Sent to Underwriters - 1st July
Approval - 4th August

Took a looooooong time but we got there in the end

Thanks for sharing - sorry if I’ve asked before, any delays caused by furlough or self employment?

yes, all the queries from underwriters related to my husband's self employment. I have continued working throughout lockdown, but my husband works in the construction industry. He claimed for government support for self employed (not UC). As soon as he was able, he was back at work. It feels like we've been penalised for something that was completely out of our control (global pandemic!)

28tsw

bookblogger said:

28tsw said:

ThatDavieGuy said:

Finally we have approval from TSB!

AIP - 20th June
Full application - 22nd June
Valuation - 30th June
Sent to Underwriters - 1st July
Approval - 4th August

Took a looooooong time but we got there in the end

Thanks for sharing - sorry if I’ve asked before, any delays caused by furlough or self employment?

yes, all the queries from underwriters related to my husband's self employment. I have continued working throughout lockdown, but my husband works in the construction industry. He claimed for government support for self employed (not UC). As soon as he was able, he was back at work. It feels like we've been penalised for something that was completely out of our control (global pandemic!)

Yeah it’s tremendously unfair what’s been going with mortgages atm 

Drawingaline

I had to let them know that I had claimed the SE grant (also Santander) I am a cleaner so obviously for two months was totally unable to access people's homes. Been back since 1st June and actually busier than ever! Hopefully ours will be ok, my income isn't even a quarter of husband's who works in an industry not affected negatively by covid. (Intact it's one of the ones that's been doing very well!)

iamap

Thank you all for the earlier feedback, much appreciated.

J4mesg

burge1983 said:

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

Thanks. Ours was passed 16th 17th July. Move date is 17th Aug so escalated via business dev manager yest. NIGHTMARE!

croft08

Just to let you all know my recent experience. I'm classed as self employed as I'm 100% shareholder. We got an AIP with Halifax, had our application call with them, after a couple of hours she turned around and out of nowhere announces we now cannot afford it. All the figures were the same as per the AIP. Confused we went to Habito, they said figures are all good and we were in a good position, especially since we have a lowish LTV, sub 60%. They went with NatWest, again AIP was approved so it went to application, they took money for a Valuation. Then suddenly it was rejected because of affordability concerns due to me being 'self employed' and the uncertainty due to covid. This was not based on any new figures, if they had checked they would have seen that as much as the business was effected by covid my turnover/profit is still ok. We can more than afford the mortgage, my partner on her own could afford it. So after 5 weeks we are back to day one, with a lovely hard credit search on our records with nothing to show for it. Meanwhile my business is busy, our side business is also doing great, what a risk we are....

pearsforlife

@croft08 self employed are just higher risk no matter what your profits are, risks are managed and changed in line with lender appetite. Lenders have just adjusted temporarily their risk appetite to all self employed to help ensure should the situation get any worse they don’t have to many defaulted accounts on the loan book. It’s probably not against you.