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

getting-sorted-sarah

getting-sorted-sarah wrote: »

07/04/14 AIP
10/04/14 Saw property (new build)
10/04/14 Paid reservation fee
16/04/14 Received confirmation of reservation and exchange deadline of 29/05
24/04/14 Memorandum of sale received by MA
30/04/14 (?) full application made
06/05/14 Deposit paid to solicitor to start searches

Update:
14/05/14 MA says app has gone to underwriters. Not sure exactly what this means, but it is a step forward!!!

19ardagh70

getting-sorted-sarah wrote: »

Update:
14/05/14 MA says app has gone to underwriters. Not sure exactly what this means, but it is a step forward!!!

It means the underwriter for the lender (a person rather than a computer) checks all the information properly that you and the broker provided to make sure it matches up before it is properly approved

19ardagh70

our valuation report was due back today (valued on Tuesday) but i've not heard anything yet. Then its checked before letter is sent..I still may have to wait till next week before we know. No way we will exchange end of May now.

19ardagh70

curious_badger wrote: »

Update -

I called the mortgage centre today, to check if they had received the outstanding documents that were re-sent yesterday from the in branch MA ('we haven't got your SA302's') ...

After holding for a couple of minutes, I was told that our application has been approved subject to valuation!! I was told that somebody will be in touch Tomorrow/Monday regarding the valuation -

Can anybody tell me if I will need to "do the legwork" and advise the Estate Agent/Sellers of the Valuation time/date? Or will Natwest take care of that? (I gave the contact details of the estate agent to the in branch MA during the full application 2 weeks ago).

Thanks

The surveyor contacts the EA and vendors directly, they will know when it is before you do

spidereyes

Evening folks

curious_badger wrote: »

Update -

I called the mortgage centre today, to check if they had received the outstanding documents that were re-sent yesterday from the in branch MA ('we haven't got your SA302's') ...

After holding for a couple of minutes, I was told that our application has been approved subject to valuation!! I was told that somebody will be in touch Tomorrow/Monday regarding the valuation -

Yay thats great to hear!

Ive just called the processing centre for an update, theyve advised the valuation is booked in for monday 19th, so hopefully only another week or so to offer *fingers crossed*

Im actually a paralegal in conveyancing so my firm is doing the legal stuff for us, just had the contracts in this week which all looks ok but now enquiries are in the process of being raised, estimating potential completion for 11th july which cannot come soon enough as it feels like its been a real battle the last few years to get to this point.

19ardagh70

UPDATE;
I just rang natwest again. They have valuation back, but now it goes back to underwriters for assessing. This is currently a 5 day turnaround, so I wont know till next Wednesday ! They cannot advise me if it has been undervalued as they can't see that information on their system.
Assuming all is well, we then have to wait for the mortgage offer letter.
I've kinda had enough now!

19ardagh70

spidereyes wrote: »

Evening folks




Yay thats great to hear!

Ive just called the processing centre for an update, theyve advised the valuation is booked in for monday 19th, so hopefully only another week or so to offer *fingers crossed*

Im actually a paralegal in conveyancing so my firm is doing the legal stuff for us, just had the contracts in this week which all looks ok but now enquiries are in the process of being raised, estimating potential completion for 11th july which cannot come soon enough as it feels like its been a real battle the last few years to get to this point.

How useful, do you know if the conveyor starts any work before the mortgage offer ?(we paid some money up front you see)

moneymed

moneymed wrote: »

Here is our story so far, we are using a broker who has been fantastic. Had some issues with my credit file at the start but managed to get a delinquent account reversed (long story). Fingers tightly crossed, I am finding the whole thing highly stressful, my partner is the polar opposite.

18/03 House viewed
01/04 AIP from Halifax
03/04 Offer made and rejected
07/04 Second offer after viewing - Accepted
08/04 Solicitors instructed
12/04 Full mortgage application & valuation paid
16/04 Valuation takes place

Estimated date of completion 02/06/14

We finally got a mortgage offer today after lots of delays, mainly from my partners job who sent the Halifax the wrong salary information.

So from full application to offer with the Halifax and using a very good broker it has taken us a little over a month. Lots of back and forth and extra documents asked for by the Halifax. We were not assessed under MMR so I not sure if this is the average time, it felt like ages. Just got to chase the solicitors now:j

spidereyes

19ardagh70 wrote: »

How useful, do you know if the conveyor starts any work before the mortgage offer ?(we paid some money up front you see)

It may vary from company to company but our standard practice is to work on file and get searches ordered etc (unless client doesnt want us to) without mortgage offer.

Usual practice as follows if its of any use to anyone whoses at early stages;

Receive clients instructions and payment on account
Receive memorandum of sale from EA
Request contracts from sellers sols
When contracts received order searches, whilst waiting search results raise initial enquiries on title and then contracts to clients for signature (some firms deal with signatures at the end though)
When searches in, review and if needed raise further enquiries on results
Deal with enquiries, sometimes some back and forth until all satisfied
Mortgage offer received - reviewed and reported on, mortgage deed for client to sign.
Once everything in place solicitors request deposit for exchange
Agree completion date in chain
Solicitors request mortgage monies and get confirmation of release of funds
Final searches carried out (bankruptcy search and os1)
Get client authority to exchange
Exchange takes place so everything is legally binding with completion set for an agreed date.
On completion day solicitors send over funds, sellers solicitors confirm reciept and then keys released - move in!

Obviously very generic breakdown but if anyone does want any guidance on process though let me know (pm if you like) and I will help where I can.

19ardagh70

I can't tell you how helpful that was :T

You are a star spidereyes :A