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

izoomzoom

blacksheepvegan said:

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!

No, we submitted our joint bank account statement on application. Next day we were asked for a letter from employer about furlough dates and about a week later, a question about why Y2 income from SE was lower than Y1 & Y3. Never asked to see any SE bank statements (which worried me, because SEISS grant was on there). But I've heard of others in my industry who were asked about SEISS and had to supply SE bank statements.

firsttimebuyerlpl

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've now had to submit an application via Santander on a 85% LTV because of this. Nationwide confirmed today they were incorrect about the development but say there is still a power station near by and wont lend out. Ridiculous excuse but they wont overturn it and MA advised against appeal and to try Santander. Turns out they didnt use a 3rd party for the valuation and used one of their own in house people. The EA also rang today for an update as no one came to pick the keys up so they have clearly not even gone to the house! So frustrated but whatever. Does anyone have any experience with Santander recently? 

stevinem

FTB 75% LTV
We've just heard back from our (potential) mortgage provider that everything is approved and they are willing to lend - but will have to wait until I have a payslip showing I have returned to 100% pay. I am currently on 90% pay (full-time hours) - but have written confirmation that we will return to 100% in the next few months (large global company - letter from CEO). So a potential additional wait of 2 months. Apparently a change of policy as too many were submitting letters from line managers/bosses confirming a return from furlough/full pay that didn't turn out as described. Not sure if we will apply elsewhere or wait this out. I've queried why we can't borrow the amount on 90% salary as it would be within the affordability criteria.    - v.frustrating and potentially cost us more the  2x10% months pay. 

firsttimebuyerlpl

stevinem said:

FTB 75% LTV
We've just heard back from our (potential) mortgage provider that everything is approved and they are willing to lend - but will have to wait until I have a payslip showing I have returned to 100% pay. I am currently on 90% pay (full-time hours) - but have written confirmation that we will return to 100% in the next few months (large global company - letter from CEO). So a potential additional wait of 2 months. Apparently a change of policy as too many were submitting letters from line managers/bosses confirming a return from furlough/full pay that didn't turn out as described. Not sure if we will apply elsewhere or wait this out. I've queried why we can't borrow the amount on 90% salary as it would be within the affordability criteria.    - v.frustrating and potentially cost us more the  2x10% months pay. 

Fingers crossed it comes quickly! Sounds like a nightmare. Who is your mortgage provider?

mageliken

Jumping on the bandwagon, exciting!

20th July - Viewing.
20th July - AIP from broker (Trussle).
23rd July - Second viewing. AIP from broker (Habito) - quite a bit less than Trussle. First offer made.
30th July - Subsequent offer made and verbally accepted.
31st July - Instructed solicitor, received written offer acceptance.
2nd Aug - Nationwide mortgage selected via. Habito. Waiting for Habito to submit to Nationwide.
4th Aug - I realised Nationwide put their rates up and nudged Habito. Now looking at lenders again...
5th Aug - Recommended Coventry product. Some additional documentation checks. Broker runs affordability.
7th Aug - Affordability passed. Coventry AIP came back as referred. Hard credit search carried out.
11th Aug - AIP received. Application submitted.

Now it’s the waiting game!

Lucielou1

Just wanted to post how quick our mortgage application came back from NatWest. I was really worried it was going to be so slow reading all the posts but just wanted to show it can also be quick.
June- had AIP through broker approved with natwest
6.7 offer accepted on our property
15.7 offer accepted on the property we are buying
21.7 memorandum sale received , Vendors Didn’t expect quick sale
25.7 broker appointment cancelled as broker ill
1.8 made direct appointment with NatWest. 2 hour telephone appointment. All documents uploaded at appointment 
5.8 mortgage accepted subject to valuation
11.8 full offer received.
we are both working not been furloughed.  

TrustyCust

stevinem said:

FTB 75% LTV
We've just heard back from our (potential) mortgage provider that everything is approved and they are willing to lend - but will have to wait until I have a payslip showing I have returned to 100% pay. I am currently on 90% pay (full-time hours) - but have written confirmation that we will return to 100% in the next few months (large global company - letter from CEO). So a potential additional wait of 2 months. Apparently a change of policy as too many were submitting letters from line managers/bosses confirming a return from furlough/full pay that didn't turn out as described. Not sure if we will apply elsewhere or wait this out. I've queried why we can't borrow the amount on 90% salary as it would be within the affordability criteria.    - v.frustrating and potentially cost us more the  2x10% months pay. 

Who is your lender please? I have applied for a mortgage and was on salary sacrifice when I applied in July but I had a letter from my company confirming from 1 August my salary will go back to normal and I need my usual salary for my borrowing amount so am nervous what they are going to say re salary sacrifice. 

fiision2020

hannah2283 said:

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.

I think this is my main concern that my lender  insists the work be carried out before releasing any funds. Its a totally ridiculous situation when you are being asked to carry out remedial work for a property that you don't own. In my situation I know for a fact that the vendor disputes the findings of the timber/damp report and would refuse to have any work carried out in his house whilst he is still living there. I get his point, what if I were to pull out of the sale? His house would be a building site which would have to be put right before going back on to the market again. How are your vendors feeling now that you have had to apply through a new lender?

blacksheepvegan

izoomzoom said:

blacksheepvegan said:

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!

No, we submitted our joint bank account statement on application. Next day we were asked for a letter from employer about furlough dates and about a week later, a question about why Y2 income from SE was lower than Y1 & Y3. Never asked to see any SE bank statements (which worried me, because SEISS grant was on there). But I've heard of others in my industry who were asked about SEISS and had to supply SE bank statements.

Thanks Zoom!

yes similarly worried they’ll have issue with me taking the grant. However I’m busier than I’ve ever been now! We do have an account we both pay into and that’s where the bills come out from so if anything it’ll be that one I suspect. Did you submit tax return info via sa302s or did you have an accountant document? 

Really appreciate your taking the time to respond thankyou 

Drawingaline

blacksheepvegan said:

izoomzoom said:

blacksheepvegan said:

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!

No, we submitted our joint bank account statement on application. Next day we were asked for a letter from employer about furlough dates and about a week later, a question about why Y2 income from SE was lower than Y1 & Y3. Never asked to see any SE bank statements (which worried me, because SEISS grant was on there). But I've heard of others in my industry who were asked about SEISS and had to supply SE bank statements.

Thanks Zoom!

yes similarly worried they’ll have issue with me taking the grant. However I’m busier than I’ve ever been now! We do have an account we both pay into and that’s where the bills come out from so if anything it’ll be that one I suspect. Did you submit tax return info via sa302s or did you have an accountant document? 

Really appreciate your taking the time to respond thankyou 

We had a query from Santander re the seiss. I couldn't work in April and May, but back 1st June and also as busy as ever (I am working less, but that is a choice atm due to possibility of school issues in September) demand is high. 

My income is 9k, so less than a quarter of hubby's, and we are going for a 75LTV so hopefully it shouldn't impact too much. But we are borrowing as much as we can so if it does impact we won't be able to get the house we have offered on. Plenty of others around, but none tick quite as many box's.

Our survey is being done tomorrow,our buyers was done today (they are BTL investors) so hoping to hear something next week. I am bizarrely calm about it tbh. I was awful when we found the house we wanted before we had marketed ours, sellers held it for us for 14days, so we priced ours low (which is why the figures are so tight) and I basically survived on two hours sleep a night! We accepted an offer on day 13. That was stressful. Now it's out of our hands, I feel much calmer. Santander are showing approx 17working days now, so think it will be towards the end of next week for any kind of offer.