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

Process90

We FINALLY received our 80% LTV mortgage offer today with HSBC.

A 3/4 weeks underwriting process followed by a huge down valuation, followed by the sale falling through, followed by finding a different property and further 12 day wait for new valuation and offer.

It's been one hell of a ride.

CharFTB

I talked to Nationwide who basically said that it was looked at initially but because of the high LTV (90%) it needs to be looked at by the referrals team. When they decided that, they requested all our documents again so they were more up to date, but giving them more documents pushed us back to the start of the 10 (ish) working days for them to be looked at 😩 hopefully hear by the 14th

Drawingaline

Just had an email from broker. Mortgage approved 😁😁😁

Drawingaline

Our timeline

09/07 offered on a house and accepted. Vendor gave us two weeks to get ours on the market and sstc.
15/07 house on market
21/07 offer accepted on our house and chain complete (our vendors are moving abroad)
Spent a week gathering all the info and documents needed for mortgage and paying of the small amount of debt we have.
28/07 full mortgage application put into Santander by broker.
29/07 answered some queries re my self employment role.
12/08 more queries re my self employment role and my second 12hrs a week paye job
12/08 valuation carried out.
19/08 another question about my paye job, requiring a letter from employer.
21/08 letter from employer passed onto Santander.
01/09 yet more queries about payments to a (now closed) loan and direct debits for life insurance.
07/09 asked broker to chase as vendor getting anxious about timescale
Advised we would have info by close of business 08/09

But at 3.30pm 07/09 broker forwarded a message from lender to say it's been approved! Such a relief. Seven weeks from application to offer. Husband in a Covid proof job, me self employed, originally affected by covid, now back to full strength, and 12hrs a week in a job where I am furloughed until Oct, but receiving 100% pay. 75LTV. 

What a journey. Now on to sorting out the rest of the purchase as solicitors seem to have had a complete communication breakdown 🙄🤦

Drawingaline

Gah, just double checked the message from broker and it says underwriters decision is Approval subject to valuation. Valuation was carried out in August.

Just emailed broker and apparently it is an automated response and they need to review the valuation and then send the offer out. I am assuming there was nothing major with the valuation otherwise we would have heard sometime in the last month 🤷

cooky123

Process90 said:

We FINALLY received our 80% LTV mortgage offer today with HSBC.

A 3/4 weeks underwriting process followed by a huge down valuation, followed by the sale falling through, followed by finding a different property and further 12 day wait for new valuation and offer.

It's been one hell of a ride.

Hi I’m in similar waited nearly a month and then valuation came back 20k under now done new property form and found somewhere else due to seller not wanting to accept down value.. how long from your new property to offer if you don’t mind me asking? 

katiescotland88

cat3333 said:

katiescotland88 said:

cat3333 said:

katiescotland88 said:

cat3333 said:

Received the “text” from HSBC today saying we have a mortgage offer.
Our timeline 
applied direct online no advise route on 20/8 ltv 77% 
valuation 21/8
valuation obtained 21/8 ( property valued at more than we are paying)
online status changed over the next few days:
ready for offer
decison obtained
then on 24/8 manually referred 
heard nothing until today 5/9 text saying mortgage approved and booking fee (1000) now needs to be paid to view offer!.

whilst it seems we should be happy/excited we are finding it hard as we’ve found out it seems our buyer is struggling to secure a mortgage (when does the stress ever stop 😔). My question is if we pay the fee and the offer turns out less than we need or our buyer now pulls out if he can’t get a mortgage, do we lose the whole of the thousand pounds application fee?? Any advise or knowledge on this with HSBC would be gratefully received .

Congratulations 👍 not sure about the application fee. Might be worth contacting HSBC mortgage advisor. You could also check how long your mortgage offer lasts. Maybe you could get a new buyer??

Thanks . We have the full offer amount with hsbc and the offer and rate is valid for six months.
we now need our estate agents to be “honest” with what is happening and problem with our buyer. 
How are you getting on? 

Gosh it is so stressful isn't it!! Hope you get some info about your buyer soon. We are no further forward yet 😭 still waiting on HSBC and their decision.

It is a ongoing stress for one thing to another. I’m so pleased for us but we need our buyer to be in a position to move forward, just ringing estate agent and for a no nonsense discussion now🤬. Is anyone on your application self employed? As HSBC said these can go on 6/7 weeks atm. I’m keeping my fingers crossed for you. Let me know how it goes. 

Oh no keep us updated!
Thanks very much. We are both self employed so it isnt straight forward at all. 

periwinkleperkins

So it’s working day 7 from submitting full application with Vida (via TFC) and they’ve requested a valuation survey. No queries or questions yet on any documentation so keeping my fingers crossed we’re inching closer to an offer 

hannah2283

Drawingaline said:

Gah, just double checked the message from broker and it says underwriters decision is Approval subject to valuation. Valuation was carried out in August.

Just emailed broker and apparently it is an automated response and they need to review the valuation and then send the offer out. I am assuming there was nothing major with the valuation otherwise we would have heard sometime in the last month 🤷

When I got my Santander decision it said subject to valuation, then the next day I got a text and email saying it had been approved. Could be a standard thing for them maybe

Drawingaline

hannah2283 said:

Drawingaline said:

Gah, just double checked the message from broker and it says underwriters decision is Approval subject to valuation. Valuation was carried out in August.

Just emailed broker and apparently it is an automated response and they need to review the valuation and then send the offer out. I am assuming there was nothing major with the valuation otherwise we would have heard sometime in the last month 🤷

When I got my Santander decision it said subject to valuation, then the next day I got a text and email saying it had been approved. Could be a standard thing for them maybe

Just had a text and email saying the mortgage has been offered 😁 so pleased, one hurdle down. I am assuming it goes to the broker to forward to us then a hard copy in the post.