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

spidereyes

19ardagh70 wrote: »

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

You are a star spidereyes :A

Absolutely no problem


I can't tell you how disheartening it's been over dealing with other peoples purchases and not being able to get a mortgage of my own!

Four years ago me and OH we're in a good position financially to buy but OH didn't want to.
So I left things alone for a bit and we ended up moving from one rented disaster to another, after our second move in 3 months (due to the landlord having the house repossessed a week after we moved in) we thought enough was enough and we talked about buying. 2 weeks later OH was "fired" from his job, down to one salary that was no longer an option.
Long story short months down the line, it went to tribunal which we won which meant he was classed as made redundant instead (id love to say we had a big pay off but we didn't, just 3 months wages) OH went self employed which was really tough financially and emotionally for the first year, thankfully second year got a lot easier, and now he's just finished his second full year of trading with turnover more than what he was making employed.
Thankfully we got through it without getting into debt and have a good deposit behind us with money left to fall back on, and if anything what we went through proved that our relationship could stand the strain which is always good if your about to make such a big commitment if you know what I mean.


Needless to say it's been a hugely stressful and emotional road to get to the point we are *fingers crossed* a few weeks away from having the mortgage offer in hand!

19ardagh70

Blimey, what a stressful few years you have had !

We sold our house last year, but because we wanted to make it easier to sell (it had been on market for 18 months, we made it NO CHAIN. They had to rent it off us for 2 months before the sale went through (to stop their sale falling through) It actually took 5 months before sale went through in the end, financially this crippled us
Of course this meant we had to rent. We hate it..our neighbours are from hell !

I have this whole new way of life in mind when we move..I'm going to start making cakes and gardening,cooking from scratch...:rotfl:..I probably won't though, but I like the idea..silly isn't it ! You just feel in limbo when you rent.

TowerTom

TowerTom wrote: »

11th April - AIP referred with Principality but broker reckons it's due to issue with partners name, gives AIP cert to us.
22nd April - First viewing, partner and I loved it
25th April - First offer made
28th April - Offer rejected but had second viewing anyway. Vendor gave price they're looking for, we thought meet in middle and upped our offer.
30th April - 2nd offer rejected, still said they're wanting price given last time. Decided we really want the house so agreed and it was accepted. Appointment with mortgage advisor made.
1st May - Application made, passed credit check and they had no issue with partners name.
6th May - Decided to risk it, instructed conveyancers even though no answer on mortgage yet. Hopefully get things going quicker and it'll pay off. Repo so need things done asap.
8th May - Broker advised app with underwriters, mortgage valuation booked for Monday 12th! :j

Rightyo, some update with good & bad news :mad:

12th May - Valuation took place.
15th May - Get call from EA to say someone with the other EA marketing the property made offer. Vendor contacts our EA to advise us and she managed to figure it's at asking price.

Figured I'd check with MA on how valuation went and our mortgage situation first before bidding away - valuation all good at original purchase price, with no adverse comments and mortgage offer would have been in post after weekend - good news, mortgage stress (kind of) over. We decided to re-iterate our position of solicitor already done searches, mortgage offer basically on table but we'd only go a smidge over asking price. New buyer walks away, vendor accepts our new offer.

EA advised vendor wants completion by 23rd so I just laughed. MoS says 29th and I said we may well have been able to exchange at original purchase price by then, but now new purchase price needs to go through lender and they're 5 days behind. MA to try push them as it's not much more and can't see why it won't be accepted.

Buying a repo is so stressful!

19ardagh70

TowerTom wrote: »

Rightyo, some update with good & bad news :mad:

12th May - Valuation took place.
15th May - Get call from EA to say someone with the other EA marketing the property made offer. Vendor contacts our EA to advise us and she managed to figure it's at asking price.

Figured I'd check with MA on how valuation went and our mortgage situation first before bidding away - valuation all good at original purchase price, with no adverse comments and mortgage offer would have been in post after weekend - good news, mortgage stress (kind of) over. We decided to re-iterate our position of solicitor already done searches, mortgage offer basically on table but we'd only go a smidge over asking price. New buyer walks away, vendor accepts our new offer.

EA advised vendor wants completion by 23rd so I just laughed. MoS says 29th and I said we may well have been able to exchange at original purchase price by then, but now new purchase price needs to go through lender and they're 5 days behind. MA to try push them as it's not much more and can't see why it won't be accepted.

Buying a repo is so stressful!

What a cheek..if they had gone through with other offer from other EA they would have had to wait past their specified date of completion

roast

roast wrote: »

12/05 Update from broker, Halifax are apparently having a nightmare with their systems, told the valuation will be booked the next 24/48 hrs.

14/5 Email sent to brokers, saying we are not happy with the delay
15/5 Reply from broker saying that the valuation has been booked in for Monday 19/5- what a relief.
The application went through MMR, all they asked extra was if we had any childcare cost and to provide wife's latest payslip and my latest contract. Light at the end of the tunnel.......

ILikeAdvice

When people refer to an MA what do you/they mean? (Probably a stupid question)

cycle_si

CluelessFTB wrote: »

I am waiting for my HTB approval then my full application will go in with Halifax. ahhhhh nervous times!

Good luck everyone

I found Halifax to be great.

09/05 - House Valuation.
13/05 - Full offer received.

We're using HTB.

Sols are now being rubbish now :-(

Dilleyhead

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)

I'm in a similar situation (not a paralegal but work in a solicitors) I had them all in line to GO GO GO as soon as I received my full mortgage offer (yesterday). I am not sure if this is normally acceptable however I really was nervous about the mortgage not being approved and sinking more money into a purchase that might never happen. Also my contract (renting) isn't up til 30th of June so as long as I had a few weeks to faff and decorate I wasn't in a mega rush. I guess speak to your solicitor and find out what is happening in your case?

Arcaine

Arcaine wrote: »

Hi all and good luck with the applications so far.

We are at the start here but already finding what a slow process this all is. We have an Alliance and Leicester Mortgage currently and we are porting the rate to the new property. LTV after a cash injection will be approx 55%.
Timeline so far....
2nd May - Offers for buyer of ours and reconfirm offer we made.
3rd May - Phone Santander to start process.
6th May - Upload all documents
......wait......
14th May - Go through affordability check, - Girl on the phone tells me Santander currently using 6% to stress test mortgages. We have to tweak budget a little to get through but no problems in the end.
Date for Mortgage Consultant to start the application proper given as the 5th June. :eek:

Update, phoned Santander to see if there were any cancellations to bring the Adviser meeting forward and now have an appointment of the 29th May . Has anyone got experience of porting a mortgage rate from an old Alliance and Leicester Mortgage? My main concern is that they will use the new rules to block us having such a good rate on the extra borrowing or even stop us at all as we are not 'profitable' customers.

TowerTom

19ardagh70 wrote: »

What a cheek..if they had gone through with other offer from other EA they would have had to wait past their specified date of completion

That's exactly what we told our EA, though doubt she'd relay it back to the vendor - she was glad we're still buying, money in their pocket!

Just have to hope no one looks at coming in over the asking price now and hopefully be done within a couple of weeks and wash my hands of the greedy repo company.

ILikeAdvice wrote: »

When people refer to an MA what do you/they mean? (Probably a stupid question)

I mean Mortgage Advisor (broker) though others may mean Mortgage Advisor from directly with a bank/BS.