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

wazza07

Our valuation came back today! £25k under. £400k vs our £425k offer based on 75% LTV. Bit of a nightmare really. We’ve already had one failed purchase as the vendor pulled out due to COVID. We’ve been really unlucky so far and just feel quite deflated. We’re going to see if the vendors will meet in the middle. We’re in our 30s and it’ll be our forever home so we’re not remotely bothered if we pay over market value as the mortgage payments are more than affordable. It’s a house we’ll stay in until we retire and we just want a bit of normality after nearly 10 months of house hunting.  

bearclaws

bearclaws said:

Hi everyone, I've been reading this thread for a few weeks and thought I'd finally contribute because my mortgage application is developing and I'm getting nervous! I'm a young FTB, sole applicant, want to borrow 75k, 70% LTV. It's been a tricky process as I'm currently a PhD student – I receive a tax-free stipend and lenders don't really like this, as it's not considered proper income, plus it's technically a temporary position (although you think a 3 year guaranteed income would be good) . I've been working with a broker and finally got an application in at a small building society and things look positive so far according to the discussions she's had with the lender. 

06/08 - Applied for DIP and referred 
07/08 - DIP approved and full application went in 
11/08 - Query regarding a bank account I don't use, answered
13/08 - Query regarding some income and deposit, answered

Now we wait! Fingers crossed!!! 

18/08 - Valuation’s been instructed! Hopefully it’ll come back this week! 

FTBin2020

FTBin2020 said:

My partner and I are both FTB applying for a Mortgage with Natwest VIA a brooker, we're using the help to buy equity loan so only required a 75% LTV. Currently playing the waiting game! Here's our time line so far:

31/07 - DIP done by brooker accepted
05/08 - Full application submitted
12/08 - Payslips requested and sent
14/08 - Valuation requested and booked for 24/08
17/08 - Payslips marked as success on tracker. Proof of gifted deposit and confirmed of our loan payments requested (These were all sent to brooker at the start so they replied right away).

We haven't had our bank statements requested yet! I'm assuming this pay happen after they review the proof of gifted deposit? Only time will tell - although nerve racking!

Received confirmation that our application has been approved subject to valuation - It's a new build property on a housing development which is already in it's 2nd phase of houses, so hoping there's no problems now

[Deleted User]

27/07 DIP approved
13/08 Offer accepted
18/08 full application submitted with Halifax, buying in Scotland
FTB we're so nervous!

xMeganCL

Buttons4491 said:

27/07 DIP approved
13/08 Offer accepted
18/08 full application submitted with Halifax, buying in Scotland
FTB we're so nervous!

Good luck! I'm a FTB in Scotland too 

Sparklestar1127

Sparklestar1127 said:

We have applications in with Platform and Nationwide. As we had only just remortgaged to Nationwide on July 1st they wouldn’t let us apply until our first payment had gone out. Which was Aug 3rd!! So we applied to Platform for the DIP to provide to EA (NW weren’t able to even do that) 

So Platform timescales are..
-Application and soft search July 17th 2020
-Valuation instructed and more paperwork asked for (Hubby self employed bank statement and explanation of impact of COVID-19 on the business as he’s self employed) July 31st 2020
- Valuation carried out (physical) August 5th 2020
 Still waiting for documents to be reviewed, apparently Monday. 

If NW decline or worse just don’t quite get back before exchange, we will have to pay NW 5.8k ERC and go with Platform. The best case scenario for us would be to be able to squeeze a NW offer in before exchange but that is now looking unlikely due to timescales. 

-Nationwide DIP accepted August 7th 2020 (manually looked at due to SE)
-Application submitted August 11th 2020 due to a system error hold up and soft search carried out. 

We wait. 

I’m glad the MA advised is to go to Platform as I think we’d really be in a time pickle had we not have. But we shall see 👀 

What a palava!! Good luck everyone! 

Update!! 

Offer received in the post today from Platform. Not even my broker had confirmation it had been issued! Just there it was by the postman. Shortly after I got a text from solicitor saying they also had received our mortgage offer. So relieved. 

MrsH36

Hi guys, 
New poster here. Im only on day 3 after full application has been put in. Such a long way to go! 
We had our DIP from pepper on Friday and full application put in on Monday. 
Anybody have any idea of time frames with them at the moment? 
The house we are (hopefully) buying needs some work so hoping to have our current rented house and the new house for a month before we move in to get the bulk of it done before we move the kids in. 
I'm aiming to be into the new house before Christmas.  Think I may be living in cuckoo land. 🤣

Bm1937

hi
FTB here. Offer accepted 2 weeks ago, application sent on Monday to nationwide. Broker told us they have a 2 week backlog for offers and thing. So nervous as this is the perfect house for us. 90% LTV and clean credit history. Dipped into my arranged over draft on one of the bank statements 3 months ago for a few days, hoping this doesn’t have a major effect on us! 

xMeganCL

Bm1937 said:

hi
FTB here. Offer accepted 2 weeks ago, application sent on Monday to nationwide. Broker told us they have a 2 week backlog for offers and thing. So nervous as this is the perfect house for us. 90% LTV and clean credit history. Dipped into my arranged over draft on one of the bank statements 3 months ago for a few days, hoping this doesn’t have a major effect on us! 

Good luck! I'm playing the Nationwide waiting game too. My application went in last Monday so I'm only on working day 7 at the moment. 
My valuation has been done and approved though so 🤞

Bells1111

Bells1111 said:

So here is how it has gone for us…..

02/05 MIP with Mojo Mortgages

22/06 1st House viewing

09/07 2nd Viewing

10/07 Offer put in

14/07 Offer rejected

14/07 Offer made and accepted by vendor

15/07 Full Mortgage Application went into Coventry BS

15/7 Soft Credit Search done by Coventry BS

22/07 P60 and POA for my partner from CBS requested and sent the same day

24/07 MB said that our application was with the underwriters

31/07 Drivers license requested by CBS this was put in the same day

11/08 Notified of valuation booked for 18/08

MB explained that it looks as if the lender has all the information they need, and the valuation should be the last bit. Does anyone know if its usual practice for the application to go to the underwriters before valuation?

Fingers crossed I’ll hear something next week.  This waiting has been excruciating, not to be too dramatic!

Update on mine.  Valuation was undertaken yesterday and there were no issues.  Just waiting for it to go to an underwriter to sign off which Coventry have said will either be today or tomorrow. Im getting so nervous, hopefully we'll be put out of our misery soon!