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

KAP0365

Steven_C said:

KAP0365 said:

@Steven_C do you mean exchange was completed yesterday? As in you haven’t completed yet, you don’t have the keys? 

We are due to get the keys next week and received the final missives yesterday to which the the solicitor everything is legally binding now. 

Ok so you have exchanged but not completed the purchase, so yes it’s a legally binding contract so if someone pulls out they are liable for a number of costs usually. What reason did your lender give for the revised offer? E.g are the no longer offering the initial product? If you’re happy with the slight increase and accept the revised offer it won’t make a difference to the transaction, but if you rejected it you’d have to apply for a new mortgage which would complicate things legally and financially, though your solicitor can clarify. 

hellenn

Hello,
Mid application- lender says it cannot progress further until it sends me a form to sign (not offer). I'm not too clear what this form could be, anyone know? I didn't sign anything at the start as going through a broker. They say also they cannot email it me as part of its purpose is to prove I live at that address, but I thought this was verified elsewhere (have already given them ID docs etc). 

jrauk

So after being messed around by an over-worked MB, who took on far too much work as the market reopened and missed 3 product application deadlines, we moved to another MB who managed to work to this timeline:

85% LTV FTB with Accord
24th July - DIP Approved & full application done
24th July - Valuation instructed
28th July - Valuation completed
7th August - Valuation noted as satisfactory
10th August - Full offer received 
Around 11 working days start to finish!

Super excited to be moving forward. We already live in the house we're buying as tenants, which has made the process a little awkward trying to have both a buyer and tenant relationship since the process started in January and was stalled through lockdown.

We are now considering whether we should ask for a reduction to cover some of the costs identified in the survey. There is around 10k recommended/required to be done to windows, insulation, damp proofing. Most of the cost is in the windows though. My concern is the sellers will now know that the valuation has held through COVID and it is a popular area (Cambridge) so they could put it back on the market, however this could set them back a further few months. I would only be asking for about half the costs to come off, which is really only going to be a few hundred quid in our pockets of actual cash.

Is it worth that extra stress?

adrian84

The reduction will not be visible in your pocket so you will still need another amount of money to fix everything, the difference in monthly payment for 10 000 will be very minimal so if you really wish for the house in my opinion doesn.t worth it.

firsttimebuyerlpl

Does anyone have any experience in dealing with Santander applications?

We applied via Nationwide and got the report back today. NW are refusing to lend out because of the report. They say the land is backed onto industrial  land which is due for redevelopment however, that development was completed 3 years ago and no new work is due to be carried out! They also said there is a electric station in the vicinity but its half a mile down the road from the property. They said these factor deem the property not suitable for NW.  Our MA said its the most ridiculous thing he has ever heard and has contacted the NW BDM around it but says we will probably be losing a fighting battle. 

We are now looking at Santander.. What are their current timescales? I know NW use Countrywide for their valuations, who does Santander use?... nightmare

J4mesg

Absolutely delighted to receive mortgage offer from BOI this morning. So happy!

Timescales as follows:
15.7.20 AIP 
17.7.20 All docs uploaded
No updates till
4.8.20 escalated with business dev manager
6.8.20  query on valuation/home report scotland
10.8.20 offer!
No hard searches only soft.
Thanks for all your support. Now our wee family can finally move after a tough few months. Quick turnaround all things considered.

Trickster33

Many congrats and good luck moving forward 

foreverhome3

Anyone had any experience with Halifax and processing times at the moment?

KAP0365

Delighted that we got our offer from NatWest this morning!
Applied direct, not FTB or HTB, timescale as follows:

18.07.20 - application submitted
20.07.20 - application acknowledged and documents requested
22.07.20 - 1 further document requested and valuation booked
07.08.20 - valuation carried out and report returned to lender
10.08.20 - offer received

Now just the wait to exchange - we are PXing with a developer and new house is ready to go so could be quick! 

Good luck everyone else who is still waiting x

Drawingaline

firsttimebuyerlpl said:

Does anyone have any experience in dealing with Santander applications?

We applied via Nationwide and got the report back today. NW are refusing to lend out because of the report. They say the land is backed onto industrial  land which is due for redevelopment however, that development was completed 3 years ago and no new work is due to be carried out! They also said there is a electric station in the vicinity but its half a mile down the road from the property. They said these factor deem the property not suitable for NW.  Our MA said its the most ridiculous thing he has ever heard and has contacted the NW BDM around it but says we will probably be losing a fighting battle. 

We are now looking at Santander.. What are their current timescales? I know NW use Countrywide for their valuations, who does Santander use?... nightmare

We have an application in with them atm. Wait times have risen from an average of 11days to 16/17 days. We applied through a broker on 28th July, all documents sent through them. Had a query re my self employment on 29th, all answered in 30th. Valuation booked in for Wednesday, so hoping to hear something early next week.