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

Process90

SierraRomeo30 said:

I emailed my MB yesterday asking them to escalate the case as we’ve been waiting 5 weeks, over 3 weeks since the valuation was done. MB has not responded - think they’re getting fed up of me. It’s so frustrating!

I think that you need to start blowing up your MA's phone and tell them to pull their finger out!

Over 3 weeks without an update is not normal for any lender.

burge1983

Offer received this morning from Bank of Ireland. Cant believe its happened tbh, as a first time buyer we really didn't feel ready to put an application in but our hand was forced when at the end of June our landlords informed us they were selling the house and we had to vacate at the end of August. 90 ltv with a fully gifted deposit. Both NHS workers so unaffected by COVID and borrow a multiplier of about 2.7 on the house we found

Time line felt like forever, but its probably a lot less than some poor folk on here
23rd June: AIP
2nd July: Offer put in on the house
10th July: Full Application submitted
16th July: Valuation booked
20th July: Valuation completed
22nd: July: Valuation report submitted to BOI and fully packaged case passed to underwriters for assessment
5th August: Underwriter began assessment and had a few queries re electoral register and previous addresses
6th August: Offer pack received via email

In between the valuation being done and underwriter assessment we had to pay for searches due to sellers getting a bit nervy re the application i think so not pleasant to start forking out large sums of money with no guarantee of it be worthwhile

Fingers crossed for everyone else to get their own good news soon

HasNoPatience

Really hoping our seller isn't as impatient as we're feeling right now, feel like we've been waiting for ever for the mortgage valuation, and have been advised by our solicitor not to submit the searches or anything further until after this.

9th July - offer accepted
10th July - received memorandum of sale and instructed solicitor 
11th July morning - full mortgage application submitted to YBS directly
16th July - contacted by our underwriter asking to see 1 months bank statements, payslips and proof of address
17th July - sent all this and confirmed they didn't need anything further. They said they had instructed a valuation survey a few days ago.
4th August - called YBS for an update, valuation survey is booked in for 10th August, we should hear within 7 days following that.

We've now booked our own surveyor for the week after. Hoping we can start conveyancing searches etc the second we hear about the valuation. We've had a pretty straight forward application and still they're taking their time. How to people manage all the waiting? We're very nervous about our sellers getting as impatient as we are.

Process90

Your sellers will just be glad that they've got a buyer in the current climate.

Stephan_N

First Post + new to the site, please excuse any errors.
Just wanted to know if anyone has any inside into my situation. I'm buying a house via a 40% HTB equity loan, my HTB application has been approved waiting to hear if my mortgage has been approved by the Halifax Underwriters. My credit records are pretty clean but my employer (of 2years+) does pay me late, they pay me 45days after my payslip period. This is for multiple reasons, mainly due to administration. Would you think this is a cause of rejection? Going absolutely crazy waiting, my empathy for all of you others waiting to hear back.
My timeline:
16/07/20: Offer Accepted
19/07/20: Reservation fee 
22/07/20: HTB Application submitted
23/07/20: Mortgage Application submitted:
27/07/20: HTB Application accepted
03/08/20: Chased MA -> "We are due to get a response by close of business 13 August"

SierraRomeo30

Arrr I'm fuming. The mortgage broker has put the application in as though we have £18k debt (we don't!), we have £8k outstanding that we're overpaying every month on. He's put on the application that we'll clear the balance before completing on the house. I'm absolutely fuming that 5 weeks on and it's only just coming out of the woodwork. And he can't even rectify his bloody error because he's abroad. So basically we might be completely out of the running now!! We haven’t got 8k lying around to clear the balance before completion!

lancslass26

tSierraRomeo30 said:

Arrr I'm fuming. The mortgage broker has put the application in as though we have £18k debt (we don't!), we have £8k outstanding that we're overpaying every month on. He's put on the application that we'll clear the balance before completing on the house. I'm absolutely fuming that 5 weeks on and it's only just coming out of the woodwork. And he can't even rectify his bloody error because he's abroad. So basically we might be completely out of the running now!! We haven’t got 8k lying around to clear the balance before completion!

That’s awful, did. lender contact your directly about it? Can they amend the figures in terms of affordability so you don’t need to repay it?

J4mesg

burge1983 said:

Offer received this morning from Bank of Ireland. Cant believe its happened tbh, as a first time buyer we really didn't feel ready to put an application in but our hand was forced when at the end of June our landlords informed us they were selling the house and we had to vacate at the end of August. 90 ltv with a fully gifted deposit. Both NHS workers so unaffected by COVID and borrow a multiplier of about 2.7 on the house we found

Time line felt like forever, but its probably a lot less than some poor folk on here
23rd June: AIP
2nd July: Offer put in on the house
10th July: Full Application submitted
16th July: Valuation booked
20th July: Valuation completed
22nd: July: Valuation report submitted to BOI and fully packaged case passed to underwriters for assessment
5th August: Underwriter began assessment and had a few queries re electoral register and previous addresses
6th August: Offer pack received via email

In between the valuation being done and underwriter assessment we had to pay for searches due to sellers getting a bit nervy re the application i think so not pleasant to start forking out large sums of money with no guarantee of it be worthwhile

Fingers crossed for everyone else to get their own good news soon

Congrats well done great news. Our full app was sumitted 3/4 days after you. Our MB escalated for 3rd day running and spoke to BOI today.  Due to ours being 90% LTV they were wanting to do an internal valuation. However MB pointed out in scotland its the home report that is used. So its away back to underwriter. Not sure what happens next. MB confident whereas im not. Anyone heard of internal valuation in scotland? 

burge1983

J4mesg said:

burge1983 said:

Offer received this morning from Bank of Ireland. Cant believe its happened tbh, as a first time buyer we really didn't feel ready to put an application in but our hand was forced when at the end of June our landlords informed us they were selling the house and we had to vacate at the end of August. 90 ltv with a fully gifted deposit. Both NHS workers so unaffected by COVID and borrow a multiplier of about 2.7 on the house we found

Time line felt like forever, but its probably a lot less than some poor folk on here
23rd June: AIP
2nd July: Offer put in on the house
10th July: Full Application submitted
16th July: Valuation booked
20th July: Valuation completed
22nd: July: Valuation report submitted to BOI and fully packaged case passed to underwriters for assessment
5th August: Underwriter began assessment and had a few queries re electoral register and previous addresses
6th August: Offer pack received via email

In between the valuation being done and underwriter assessment we had to pay for searches due to sellers getting a bit nervy re the application i think so not pleasant to start forking out large sums of money with no guarantee of it be worthwhile

Fingers crossed for everyone else to get their own good news soon

Congrats well done great news. Our full app was sumitted 3/4 days after you. Our MB escalated for 3rd day running and spoke to BOI today.  Due to ours being 90% LTV they were wanting to do an internal valuation. However MB pointed out in scotland its the home report that is used. So its away back to underwriter. Not sure what happens next. MB confident whereas im not. Anyone heard of internal valuation in scotland? 

Fingers crossed for you. Literally nothing happened in between valuation report being submitted until it was assessed yesterday. Just sat in a massive underwriter queue. Then everything came at once. I was massively pessimistic as to me, our finances didnt look brilliant, but our broker never seemed to break a sweat about any of the concerns i had. If you're broker is confident i'd try and go along with them

Lancs1234

SierraRomeo30 said:

Arrr I'm fuming. The mortgage broker has put the application in as though we have £18k debt (we don't!), we have £8k outstanding that we're overpaying every month on. He's put on the application that we'll clear the balance before completing on the house. I'm absolutely fuming that 5 weeks on and it's only just coming out of the woodwork. And he can't even rectify his bloody error because he's abroad. So basically we might be completely out of the running now!! We haven’t got 8k lying around to clear the balance before completion!

Thats awful news! The day he gets back from holiday he needs to dedicate the day to sorting the mess he's caused. If the house values are fine he will hopefully be able to rectify that. Hopefully it wasn't that close and they'll still get it through. Is it an independent broker or a bigger company?