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

katiescotland88

FTB_1991 said:

I am with HSBC too and the house was down valued by £15k. We were told that only the valuation needs to be cleared and then we will get the offer (this is on Friday). I assumed this would be quick (automatic) as the valuation was already completed... I know it was a BHW but feeling very anxious until we hear back. Anyone been through this? 

Oh no what a pain for you. They haven't even done the valuation for the house we are buying so no words of advice for you on that front. Good luck.

FTB_1991

katiescotland88 said:

FTB_1991 said:

I am with HSBC too and the house was down valued by £15k. We were told that only the valuation needs to be cleared and then we will get the offer (this is on Friday). I assumed this would be quick (automatic) as the valuation was already completed... I know it was a BHW but feeling very anxious until we hear back. Anyone been through this? 

Oh no what a pain for you. They haven't even done the valuation for the house we are buying so no words of advice for you on that front. Good luck.

Thank you 💕

MaryNB

MaryNB said:

31/07/20 Offer accepted on house 
Spent a week faffing around with Equifax because they messed up my credit file over a simple Electoral Roll correction.
10/08/20 Got an updated AIP & booked a mortgage appointment
12/08/20 Halifax mortgage appointment & application submitted (2 hours after Equifax fixed my credit file). Payslips submitted, ID checked at branch. Soft & hard credit searches.
13/08 Valuation instructed
18/08 Product fee paid. No further info from me required. Halifax confirmed the only thing outstanding is the valuation.
20/08 Rang for an update. Surveyors still hadn't made contact with the EA about scheduling the valuation. 
24/08 Valuation finally booked in for this Friday. Hopefully by early next week, I'll have my offer. 

28/08 Lender's valuation (with Homebuyers survey) carried out
01/09 Homebuyers Report received. Valuation same as asking - was so convinced it was going to be lower. Delighted with that. 

Hopefully, by this time tomorrow, I'll have my offer 🤞🤞🤞.  EA confirmed today that the vendors have had an offer accepted and their vendor has no onward purchase. I'm an FTB so it's a nice small chain. Been a good day! 

sully1311

Any brokers out there that know why it's taking HSBC ages to put 85% LTV products back on offer?

Drawingaline

Another day in the never ending mortgage application. Today Santander wanted info on some payments from our J/A. Basically direct debits for life insurance and overpayments on a loan. Which is paid off and closed before we applied. So sent info back including the closing statement for the loan, so no doubt back to the back of the queue. So at least another week before that's looked at. With this and the fact that my solicitor and the sellers solicitors don't seem to be able to communicate (no issue with our buyers solicitors) I am beginning to wonder if we are doomed!

cat3333

söpöpöllö said:

cat3333 said:

katiescotland88 said:

cat3333 said:

katiescotland88 said:

tweeto said:

katiescotland88 said:

Hello anyone else waiting on HSBC? Our application has been with the underwriters for 2 weeks 😬 nervously waiting!

I'm with HSBC, our application has been with the underwriters since 20/8, so we're just behind you!   ....Really hoping for good news in the next week or two assuming they don't need any follow-up documents   

Good luck!! Apparently they are going to get back to us by Friday!! Let us know how you get on! Why did yours go to the underwriters?

Hi, also with HSBC. Manually referred on 24/8. Called 28/8was advised that they are currently working on applications from 19/8 and all applications due to the pandemic and financial climate are going through the manual underwriters final checks before offer. Has anyone else told similar ? 

Thats interesting to know they are working on 19/8 applications. We haven't heard back yet and applied 16/8. I might phone tomorrow! The HSBC mortgage advisor who put in our full application said she could approve straight forward mortgages herself but because we aee both seld employed it had to go to underwriters. 

We applied direct online 20/8 no advise route as LTV 77%. Valuation done the following day, must of been desktop one, valuation more than we are purchasing for.
Status changed from decision obtained to ready to offer back to decision obtained over the following days,Then manual referred 24/8. She said the 19/8 was based on date they were sent to manual underwriters not the date people applied. But anyway confirmed ours was just sitting in the que, when we asked why it was manually referred was told for final manual checks and all applications are, also based on 24/8 and how busy they are we could still be 2 or 3 weeks away and would receive a text. 2-3 weeks more of living with jangled nerves! 
let me know how you get on.

Very similar situation here with HSBC - the same LTV and our valuation came in higher as well. We applied on the 10/8 via broker, who said it's just waiting for the last checks but who knows how long that takes.

I hope you have some good news soon. I think we will ring again during the week to see if any further progress.

cat3333

katiescotland88 said:

I am just off the phone to HSBC. Apparently the que for underwriters are in levels. Our application is at level 4, out of 1-4. So ours is in the next bunch to be assessed (application submitted 14/08). They said they will be doing credit assessment and can take 7-10 days 😲😵 we were hoping to hear back this week about a decision but now seems very unlikely!! 

At least you know the position now.
Are the levels 1-4 based on dates of application so or do they signify something else🤷🏻‍♀️. Have they done the valuation on yours yet?

dbg1986

Hi everyone 

I just wanted to share the up and downs we have been through and now hopefully coming out with some great news.

we started in March with a mortgage offer from nationwide with 90% ltv and then Covid hit. We lost the house due to lockdown and the sellers pulling out.

we did not give up and kept an eye on the market, we found a house better than the previous one and slightly cheaper.
however We were coming out of lockdown and myself and my partner were still on furlough and were about to expienrance how Covid had effected The lenders criteria.
we now only had access to 3 banks offering 90% ltv and of those 3 only One being Accord would take our full wage With a letter from our employer stati a return to work date. The rate was 2.99% which was high but we wanted this house. We went through the whole process to be told 3 weeks into the process Accord didn’t want to offer us a mortgage due to me and my partner working in the same job.
we were back to the drawing board and with help from the family of a £5k gift we could now apply for a 85% ltv, this now opened up lots more lenders and with a rate of 2.14% nationwide was our next venture, we had to prove our return to work date and my partners add it ok income along with another letter from our HR department guaranteeing the extra additional income.
we then went through the process , another valuation came to the house and all was going well until nationwide changed their criteria And now no longer were accepting add until hours , this now meant we would need to find another £30k as nationwide would only offer us £161k, this was not an option for us.
At this point we were now in August and our mortgage advisor had spoke to HSBC and explained everything we had been through and we couldn’t have any more curve balls being thrown at us as the sellers were now getting cold feet with the stamp duty going back in March.
the same thing again we have letters over from HR proved income and the valuation happened again. Then two weeks ago we got a text message saying we had a mortgage offer!!!! I opened the email to ready an offer of £180k!?!? HSBC have discovered the house was Laing easi fell and would only give us a 80%ltv. At this point my partner was in tears , we had to find another £10k. We had been saving for 5 years and had £30k our selfs and help from my partners mum another £5k , but we knew asking for £10k was unrealistic as our families didn’t have anymore to help us.
i went out for a drink and after a few drinks a idea came to my head....... why couldn’t we ask all our family (uncles,siblings etc) for £1k each, surly £1k could be affordable??? After 24 hours we had managed to get enough family members to help us reach the extra £10k we now had a 20% deposit of £45k!!!.
i have had to get these family members to sign a declaration saying this is a gift not a loan or repayment.
we have checked with hsbc prior they were happy for this to happen and they didn’t have a maximum gift amount like nationwide so that took that worry away.
the deeds have been signed and this is now with the senior partners ready for the exchange.
this has been a rollercoaster of emotions over 5 months but we never gave up and now in the final stretch.

FTB_1991

dbg1986 said:

Hi everyone 

I just wanted to share the up and downs we have been through and now hopefully coming out with some great news.

we started in March with a mortgage offer from nationwide with 90% ltv and then Covid hit. We lost the house due to lockdown and the sellers pulling out.

we did not give up and kept an eye on the market, we found a house better than the previous one and slightly cheaper.
however We were coming out of lockdown and myself and my partner were still on furlough and were about to expienrance how Covid had effected The lenders criteria.
we now only had access to 3 banks offering 90% ltv and of those 3 only One being Accord would take our full wage With a letter from our employer stati a return to work date. The rate was 2.99% which was high but we wanted this house. We went through the whole process to be told 3 weeks into the process Accord didn’t want to offer us a mortgage due to me and my partner working in the same job.
we were back to the drawing board and with help from the family of a £5k gift we could now apply for a 85% ltv, this now opened up lots more lenders and with a rate of 2.14% nationwide was our next venture, we had to prove our return to work date and my partners add it ok income along with another letter from our HR department guaranteeing the extra additional income.
we then went through the process , another valuation came to the house and all was going well until nationwide changed their criteria And now no longer were accepting add until hours , this now meant we would need to find another £30k as nationwide would only offer us £161k, this was not an option for us.
At this point we were now in August and our mortgage advisor had spoke to HSBC and explained everything we had been through and we couldn’t have any more curve balls being thrown at us as the sellers were now getting cold feet with the stamp duty going back in March.
the same thing again we have letters over from HR proved income and the valuation happened again. Then two weeks ago we got a text message saying we had a mortgage offer!!!! I opened the email to ready an offer of £180k!?!? HSBC have discovered the house was Laing easi fell and would only give us a 80%ltv. At this point my partner was in tears , we had to find another £10k. We had been saving for 5 years and had £30k our selfs and help from my partners mum another £5k , but we knew asking for £10k was unrealistic as our families didn’t have anymore to help us.
i went out for a drink and after a few drinks a idea came to my head....... why couldn’t we ask all our family (uncles,siblings etc) for £1k each, surly £1k could be affordable??? After 24 hours we had managed to get enough family members to help us reach the extra £10k we now had a 20% deposit of £45k!!!.
i have had to get these family members to sign a declaration saying this is a gift not a loan or repayment.
we have checked with hsbc prior they were happy for this to happen and they didn’t have a maximum gift amount like nationwide so that took that worry away.
the deeds have been signed and this is now with the senior partners ready for the exchange.
this has been a rollercoaster of emotions over 5 months but we never gave up and now in the final stretch.

I am feeling sorry for myself - but you have trumped me. Really hoping you hear some good news soon 😊

söpöpöllö

dbg1986, bloody hell, that was a wild ride! Congratulations and well done for persevering.