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

khtaylor

Absolute farce. Referred aip back in June, due to an old default I had of £90 odd which was satisfied in April when I found out about it which was then approved.
Used some of the self employed grant that my partner got during lockdown as a deposit which is taxable income may I add. 
And after 4 weeks of waiting we got our mortgage rejected due to the above. 
This whole process for us seems unfair! 

fiision2020

I'm at my wits end. Timber/damp report was submitted to the lender a week ago. It states (unsurprisingly) that remedial work is required. It states where damp is suspected to be (relatively small areas) and a full costing has been submitted to get the work done. The total cost inc VAT is just above what the valuer stated in their report (by £600). Instead of making an offer based on this information the lender has referred the report back to the valuer for their opinion??. The report was produced by a leading timber and damp specialist (PeterCox). What can the valuer add to the report....that they agree with the findings? It just seems such an unnecessarily pedantic step in the underwriting process which is causing further delays as everytime Saffron receive new information they say there is a minimum 12 working day turn around time to process the information. 

In the meantime the vendors are threatening to put the property back on the market, I'm getting hassled by the EA, even my solicitor is having a go at me and thinks I might need to consider other options (apply to someone else??). Worse still the broker just seems too laid back about the whole thing. I literally have to pester him to get updates and to be more proactive with the lender. I think I've called the lender more times than he has and they won't even speak to me. The agreed sale price is £270,000 which is what I ended up offering and accepted for. Should a down-value of £3000 be causing this much grief? I think if this goes on for another two weeks then I'm going to lose the house, or my sanity.

hannah2283

sounds like a total nightmare @fiision2020 in the end when I had a similar issue and the broker wouldn’t consider a new lender (on the advice of the surveyor) I ditched the original broker and went with the EA broker who has been super efficient in getting it all sorted - application with a different lender will go in today or tomorrow all being well and he says it’s highly unlikely that they’ll want remedial work done before they make the offer.

lancslass26

khtaylor said:

Absolute farce. Referred aip back in June, due to an old default I had of £90 odd which was satisfied in April when I found out about it which was then approved.
Used some of the self employed grant that my partner got during lockdown as a deposit which is taxable income may I add. 
And after 4 weeks of waiting we got our mortgage rejected due to the above. 
This whole process for us seems unfair! 

That’s awful, are you going to apply elsewhere? Are they saying they are the reasons for rejection? If so - try a lender with looser criteria. What lender was it? 

khtaylor

lancslass26 said:

khtaylor said:

Absolute farce. Referred aip back in June, due to an old default I had of £90 odd which was satisfied in April when I found out about it which was then approved.
Used some of the self employed grant that my partner got during lockdown as a deposit which is taxable income may I add. 
And after 4 weeks of waiting we got our mortgage rejected due to the above. 
This whole process for us seems unfair! 

That’s awful, are you going to apply elsewhere? Are they saying they are the reasons for rejection? If so - try a lender with looser criteria. What lender was it? 

It was with nationwide. We are limited which lenders because we need the scottish gov home fund. Tried halifax but because nationwide have done a hard check they declined the aip as our score dropped and the broker said that was the last option. Broker is trying to appeal to nationwide and has given her reasons why. She thinks its completely unfair and wrong as to their reasons. She's had every part of our finances right from the start and everything was declared for the DIP. I'm gonna investigate some others but doesn't look good. 
They approved our referred DIP (which would seem they arent worth the paper they are written on), allow you to offer on a house and appoint a solicitor, then... reject your mortgage. This doesn't seem right to me. 

fiision2020

hannah2283 said:

sounds like a total nightmare @fiision2020 in the end when I had a similar issue and the broker wouldn’t consider a new lender (on the advice of the surveyor) I ditched the original broker and went with the EA broker who has been super efficient in getting it all sorted - application with a different lender will go in today or tomorrow all being well and he says it’s highly unlikely that they’ll want remedial work done before they make the offer.

Thanks hannah2283. good luck with your application for the new lender. I'm considering that as an option if things drag out even further especially if they require the work to get done before releasing funds. My options in the 90/95% LTV market is rather limited so i'm also considering using my savings to apply for 85% LTV if it becomes necessary. My experience of using brokers has so far being not that great (no offence to any brokers on this website).

lancslass26

khtaylor said:

lancslass26 said:

khtaylor said:

Absolute farce. Referred aip back in June, due to an old default I had of £90 odd which was satisfied in April when I found out about it which was then approved.
Used some of the self employed grant that my partner got during lockdown as a deposit which is taxable income may I add. 
And after 4 weeks of waiting we got our mortgage rejected due to the above. 
This whole process for us seems unfair! 

That’s awful, are you going to apply elsewhere? Are they saying they are the reasons for rejection? If so - try a lender with looser criteria. What lender was it? 

It was with nationwide. We are limited which lenders because we need the scottish gov home fund. Tried halifax but because nationwide have done a hard check they declined the aip as our score dropped and the broker said that was the last option. Broker is trying to appeal to nationwide and has given her reasons why. She thinks its completely unfair and wrong as to their reasons. She's had every part of our finances right from the start and everything was declared for the DIP. I'm gonna investigate some others but doesn't look good. 
They approved our referred DIP (which would seem they arent worth the paper they are written on), allow you to offer on a house and appoint a solicitor, then... reject your mortgage. This doesn't seem right to me. 

No it doesn’t seem right - they soft credit check at the deferred DIP so would be able to see the default at that time. And as for self employment grant, it’s non-repayable and as you say is taxed and therefore is declared income. We’re now 4 weeks and waiting from NW also - both self employed but not able to get the SE grant as we operate through LTD businesses so god knows how that’s going to be viewed 🤷🏻‍♀️

khtaylor

Ours was 4 weeks tomorrow. Twice we had to go back to the end of the "queue" 
1 because they needed something filled in asking how we coped financially during lockdown 
2 because they said broker hadn't uploaded a bank statement but it had been uploaded. If this appeal doesn't go through then I dont think I want to deal with NW again. Think I might even go to the extent to move my 5 year old daughters savings account. There customer service has been awful 

lancslass26

Yes certainly puts you under a lot of stress.. it’s also the loss of 4 weeks and a hard credit search. Again we haven’t even had hard search yet. We’ve had to answer questions about how the businesses have been affected and what we’ve done to adapt. Neither are down in terms of income. But I just have a pit feeling that they’ll reject simply because we’re not employed. I would have thought self employment or Ltd director is the safer employment type at the moment. Good luck with your appeal x

khtaylor

I'm not sure i understand their logic. You hear of furlough staff getting mortgages who are getting paid from the government who potentially might not have a job in the coming months but the self employed are being unfairly treated. We know that my partner will mostly always have work as he is in a trade. I just don't get it