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

Motherofcelticdragons

URGH, someone hold my hand! 
FTB, 95% mortgage (London based so only chance if we want to buy within the next 5 years at least!).

• Offer accepted 8th April,
• AIP 9th April
• Full application submitted 13th April. 
• Valuation instructed 13th and expected back 21st April but not showing complete still on tracker (out of interest, anyone who had further info requested, did they pause the valuation or updating info whilst they awaiting the requested items?)
• Instructed solicitor 13th April, and all searched completed ALREADY! Our local authority search was returned the same day.

BUUUUUT, Skipton, our lender, has asked for a letter from OH's solicitor confirming outlook for his business as 2018/19 and 2019/2020 numbers aren't great. However, easily explained through investment outlay, AND since last year major changes have been made to reduce outgoing and increase profit (had their biggest sales in April, last month!). 

But of course all of this is now outside of my control, and I just need to wait for his business accountant to review cash flow and agree to providing letter. She hasnt even said she'll do that yet!!

Vendor's searches are expected to come back by end of this week so we could literally be ready to start talking exchange dates except we now don't know if we'll get the mortgage! 

SO anxious, and worse that there's nothing I can do!

clairelourow

An update from me chased our broker today and our mortgage offer has been approved!  Being posted out and we should have it by Wednesday with Coventry BS.  Now we just need to wait for our vendor to find somewhere, they have been looking for about a month but not found anywhere yet but we are flexible and currently renting so are happy for them to take their time
01/04 Property viewed
06/04 Offer accepted
07/04 Solicitor instructed
08/04 DIP received
? Full app submitted no idea as MA didn't confirm date
28/04 Request for P60s
30/04 mortgage valuation instructed
03//05 valuation complete
07/05 mortgage offer in the post

katykins05

@clairelourow its great that you are private renting so not under pressure to move, but remember your mortgage offer only lasts six months and then you will have to start asking for extensions which can be a hassle so you want them to find something ASAP. A woman I work with was in the same position as you and the vendor took so long that her mortgage offer expired before completion and then they only agreed to extend it by 4 weeks so it fell through. Absolute nightmare!

clairelourow

@katykins05 thank you. We are going to monitor the situation, they have been looking consistently since they accepted our offer so as long as they are making an effort we are happy to be flexible, if time starts dragging on we will bring it up with the EA! 😊

Niamh5664

clairelourow said:

An update from me chased our broker today and our mortgage offer has been approved!  Being posted out and we should have it by Wednesday with Coventry BS.  Now we just need to wait for our vendor to find somewhere, they have been looking for about a month but not found anywhere yet but we are flexible and currently renting so are happy for them to take their time
01/04 Property viewed
06/04 Offer accepted
07/04 Solicitor instructed
08/04 DIP received
? Full app submitted no idea as MA didn't confirm date
28/04 Request for P60s
30/04 mortgage valuation instructed
03//05 valuation complete
07/05 mortgage offer in the post

We are also going with CBS and submitted our full application last Wednesday through our MA! The nerves are on another level!!! Congratulations though  🎉 

Lorann_86

Another CBS application here. I'm confused though. We put the application in on Thursday 6/5 and it was referred to underwriters, MA said he checked the portal on Friday 7/5 and it all looks good he just needs to confirm with them on Monday. Hard search showed in clearscore on Thursday too. Do you think MA is basically waiting for confirmation that the application will progress? Not a confirmation of offer? Everything I am reading suggests a longer process and more checks than we have given so far for an offer. 

Capri84

clairelourow said:

An update from me chased our broker today and our mortgage offer has been approved!  Being posted out and we should have it by Wednesday with Coventry BS.  Now we just need to wait for our vendor to find somewhere, they have been looking for about a month but not found anywhere yet but we are flexible and currently renting so are happy for them to take their time
01/04 Property viewed
06/04 Offer accepted
07/04 Solicitor instructed
08/04 DIP received
? Full app submitted no idea as MA didn't confirm date
28/04 Request for P60s
30/04 mortgage valuation instructed
03//05 valuation complete
07/05 mortgage offer in the post

We are waiting on Coventry too. Had either of you been furloughed or anything?

Lorann_86

No furlough here! Have you been waiting long?

jazzyja

Hey everyone!!
FTB! absolute bag of nerves, living in a rented house which is, quite literally, a hell hole (dont even have central heating, landlord is not a nice person) 2 children with freezing bedrooms!
Anyhow it's all pushed me to save and I've got 10% deposit. Sent all my documents to my broker. Not yet applied for anything except Lloyd's by myself who gave me a AIP but my broker wasn't so impressed with their % so I've left that. I've viewed a few properties but the one I really like the look of I view tomorrow!! Eek! Hoping and praying I get accepted for a mortgage. If I like the property tomorrow il inform my broker and take it from there! I'm not sure what I would do if I do like? Make an offer and ask them to take it off? I feel like a pest to my broker at times! I know I'm paying him....but still.
Good luck everyone waiting, what a stressful time x

Niamh5664

Capri84 said:

clairelourow said:

An update from me chased our broker today and our mortgage offer has been approved!  Being posted out and we should have it by Wednesday with Coventry BS.  Now we just need to wait for our vendor to find somewhere, they have been looking for about a month but not found anywhere yet but we are flexible and currently renting so are happy for them to take their time
01/04 Property viewed
06/04 Offer accepted
07/04 Solicitor instructed
08/04 DIP received
? Full app submitted no idea as MA didn't confirm date
28/04 Request for P60s
30/04 mortgage valuation instructed
03//05 valuation complete
07/05 mortgage offer in the post

We are waiting on Coventry too. Had either of you been furloughed or anything?

We’re waiting on Coventry too, submitted our application through our MA last Wednesday. the anxiety is on another level 😬😬