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

JD12Ev

E_D_FTB said:

JD12Ev said:

WorriedKirkels said:

JD12Ev said:

Hey! 
First time posting on this thread.. after scrolling through its been easing my nerves after seeing so many people getting their offers through.

I am a FTB, purchasing a 90% LTV with my Boyfriend. We submitted our application directly to Santander 5 weeks ago, valuation was done 3 weeks ago and came back at the asking value so no issues there.. but in the past 5 weeks we have had 4 rounds of questions/documents asked,about covid, furlough, why did my boyfriendhave unpaid leave last month ( his mum unfortunately got diagnosed with Cancer and he needed to take her to treatment and his work dont pay for sick days or they dont issue holidays if not enough notice given... ball ache!) And some other stupid questions like why was he on furlough..so back to the underwriters 4 times 😬 we are both in full time work, and didnt think we were a complicated case... 

I think I've aged 20 years in the past 5 weeks, please keep your fingers and toes crossed for us! Xx

Fingers crossed 🤞- it’s not a no so sounds positive - especially when you can answer their queries. Agree with the ageing point, I already had a few greys but this is definitely making it worse 😬 x

Imagine getting to 5 weeks to be told No 😔 im keeping positive as all the questions can easily be answered and supported with a document to prove.. just wanna be put out of the misery of the unknown.

Hairdressers booked for Wednesday as these greys are sprouting up fast! X

We're on week 5 too - the wait is just the worst! Also FTB with 90% deposit, although I think our case is a little less complicated. But our Broker isn't worried, so I'm trying to focus on that rather than Googling all the reasons mortgages get rejected! But I'm sure if you've got all the evidence then it'll be fine - it just might take longer than you'd like! Good luck!

Thanks so much, the wait is the worst isnt it! Im trying to stay positive as the questions they are asking arent a huge deal, and i didnt think we were a complicated case untill all these queries.. fingers crossed we get some good news soon! Who did you apply with? X

E_D_FTB

JD12Ev said:

E_D_FTB said:

JD12Ev said:

WorriedKirkels said:

JD12Ev said:

Hey! 
First time posting on this thread.. after scrolling through its been easing my nerves after seeing so many people getting their offers through.

I am a FTB, purchasing a 90% LTV with my Boyfriend. We submitted our application directly to Santander 5 weeks ago, valuation was done 3 weeks ago and came back at the asking value so no issues there.. but in the past 5 weeks we have had 4 rounds of questions/documents asked,about covid, furlough, why did my boyfriendhave unpaid leave last month ( his mum unfortunately got diagnosed with Cancer and he needed to take her to treatment and his work dont pay for sick days or they dont issue holidays if not enough notice given... ball ache!) And some other stupid questions like why was he on furlough..so back to the underwriters 4 times 😬 we are both in full time work, and didnt think we were a complicated case... 

I think I've aged 20 years in the past 5 weeks, please keep your fingers and toes crossed for us! Xx

Fingers crossed 🤞- it’s not a no so sounds positive - especially when you can answer their queries. Agree with the ageing point, I already had a few greys but this is definitely making it worse 😬 x

Imagine getting to 5 weeks to be told No 😔 im keeping positive as all the questions can easily be answered and supported with a document to prove.. just wanna be put out of the misery of the unknown.

Hairdressers booked for Wednesday as these greys are sprouting up fast! X

We're on week 5 too - the wait is just the worst! Also FTB with 90% deposit, although I think our case is a little less complicated. But our Broker isn't worried, so I'm trying to focus on that rather than Googling all the reasons mortgages get rejected! But I'm sure if you've got all the evidence then it'll be fine - it just might take longer than you'd like! Good luck!

Thanks so much, the wait is the worst isnt it! Im trying to stay positive as the questions they are asking arent a huge deal, and i didnt think we were a complicated case untill all these queries.. fingers crossed we get some good news soon! Who did you apply with? X

Nationwide - they seem to be pretty slow, sadly. I'm just hoping everything else goes smoothly, even if the mortgage is being a nightmare!

vi009na

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

vi009na

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

Now, EA and Vendor suggesting me to go to another lender and hope for good valuation. As vendor will not sell house for 250k. 
I know another lender will also have similar valuation if not 250k exact. However if seller backs out at that point, I won't be able to purchase any property due to two hard checks on credit file. 

Can anyone suggest, what could be the best way? I do not have any additional money being FTB. No one, not me or estate agent or vendor suggesting or making first move to negotiate on new price at this time

E_D_FTB

vi009na said:

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

Now, EA and Vendor suggesting me to go to another lender and hope for good valuation. As vendor will not sell house for 250k. 
I know another lender will also have similar valuation if not 250k exact. However if seller backs out at that point, I won't be able to purchase any property due to two hard checks on credit file. 

Can anyone suggest, what could be the best way? I do not have any additional money being FTB. No one, not me or estate agent or vendor suggesting or making first move to negotiate on new price at this time

That's a horrid situation. My friend had a similar situation, and simply had to apply to different lenders and hope they would value the property higher. Did they give any indication of why the valued it under the asking price?

vi009na

E_D_FTB said:

vi009na said:

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

Now, EA and Vendor suggesting me to go to another lender and hope for good valuation. As vendor will not sell house for 250k. 
I know another lender will also have similar valuation if not 250k exact. However if seller backs out at that point, I won't be able to purchase any property due to two hard checks on credit file. 

Can anyone suggest, what could be the best way? I do not have any additional money being FTB. No one, not me or estate agent or vendor suggesting or making first move to negotiate on new price at this time

That's a horrid situation. My friend had a similar situation, and simply had to apply to different lenders and hope they would value the property higher. Did they give any indication of why the valued it under the asking price?

Let me know how it went for your friend? when his/her second valuation due? 

I am not planning to go to another lender as they all use eSurv (HSBC, Barclays, NatWest and Santander etc). So there are hardly slight chances it will be better if not exact 250k.

Lets see I have asked for couple of days from them, if they negotiate price then only I can go ahead else, need to look for another property to buy. Atleast I have mortgage approved and can go for new properties valuation with HSBC until offer runs out in next 6 months. 

greensalad

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

This is exactly what I'm fearing. Also with HSBC and FTB. We only have 5% deposit, we have a little bit of extra cash but not much. Keen to hear how it goes with your vendors/EA regarding the downvaluation.

If you offered asking price it seems ridiculous to me that they could expect you to pay that much when the property isn't "worth" it. My big fear is that we offered a high price because the property was listed OIEO and of course they will never tell you actually how much they think it's worth!

E_D_FTB

vi009na said:

E_D_FTB said:

vi009na said:

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

Now, EA and Vendor suggesting me to go to another lender and hope for good valuation. As vendor will not sell house for 250k. 
I know another lender will also have similar valuation if not 250k exact. However if seller backs out at that point, I won't be able to purchase any property due to two hard checks on credit file. 

Can anyone suggest, what could be the best way? I do not have any additional money being FTB. No one, not me or estate agent or vendor suggesting or making first move to negotiate on new price at this time

That's a horrid situation. My friend had a similar situation, and simply had to apply to different lenders and hope they would value the property higher. Did they give any indication of why the valued it under the asking price?

Let me know how it went for your friend? when his/her second valuation due? 

I am not planning to go to another lender as they all use eSurv (HSBC, Barclays, NatWest and Santander etc). So there are hardly slight chances it will be better if not exact 250k.

Lets see I have asked for couple of days from them, if they negotiate price then only I can go ahead else, need to look for another property to buy. Atleast I have mortgage approved and can go for new properties valuation with HSBC until offer runs out in next 6 months. 

She was able to add enough to her deposit move from an 80% mortgage to a 75% mortgage. But that was after 3 applications which undervalued the property.  Hope you can work it all out!

goodwithsaving

@vi009na many of us who are not FTB don't have much to add in as cash either, if anything. That is not a problem unique to FTB. Your sellers may have no leeway either.
HSBC may have used AVM. Some lenders are still using physical inspections (via Countrywide and the like). It may be that going with one of those would result in a different valuation. 
The mortgage is against the property, so I'm afraid the 6 month expiry doesn't apply if you go for another property, you need to apply again.

vi009na

greensalad said:

vi009na said:

My updates so far

• 16th June: Got AIP from NatWest via broker charging too much fees and indirectly forcing me full application with NatWest. 
• 21st June: Applied to HSBC Mortgage which was good deal compare to NatWest. Also, via fee free broker. All documents submitted upfront 
• 25th June: Additional clarification requested on monthly commitment. Provided required info and silence since then.
• 2nd July: Full mortgage offer received subject to valuation
  
• 9th July: Valuation carried out.
  
• 13th July: Broker contacted house down-valued to 250k from 276k asking price.

Seriously disappointed while writing this post. No idea about next steps. Just sent email to Estate Agent regarding this. Haven't said anything about renegotiating price etc. as being FTB I had limited 10% deposit only and no idea what I can do with big price drop. 

This is exactly what I'm fearing. Also with HSBC and FTB. We only have 5% deposit, we have a little bit of extra cash but not much. Keen to hear how it goes with your vendors/EA regarding the downvaluation.

If you offered asking price it seems ridiculous to me that they could expect you to pay that much when the property isn't "worth" it. My big fear is that we offered a high price because the property was listed OIEO and of course they will never tell you actually how much they think it's worth!

Property was listed for 295k then reduced to 289k and then went to Sold - STC. Again after a month it came back as previous buyer dropped out. Listed for 284k and offered was 276k. Now valuation is 250k. Strange 

I did lots of other valuations online and only zoopla gives valuation as 288K for this property. Others are giving around 240k to 260k