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

Daisy_bee

Valuation completed yesterday and spoke to lender today who have the valuation report back and all the docs they need , they said that it takes 3-5 days to process , so fingers crossed will have my offer my end of next week

[Deleted User]

Thanks for sharing stories everyone, here's mine as a FTB of a leasehold flat in council block in London (empty, no chain):

17/4 saw flat, put in offer, accepted same day
23/4 sent docs to mortgage broker
2/5 called broker for progress, more documents needed
14/5 got my searches from the solicitor
15/5 message from Nationwide "FMA received"
16/5 lease and other documents from solicitors, revealed 16 years shorter lease than EA told me, and also 12k worth of upcoming work to the estate, that I will have to pay for
19/5 asked broker to pause the mortgage, nationwide took my fees from my bank account anyway
22/5 renegotiated price of flat due to the works to the estate (price down by 4k which is the immediate works)
28/5 need to update documents to bank, including savings. Asked broker if declaration of gift for deposit needed (no reply)
10/6 broker says declaration of gift for deposit needed (!)
17/6 chased broker once more
20/6 mortgage valuation booked for 2/7

Any bets on an exchange date?

I have never done this before, I was really surprised that:
- you have to chase some people just to do their job (it seems)
- some professionals don't reply to emails, and you have to get them on the phone (why? isn't it better to have important facts and figures written down clearly?)
- you never know who/what is the real hold-up because there is a big chain of chinese whispers. The EA says that the seller says.... The broker says that the bank says.... the solicitor says that the sellers solicitor says that the seller says....

Good luck all you buyers and sellers out there.

akzah

HSBC timeline, for those who are applying. They are bit slow and did have techincal issues with my app after valuation which delayed things by a week.

6th May - Offer Placed
9th May - Offer Accepted
12th May - Mortgage Applied HSBC
13th May - Surveyors Contacted to charge for survey
13th May - Memos sent out by Estate Agent
15th May - Documentation Provided to HSBC at bank
16th May - Surveyors booked in for 5th June
17th May - Wife's Documentation Provided to HSBC at bank
20th May - All Documentation received and approved
22nd May- Passed to Credit Officer
3rd June - Solicitors receive draft contract from seller
4th June - HSBC updates last modified date on application (underwriter checked application)
6th June - Get valuation letter confirming valuation
9+ June - Various Techincal Issues with application
19th June - Offer Generated
20th June - Offer accepeted online

If HSBC could sort there tech issues and also allow documents to be uploaded online they would be brilliant.

curious_badger

Recently received full offer for the mortgage!
Just waiting for the vendors to find their property to move to ..

It's a leasehold flat that I'm buying, and have a few questions for the management company (I can't find any contact info for them on the web) - will my solicitor ask the management company my questions on my behalf ..?

soph_the_loaf

Hi all,

This is my very first post so please do bear with me.

19th June - Offered on a leasehold flat and had offer accepted. Also got an AIP from Santander on a £100,000 mortgage based on initial information through broker.

My broker is coming to complete the forms with me on the 24th (Tues). I am really panicking now, because I told him that my salary was £25000 and having looked on my documents it is actually only £24795. Is this going to cause a problem or void my AIP?

What an idiot. I'm 25, never done this before and don't have anyone to help me. Came here for a little help and guidance.

Dilleyhead

Dilleyhead wrote: »

FTB 74% LTV, deposit from inheritance. 22yrs old, single application (absolutely bricking it) currently renting, tenancy ends 30/06

17/04 - AIP issued by Nationwide requesting more payslips etc (annoyingly fell on bank holiday)
22/04 - Mortgage application completed (text to confirm it has been received)
24/04 - text to say valuation is booked for 07/05!
07/05 - Estate Agent confirms the valuation has taken place
08/05 - Text to say survey is satisfactory
15/05 - Text saying 'We are delighted to inform you we have now issued a formal mortgage offer. We look forward to completing based on this offer'

My tenancy runs out on the 30th June, I only have this weekend to get stuff moved (I don't have a car so have sorted removal etc. and sofa delivery)

Just been informed my solicitors have changed the completion date to monday 30th!! :eek: im so frustrated/stressed I could cry! THis has been a rollercoaster for sure desperately trying to get the completion date put back to the 27th (when I was told it was going to be ) I work in a solicitors and it doesnt make it any easier

noidles

So can I join in? We're applying for a mortgage with Nationwide via a broker:

29 May - Received a DIP

Monday 16 June - Found a house and put an offer in (£30k under asking price and £40k under what Nationwide agreed to lend on the DIP)
Tuesday 17 June - Supplied all the additional documents to our broker
Thursday 19 June - received a text and email from Nationwide to say our application had been received
Today - 23 June - Our broker asks for more bank statements from JUST my boyfriend. They want full bank statements for the last 12 months for only him.

We just aren't really sure now if it's normal procedure to want a full 12 months worth of bank statements, but just from one party. He's actually the most frugal of the two of us. and has a lot of savings. It's just made me a bit anxious really. Anyone else had experience of this?

Bluebunny

Noidles - we are applying with Nationwide also, they asked for an original copy of my husband's payslip to evidence his name and company, and for Bank statements from me to evidence our deposit and my pay being credited to my current account - I thought it was a little strange that thay asked for things from one party but not the other, but they will have a reason for this. If you are concerned I would just give the broker a call to ask why - they should be more than happy to help

noidles

It turns out my boyfriend thinks there's a pretty clear reason for them asking for it. After our DIP they'd asked us both for 12 months bank statements just showing rental payments, which we duly sent. But the account my boyfriend pays his rent out of is just the account he uses for his salary and rent and then he transfers any leftover money into various savings accounts. He has another current account he uses for general spending. So he thinks it probably looks a bit weird to them and they probably want to see where the money is. Although, they do already have statements for the last 3 months for everything anyway.

To be doubly sure, he's just going to give them more info than they asked for - 12 months statements for both current accounts, and then also statements for his savings. He has nothing to hide, so we're hoping it's all ok.

It's just frustrating, I guess, because it holds up the process. And our broker can't say whether they will want more info after. So we can't even pre-empt it and make sure we have all the documents with us at work to send straight away. We'd just really like to get the valuation/survey booked, so at least the vendor feels that stuff is happening.

becbec1982

I want to join in too please! The anxiety is driving me mad so need to share. OH keeps telling me to stop getting stressed which of course does the opposite!

Can't remember the exact dates of finding the house, offers etc, but our mortgage application was submitted by our broker to Natwest on 10/06. Heard on Monday 16th that the mortgage had been approved subject to valuation.

Valuation carried out on Thursday 19th June. Broker said that Natwest should have hopefully received the valuation report on Friday so will then be a few days to process. I know some folk have found it takes a day or two, some longer.

Has anyone else had experience of this stage with Natwest and how long it takes from valuation to formal offer?