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

FTB_1991

Does anyone know what ‘stress tests’ are. I have a salary of 76.5k (sole applicant) and will be borrowing 315k) 90% LTV. Do I meet the stress test? I can’t seem to work out what this means - I have read in some places it means paying interest up to 7%. Do you have to show the payments come up to 50% of your net pay and no more. Really confused on this. Thanks in advance. 

söpöpöllö

31.7. AIP received. Had drama with our first mortgage broker, but fortunately found someone more competent.
1.8. Second viewing and offer put through.
3.8. Offer accepted, solicitor appointed.
10.8. Full application to HSBC.
12.8. Lender asking separate bank statements for June and July, as they were lumped in one PDF.
13.8. Heard that they have up-valued the house quite a bit more than the agreed price! MB only said this is very rare, so not quite sure what that entails. They also asked for more documents for my self-employment.

OandU

Feel like I'm going slightly mad, and am spending half my time lurking on this forum, so may as well join...
Timeline:
29/06 - Broker DiP
1/07 - Informal offer accepted, solicitor instructed, formal offer made
6/07 - Application submitted for 90% LTV
7/07 - Refused straight off on basis of credit score (still perplexed by this, as my credit score is good - but thankfully soft search)
8/07 - Decided to up deposit (with gift) to 15% due to lack of options in 90% LTV market at that point
14/07 - Application finally in, after some issues with primary MA being on leave. However, I'm not convinced my completed application was actually submitted to Clydesdale from my MA until 24th, from something my MA said in an email - incredibly frustrating!
28/07 - Additional documents submitted. Hard credit search performed by Clydesdale
3/08 - Confirmation from MA that additional documents submitted - again, frustrating delay
13/08 - Chased MA today, who phoned Clydesdale and received really trivial question about council tax and water charge, which I've now answered... which I presume puts me back to the bottom of the queue to go to underwriters.

My provisional date of entry is 28th August, which is feeling increasingly impossible - however I'm a FTB so also just feel incredibly out of my depth in all of this! V glad to have found this forum so I don't feel so alone in this stress

msfaye

First Time buyer, 33% deposit, borrowing 67%
Habito AIP issued in May
03/08 Viewed house
03/08 Best offer made (11k above asking price)
06/08 Agent told us offer accepted late afternoon
06/08 submitted all mortgage docs in Habito
07/08 instructed solicitor, agent sent formal sales memo, Habito recommended NatWest, 5 Year, 1.6 interest rate
11/08 Habito finished reviewing docs and confirmed they have all they need
13/08 Habito submitted full application to NatWest

And the wait began!! 

narryslilo

First Time Buyers 
DIP - 22 July
Full application - 23 July 
Valuation - 3 Aug, which came back fine 

Still waiting for an actual offer, starting to get pretty nervous now. Trying to get Nationwide 90% Mortgage.

menapause

Offer agreed 21/7, Application submitted Natwest 23/7 by broker.  Hard seach done 23/7, No questions apart from requesting updated home report .  Delayed for suveyor but provided 6/8 and now silence.

FTHophap

Hey 👋
Does anyone know the time from mortgage offer to receiving it in the post / solicitor receiving their version?

Halifax examples would be great thanks 👍

craig_87

FTHophap said:

Hey 👋
Does anyone know the time from mortgage offer to receiving it in the post / solicitor receiving their version?

Halifax examples would be great thanks 👍

I have had an offer approved with Halifax, received the copy of the offer via email on the 6th. Both me and my solicitor are still waiting on the copies to arrive via post. Unsure if this is a normal wait time....

FTHophap

@craig_87 Ditto, received email version on 6th!

I have a feeling their printer is working over time! Or they only print on special days? 

Glad to know I’m not alone 

craig_87

FTHophap said:

@craig_87 Ditto, received email version on 6th!

I have a feeling their printer is working over time! Or they only print on special days? 

Glad to know I’m not alone 

I sent an email to my broker to see if they are aware of any delays, ill let you know should they have any update.