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

kathonetwo34

JustJane101 said:

kathonetwo34 said:

Looking for some direction. MA contacted today, nationwide has asked again about source of deposit. They asked a few weeks ago, and it was explained, partner transfers half of wages to me to save, initially he would give me cash sums, which for all intense and purpose I stuffed under the mattress 🤦 then covid happened so he started transfering it over direct to my account. any way when house was found and mortgage application made I transferred what was in my account  back to him and went in and deposited the cash into his account. Well weeks later they have said they are not happy with were the deposit has come from and asked again, well the answer doesn't change because it's the truth SAVINGS. He is applying for the mortgage on his own, MA has said we will get a yes or no by Monday , but in the mean time can apply with a different lender at Futher £200 cost. I'm so over this house buying thing now, this seems so stupid. I have no idea what to do for the best 

Oh no! What a nightmare! I’m sorry this is taking so long for you! 

I’m sorry this may not sound very helpful, but if you imagine yourself in the banks shoes I see two “problems” here. 

Firstly; they can’t prove categorically that This money was being kept “under the mattress” and not proceeds from crime or other means. I appreciate this is highly unlikely to be the case: but if it was found so after you had a mortgage offer the bank would be in a lot of trouble. 

Second problem, is that if your partner is sending you money to put away in savings does this mean that he cannot restrain his spending so he has to give someone else his money to remove temptation? As you aren’t working this would indicate a serious risk to them. 

I appreciate you’re both probably financially stable but from the banks perspective it doesn’t look great. Once the money is in his account for 3 months however there will be no questions, so it might be a case of waiting a few months if that’s an option. It’s frustrating right?! 

 Whilst he is not great with money he always pays what he needs, no debt no credit cards etc. As the bills are all in my name, it's seemed silly to change them over so he gave me what was needed and I payed them honestly didn't think anything of it. What ever is left after I have sorted the essentials out he keeps and spends, it has been the source of many arguments, but he always argues well everything's payed so who cares. I save what's left from what he gives me. I totally understand the banks position, however they have asked the same question twice! If they were not happy with the explanation the first time just say no. Instead weeks have gone by, valuation has been done, solicitors are half way through searches, the vendors are twiddling there thumbs waiting, it just seems like they are unnecessarily dragging it out. The MA was made aware from day dot that the savings were in cash, he said it wouldn't be a proplem and to place it in to an account when we could so we did. He is now saying 50/50 if they say yes but we should think about trying another lender at further cost? Surly they will have the same issues?? I am the complete opposite to my other half I am very frugal and the idea of wasting yet more money and time for nothing just doesn't appeal to me. Looks like a long wait till Monday the latest MA has said 

silverstar9

Finally got my mortgage offer through with NatWest! 6 weeks 2 days from application, or 32 working days!

20/08 - DIP.

21/08 - Full application including 3 months payslips, 2 years SA302’s/tax overviews and 3 months bank statements submitted through broker.

24/08 - Valuation instructed.

28/08 - Payslips/SA302’s ticked on tracker.

28/08 - NatWest requested updated bank statements and also Covid-19 statement regarding SE business.

01/09 - Bank statements ticked on tracker.

02/09 - Physical valuation (house was previously valued at £165k.

03/09 - Valuation report marked as received on tracker.

10/09 - NatWest requested RTB document.
14/09 - Documents ticked on tracker.
21/09 - NatWest requested credit card statements to show balances repaid.
25/09 - All documents ticked on tracker.
06/10 - Mortgage offer emailed over at 09:40!

TheNichols2608

Gem_M90 said:

DanielACB said:

Gem_M90 said:

DanielACB said:

First Time Buyer - HTB Equity Loan - New Build - Halifax via Broker

MIP - 05/09

Property reservation - 06/09

Full Application submitted - 10/09

Awaiting next update....

Anyone got an idea on the timescales with Halifax from now on? No credit issues, within affordability, 75% LTV (5% deposit, 20% equity loan).

Thanks,

Dan

I was 23 working days from application with Halifax to offer. I'm in Scotland and a single applicant and the underwriting was very thorough. 

Looks like there were a few issues with your process - lets hope this one goes slightly smoother! Do you mind asking what the affordability and discrepancies were please?

The discrepancies were simply that my credit report hadn't updated for 3 months and I still had car finance a balance on a credit card showing on it which had been cleared. 
Affordability issues turned out not to be issues at all, the underwriters were being extra strict as I'm applying on my own.  Initially the intention was to apply jointly with my partner, however he has a few adverse issues on his file and my broker worked out it would be much cheaper for me to apply on my own, as I would get a rate of 1.45% as opposed to rates closer to 4% with my partner. Because I was applying on my own, we had to throw alot more in as a deposit for me to meet lending criteria myself. Due to this, I have just under 5k in credit on a few things which we werent able to pay off before applying. My broker included this in the application, but that's what caused the affordability issue. I've had an approval now on the basis that it will be cleared before completion (not due to complete until feb-march 2021)

Can I ask gem where in Scotland are you coz I have been told that this isn’t possible with my other half. Are you married? Cheeky question 

Sphynx

I am glad I have found this thread. 4 weeks into our wait for Halifax mortgage. Still waiting fir the valuation. 

onyx911

Our broker switched from the Barclays application to Halifax yesterday. This morning she called to say the application had been approved subject to valuation. Hoping to have the offer soon.

Gem_M90

TheNichols2608 said:

Gem_M90 said:

DanielACB said:

Gem_M90 said:

DanielACB said:

First Time Buyer - HTB Equity Loan - New Build - Halifax via Broker

MIP - 05/09

Property reservation - 06/09

Full Application submitted - 10/09

Awaiting next update....

Anyone got an idea on the timescales with Halifax from now on? No credit issues, within affordability, 75% LTV (5% deposit, 20% equity loan).

Thanks,

Dan

I was 23 working days from application with Halifax to offer. I'm in Scotland and a single applicant and the underwriting was very thorough. 

Looks like there were a few issues with your process - lets hope this one goes slightly smoother! Do you mind asking what the affordability and discrepancies were please?

The discrepancies were simply that my credit report hadn't updated for 3 months and I still had car finance a balance on a credit card showing on it which had been cleared. 
Affordability issues turned out not to be issues at all, the underwriters were being extra strict as I'm applying on my own.  Initially the intention was to apply jointly with my partner, however he has a few adverse issues on his file and my broker worked out it would be much cheaper for me to apply on my own, as I would get a rate of 1.45% as opposed to rates closer to 4% with my partner. Because I was applying on my own, we had to throw alot more in as a deposit for me to meet lending criteria myself. Due to this, I have just under 5k in credit on a few things which we werent able to pay off before applying. My broker included this in the application, but that's what caused the affordability issue. I've had an approval now on the basis that it will be cleared before completion (not due to complete until feb-march 2021)

Can I ask gem where in Scotland are you coz I have been told that this isn’t possible with my other half. Are you married? Cheeky question 

@TheNichols2608 We aren't married however from what my broker told me we'd still have been able to proceed as a single applicant even if we were. I am in Lanarkshire.
We could have got a mortgage jointly, however the interest rates would have been too high to be affordable so it made more sense to push through with me as a single applicant, although we obviously needed a much larger deposit. For the Help to buy part both of us had to sign, essentially to say my partner would also live in the property but financially the agreement is in my name. We've taken a 2 year fixed rate as his file should have improved enough by then to remortgage jointly. Is it a broker who's told you that you can't apply as a single applicant?
From what I've been told and read up on, though I'm in no way an expert, is that if you are married and applying as a single applicant not all lenders will accept this, and those who do may class your husband/wife as a financial dependent and therefore affecting the affordability of the mortgage. So I guess it depends on the financial situation. 

ftb_1995

Natwest 85 LTV FTB
Full application went in 8th September through broker and offer received today! 4 weeks..
Now to wait for the searches..

dais

Going with the Barclays Springboard Mortgage for 94% LTV. Wanted to come on here as I feel like my process is moving quite slowly and wondered if there were any others out there also with Barclays. 

09/09: Offer accepted on property

25/09: Mortgage Application submitted (Had to wait for an appointment!) & received DIP 

05/10: Submitted Family Springboard info & opened the account
07/10: Underwriters requested photocopies of passports

But I’ve had no valuation booked yet and it’s been 2 weeks since my application, is this normal? Does the valuation come before the offer? I’m new to all this as a FTB so any advice is appreciated, thanks! 

Good luck everyone!!  

aloaaa

Waiting for our offer too, so stressful.
We haven't been waiting long but I have completely fell in love with the house we wish to buy. We was actually looking for another house to rent in the area and we stumbled across a new development. We decided to have a browse as the prices advertised seemed within our reach. We ended up reserving a plot there and then (21st September) and the same day got a mortgage in principle with Halifax. We submitted our application to Barclay's first (1st October) as they had the best rate. We were rejected a few days later because we didn't meet their 'criteria'. 
We submitted an application to Halifax on the 5th October, since we have been asked to submit a few bank statements and employment history and then today we have been told they have booked a valuation for the property on the 15th. I hope this is a good sign and we have passed their credit checks and affordability 

katb88

Could someone ease my mind please? 

DIP accepted - 2/10
Full application - 2/10
Broker sent all required paperwork - 8/10
Estate agent rang and advised nationwide were doing valuation 13/10 

we have good credit, I’m a key worker last 13 years, hubby self employed 3 years good books. We have two children and pay £750 a month in childcare (have done for last 3 years) 

What’s the next steps is the above good signs?

Thanks in advance