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

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
14/08 Tracker indicates that NatWest is reviewing our docs 
17/08 Tracker shows that ‘A valuation has been instructed and we are now awaiting your client's survey report.’
25/08 Offer received 

Not very excited, as unfortunate we might not be able to proceed to completion for some other things. 

carmijoon

Residential (Second property), 25% deposit, borrowing 75% with NatWest with mortgage broker. Both Employed and self-employed income.

20/07 Offer been accepted
21/07 Solicitor been instructed
28/07 Full mortgage application submitted to NatWest via broker
13/08 Under writer requested latest 3 months bank statement - Submitted the same day
18/08 Case been accepted subject to the valuation.
21/08 Valuation surveyor (Legal and General surveyors) have been instructed by NatWest.
Now Waiting for a valuation date ....

Just chased the valuation company, they said they have a long backlog and we need to wait. We have not even got a valuation date. On 20/08 we received an email from solicitor that the seller's solicitor is threatening to pull out of the transaction due to the long delays. 

KnobbynrTam

Hi Folks
Just had a call from MA, HSBC have valued my potential house at £2k less :-(.... its all got to go back to the underwriters now.... i was a 80% LTV, on a purchase price of £277k, they valued at £275k...... are HSBC likely to let it go for just £2k, or do i just find £2k myself .
Thanks

tk02

KnobbynrTam said:

Hi Folks
Just had a call from MA, HSBC have valued my potential house at £2k less :-(.... its all got to go back to the underwriters now.... i was a 80% LTV, on a purchase price of £277k, they valued at £275k...... are HSBC likely to let it go for just £2k, or do i just find £2k myself .
Thanks

We had the same although our valuation came back £9 lower. We’ve had to ask the seller to reduce which they have done. This was Thursday and now we are still waiting to hear back. Everything seems to take ages 

KAP0365

carmijoon said:

Residential (Second property), 25% deposit, borrowing 75% with NatWest with mortgage broker. Both Employed and self-employed income.

20/07 Offer been accepted
21/07 Solicitor been instructed
28/07 Full mortgage application submitted to NatWest via broker
13/08 Under writer requested latest 3 months bank statement - Submitted the same day
18/08 Case been accepted subject to the valuation.
21/08 Valuation surveyor (Legal and General surveyors) have been instructed by NatWest.
Now Waiting for a valuation date ....

Just chased the valuation company, they said they have a long backlog and we need to wait. We have not even got a valuation date. On 20/08 we received an email from solicitor that the seller's solicitor is threatening to pull out of the transaction due to the long delays. 

If your buyer is threatening to pull out after only a month, and during a pandemic, I’d be tempted to call their bluff. Conveyancing can take months, so that’s just ridiculous!!
We are with NatWest and our survey took place about 2 weeks after it was instructed, then offer came within one working day. 

KAP0365

KnobbynrTam said:

Hi Folks
Just had a call from MA, HSBC have valued my potential house at £2k less :-(.... its all got to go back to the underwriters now.... i was a 80% LTV, on a purchase price of £277k, they valued at £275k...... are HSBC likely to let it go for just £2k, or do i just find £2k myself .
Thanks

Go back to the seller and tell them you won’t pay any more than £275k, as that’s what it’s been valued at? £2k is pretty much nothing, I would have thought that level of flexibility would be possible!

dpenney22

I emailed my mortgage broker after radio silence for 2 weeks and asked for update on my mortgage, I know valuation has taken place and I sent documents 3 weeks ago that were requested. The response I got from my broker is "I cant see that the final document has been signed off so I have emailed our business development manager in regards to this, I will let you know as soon as I have a response"

I have no idea what this means and it makes me feel that they have been slow at their end rather than Halifax themselves? 
Any mortgage brokers know what this means??

b1ravishankar

dpenney22 said:

I emailed my mortgage broker after radio silence for 2 weeks and asked for update on my mortgage, I know valuation has taken place and I sent documents 3 weeks ago that were requested. The response I got from my broker is "I cant see that the final document has been signed off so I have emailed our business development manager in regards to this, I will let you know as soon as I have a response"

I have no idea what this means and it makes me feel that they have been slow at their end rather than Halifax themselves? 
Any mortgage brokers know what this means??

Due to the communication gap between MA and BDM, I got the update a week later. In the last week, I requested my MA to check for updates multiple times, but MA keeps on telling me that underwriters are busy and asked me to be patient as it takes 8 days from valuation report received to mortgage offer release. After losing patience and referring friend’s successful situation to MA, they escalated. In a few minutes, they update as my offer already accepted and document on the way. Dates are as below but it varies case to case.

Lender: Halifax
DIP: 14 Jul 2020
Application Submitted: 16 Jul 2020
Valuation Completed: 13 Aug 2020
Offer Issued: 18 Aug 2020

 Wish you good luck with your mortgage application.

SammyD84

I have an interest only element on my application - they have valued a second property as part of this, using a desktop valuation it has come back 250k less that what was paid for it one year ago! Apparently some mix up with post code registration, surely common sense can prevail on this or am I now stuck?

tweeto

KAP0365 said:

KnobbynrTam said:

Hi Folks
Just had a call from MA, HSBC have valued my potential house at £2k less :-(.... its all got to go back to the underwriters now.... i was a 80% LTV, on a purchase price of £277k, they valued at £275k...... are HSBC likely to let it go for just £2k, or do i just find £2k myself .
Thanks

Go back to the seller and tell them you won’t pay any more than £275k, as that’s what it’s been valued at? £2k is pretty much nothing, I would have thought that level of flexibility would be possible!

I'm quite surprised at that too, for the sake of £2k, especially as the mortgage is at 80% LTV......Unless they've already factored in a percent of margin?