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

ChonkyChops

Well, a final update...
After around 40 days of waiting, Natwest decided not to go with us in the end. 
I am fortunate enough to make it into the High Income lending side with them, as a sole trader contractor. We got to the end of the process after underwriting, and they decided to update their policy to ONLY allow the High Income lending to apply to a contractor in a LTD Company, NOT a sole trader. 

Couldn't believe it when I was told, but we have to accept the outcome. Now making the difficult call to tell our buyers that we can't sell our house to them as our mortgage didn't work out.

NewHouse86

ChonkyChops said:

Well, a final update...
After around 40 days of waiting, Natwest decided not to go with us in the end. 
I am fortunate enough to make it into the High Income lending side with them, as a sole trader contractor. We got to the end of the process after underwriting, and they decided to update their policy to ONLY allow the High Income lending to apply to a contractor in a LTD Company, NOT a sole trader. 

Couldn't believe it when I was told, but we have to accept the outcome. Now making the difficult call to tell our buyers that we can't sell our house to them as our mortgage didn't work out.

sorry to hear this. Would you consider applying elsewhere or do you think you are done?

I will be honest, it is my concern that after waiting what looks like will be 6 weeks that NatWest will decline my offer too but only time will tell. 

hema123456789

Still heard nothing...

ChonkyChops

NewHouse86 said:

ChonkyChops said:

Well, a final update...
After around 40 days of waiting, Natwest decided not to go with us in the end. 
I am fortunate enough to make it into the High Income lending side with them, as a sole trader contractor. We got to the end of the process after underwriting, and they decided to update their policy to ONLY allow the High Income lending to apply to a contractor in a LTD Company, NOT a sole trader. 

Couldn't believe it when I was told, but we have to accept the outcome. Now making the difficult call to tell our buyers that we can't sell our house to them as our mortgage didn't work out.

sorry to hear this. Would you consider applying elsewhere or do you think you are done?

I will be honest, it is my concern that after waiting what looks like will be 6 weeks that NatWest will decline my offer too but only time will tell. 

I don’t know tbh - we went to tell our buyers today that we can’t sell them the house because we can’t get a mortgage and the estate agents have offered their mortgage advisor to look into it now too. So, I’m happy to let someone look into it, but they’d have to basically perform magic to get something. Yeah, it is worrying for sure with all the waiting, but it hopefully won’t be long!

retepetsir

Having been told it would take around a week for the valuation survey documents to be reviewed, we received an email yesterday afternoon with approval of our mortgage offer! Very happy, less than a month start to finish and that was having to wait two weeks for the in-person valuation survey.

16 working days from when they received our completed application form. 

Just waiting for the paperwork to be sent now....

Timeline for reference:
21/10 - Received DIP from Virgin Money
26/10 - Sent full application and payslips/P60s
29/10 - Received call from Underwriter with a couple of questions, all apparently looked ok. Advised that the valuation survey was being instructed and it could be a desktop one.
03/11 - Desktop valuation was booked in
04/11 - Called today to find that there wasn't enough data to carry out a desktop valuation, so they need to do a full survey and will be contacting the vendor
05/11 - The valuation surveyor (Connells) called this morning to ask about property access and keys for a valuation survey. I'm the buyer not the seller so that's not a good start! Have provided the seller's details so hopefully that all goes ok. 
06/11 - Valuation of property booked in with vendor for mid-Nov
17/11 - Valuation report received by Virgin, awaiting review.
17/11 - Mortgage offer received

robrymond

Had our offer today from Virgin, some timelines for reference:
3/11 - DIP done
4/11 - Full application submitted with 3 months statements, wages and P60s
5/11 - Valuation undertaken
11/11 - Valuation received back at the amount required
12/11 - Lender requests three months credit card statements for one of our shopping/fuel cards which gets paid in full each month and was missed on original application and questioned one payment which wasn't obvious on our monthly statement
18/11 - Full offer received
Since Friday, interest rates on our product dropped from 3.32% to 2.99% and I contacted them to see what they can do. Initially was told it would be a re-submission by our broker which would require a hard search but they would cross-reference things to speed it up. Then she decided that seemed like too much effort and contacted her supervisor who said, just transfer them as it'll save time as they try and get on top of all the mortgage offers.
Very impressed with the speed and the evidence they required, especially as they are a 5x lender for us and the only one on the market so it was very much all or nothing.

GJ19

Can anyone please let me know what happens after receiving the mortgage offer? We received the offer from Barclays, we signed the mortgage deed and sent it to our solicitor. But its been one week, no exchange of contract happened. The solicitor is telling that they are waiting for approval from the lender. I don't understand what approval they need? Can anyone help?

retepetsir

robrymond said:

Had our offer today from Virgin, some timelines for reference:
3/11 - DIP done
4/11 - Full application submitted with 3 months statements, wages and P60s
5/11 - Valuation undertaken
11/11 - Valuation received back at the amount required
12/11 - Lender requests three months credit card statements for one of our shopping/fuel cards which gets paid in full each month and was missed on original application and questioned one payment which wasn't obvious on our monthly statement
18/11 - Full offer received
Since Friday, interest rates on our product dropped from 3.32% to 2.99% and I contacted them to see what they can do. Initially was told it would be a re-submission by our broker which would require a hard search but they would cross-reference things to speed it up. Then she decided that seemed like too much effort and contacted her supervisor who said, just transfer them as it'll save time as they try and get on top of all the mortgage offers.
Very impressed with the speed and the evidence they required, especially as they are a 5x lender for us and the only one on the market so it was very much all or nothing.

That's good! They honoured the lower rate for us too, based on a previous DIP, as it had gone from 1.64 to 1.94% overnight. Very happy with their service so far and yours was even quicker!

fromrubbletobecket

Mortgage Application Timeline (NatWest)

• 30/10 - Agreement in Principle received (hard search on credit file) @ 2pm
• 05/11 - Full application submitted @ 3pm
• 06/11 - Valuation fee taken out bank account @ 9am
• 12/11 - Desktop Valuation instructed @ 3pm
• 16/11 - Valuation received by Natwest @ 6am
• 18/11 - Underwritter reviews payslips @ 12pm
• 18/11 - Mortgage offered and solicitors instructed to proceed @ 2pm 

This is our full timeline, we had a broker, both of us FTB, no HTB or other loans used.

hema123456789

13/10 - application submitted and AIP given, soft search on credit file 
16/10 - money taken out for valuation 
27/10 - info reviewed by underwriter and further info requested and provided 
29/10 - further reviewed
30/10 - email to broker advising we’ve had our mortgage approved subject to valuation
12/11 - valuation completed and shown as received on tracker 
13/11 - natwest verbally confirmed valuation came back at the asking price 
17/11 - asked the broker to confirm solicitors details and he sent across
19/11 - OFFER FINALLY RECEIVED!