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

blacksheepvegan

Now I’ve lurked like mad I will post with our timeline info here although it’s a bit fuzzy as the mortgage broker hasn’t been totally clear 

22nd July ; AIP with Santander via broker Soft check done and financial association noted on Experian reports 
4th aug ; view the right house 
5th aug; offer made £20k below asking as work needed, offer declined, offer again £5k more.
6th aug; counter offer accepted, secure for £14k under asking price. 

6th aug; supply accountants cert, copies passports, partners July payslip to broker 
7th aug; instruct solicitors, request home buyers survey via Santander at same time as valuation
7th aug; broker requests landlords name and address, direct debit details for mortgage payments, name of deposit donor, and full property details 
10h aug; Queries re partner being furloughed (always on 100% pay. They wanted to know why he was furloughed. He is a sales manager into fashion retail, so no work whilst they’re closed really) he’s off furlough anyway and been back to work full time for a month now. Queried how my business affected by covid. Explained my industry is recession proof so I’m not affected. 
10th aug; Text from Santander confirming receipt of full applications

and that’s where we are. I am an anxious mess, completely obsessive and unable to stop thinking about it all. We both have excellent credit records, both scores and actual records. Low amounts of debt, including unused credit cards and one car finance payment. We are looking to borrow 2.3x salaries, which is £154k, we were aip for £300k.

im self employed/sole trader but ready to go limited. Wanted to do this all first. 3 years accounts and accountant completed Santander’s certificate for me rather than sa302s. 85% ltv with partially gifted deposit. 

I’m worried we won’t pass just because I’m worried we won’t pass really. We pay our current landlord part bank transfer and part cash for rent, never even crossed our minds that might be a bad idea at any point. But here we are. Our proposed mortgage will be over half the cost of our current rent payments. We are buying in the south west. 

J4mesg

Trickster33 said:

Many congrats and good luck moving forward 

Thank you. Hoping to move monday! All depends on how long BOI take to transfer funds to solicitor.

Process90

We're still waiting for final underwriter decision since 4th August - our application went in with HSBC on 13th July 

olivenru

foreverhome3 said:

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

We’ve just had our Halifax offer this morning! I’m self employed and my partner is employed.

Our timeline looked like this:

16/7 - AIP & application submitted
17/7 - soft & hard searches done
22/7 - additional docs requested regarding my self employment
25/7 - additional docs sent over
4/8 - valuation instructed
10/8 - valuation 
11/8 - mortgage offer

Hope this helps?

HummingBird76

I find this whole thing absolutely unbearable, the waiting is horrendous!  My timeline, with Halifax, is:
AIP - 09.07.20
Offer Accepted on house: 28.07.20
Contacted Halifax to start application: 28.07.20
Full application done and credit check passed:  29.07.20 (told at this point it would go to the valuers and I would hear within 2-3 days)
Chased advisor at Halifax as heard nothing: 05.08.20 (advised at this point the valuation request had been cancelled and he would find out why...?)
Advisor got back to me and told me valuation was cancelled by accident and he has sent it back through - 07.08.20

Honestly the wait is just the worst thing ever.  I suffer from anxiety anyway, but this is literally consuming me to the point I can't think of anything else.... I'm also selling so waiting on my buyers mortgage to get sorted etc so we can conclude on my sale.

I'm in Scotland so hoping that Halifax will accept the Home Report and it will be a relatively simple process but I just keep worrying that I'll be rejected...

olumz1

Process90 said:

We're still waiting for final underwriter decision since 4th August - our application went in with HSBC on 13th July 

I've been waiting for underwriter decision since the 23rd July - my application went in with HSBC on the 9th July and they requested additional document on the 13th which I provided the same day. Valuation was done on the 22nd, no update from them unless you call and wait for 1hr 30mins on the phone to get connected to someone without any information.  

izoomzoom

blacksheepvegan said:

Now I’ve lurked like mad I will post with our timeline info here although it’s a bit fuzzy as the mortgage broker hasn’t been totally clear

We had VERY similar circumstances as you, also with Santander. Applied 9th, offer received 27th of July. Try to be patient and for at least 2-3 weeks. Application times were 8 (working) days when we applied, then moved to 11 days and I think we got ours in 12 days. Even more now, but will give you some expectation on time frame. Good luck.
https://www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/

Process90

olumz1 said:

Process90 said:

We're still waiting for final underwriter decision since 4th August - our application went in with HSBC on 13th July 

I've been waiting for underwriter decision since the 23rd July - my application went in with HSBC on the 9th July and they requested additional document on the 13th which I provided the same day. Valuation was done on the 22nd, no update from them unless you call and wait for 1hr 30mins on the phone to get connected to someone without any information.  

Yeah, our valuation was 20th July. Docs requested on 21st July then further docs requested on 3rd of August - sent same day. Then told via broker that they 'have everything they need and it's been passed to final underwriter'.

And here we are... day 29... 

blacksheepvegan

izoomzoom said:

blacksheepvegan said:

Now I’ve lurked like mad I will post with our timeline info here although it’s a bit fuzzy as the mortgage broker hasn’t been totally clear

We had VERY similar circumstances as you, also with Santander. Applied 9th, offer received 27th of July. Try to be patient and for at least 2-3 weeks. Application times were 8 (working) days when we applied, then moved to 11 days and I think we got ours in 12 days. Even more now, but will give you some expectation on time frame. Good luck.

Thankyou for that! Did they ask for any additional info like bank statements etc? Am worrying they will query why rent payment is lower than rent. If that makes sense, but they also say on the website they don’t usually ask for bank statements!

hannah2283

Well an updated timeline for me now..
9th June - AIP with Natwest
26th June - put offer in, offer accepted
9th July - documents finally submitted to Habito for HSBC 75% LTV mortgage
13th July - text from Habito to say application had gone in
22nd July - valuation
27th July - broker tells me they've given the property a current value of £0 but with necessary remedial repairs the value that I offered for it. Panic.
30th July - survey carried out, receive HB report, backs up what is in the valuation (wall ties need replacing, render needs a proper look, and that there's a bit, but not much damp)
3rd August - contacted broker for next steps and told that yes, remedial works have to be done before HSBC make an offer. speak to EA who thinks the situation is ridiculous
5th August - speak to EA broker who also thinks that the situation is ridiculous, and who also knows the local market - says that another lender is definitely worth a try as HSBC are being difficult in a way that other lenders won't be
6th August - documents sent to broker for new application
11th August - text from Santander to say that the application has been received
Now I wait...again. Broker says that his experience is that they're far quicker and more likely to do a desktop valuation - and even if they don't then we have the reports already to back up (work is £2.5k inc VAT, have agreed to go halves with the buyer) they're not going to take HSBC's approach.