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

Mortgage_Mark_2

mai_taylor wrote: »

Update -

28/06/2014 - MA takes all our ID and gets full application sent to Leeds.
12/07/2014 - After waiting two weeks Leeds have now offered us 10% less than we need, we're completly gutted. MA said it's because their rate is so good that they don't want too many 5% mortagages. It means we're looking at an extra £100 a month in payments.
14/07/2014 - MA is supposed to be running a DIP through with Halifax or Santander today. A month since we put the offer in and it feels like we've got nowhere. Now for the waiting again.

Something doesn't add up here.

Lenders don't just reduce their offer because they don't want the business (they do sometimes increase interest rates on offer to deter business, but that's a separate issue). Their criteria is well published - it sounds as if your broker has overlooked something in your circumstances or expenditure/affordability?

girlcalledpanda

Called broker today, he had to send some more paperwork over last week, valuation has been instructed so all progressing as it should.

kasperblue

So frustrated with my broker. Application went into Platform on 28th June and was initially reviewed on 8th July. They requested some employer references for my current and previous job (I've only been in my new job 2 months) which is all fair enough.......my old employer has theirs and have sent it back but my broker just told me she'd forgot to change the address for my new employer which I had noticed in error during the application (i.e. before it went in)....!!!! She's has now sent over a correction but how annoying is that.....I suppose I'll have to wait another week or so for my employer to even get the reference :-(


So glad there are lots of people are getting good news on here, it makes me feel there is light at the end of the tunnel!

mai_taylor

Mortgage_Mark wrote: »

Something doesn't add up here.

Lenders don't just reduce their offer because they don't want the business (they do sometimes increase interest rates on offer to deter business, but that's a separate issue). Their criteria is well published - it sounds as if your broker has overlooked something in your circumstances or expenditure/affordability?

Leeds have said it's something to do with our credit rating but both of ours are good so we don't really understand why they've made that decision.

Kirstyb1987

Have you take out more credit or messed around with credit whilst you have applied?

mai_taylor

Kirstyb1987 wrote: »

Have you take out more credit or messed around with credit whilst you have applied?

No, the only thing I've done is pay more off my credit card (which only had £200 on it to start with). Just before we applied my OH had a bad score on Noddle which changed within a couple of weeks from a two to a four - he'd done nothing differently. We were declined a DIP by Halifax then when his score went back up we were accepted. Then had a DIP with Leeds. I don't see what could be wrong with our credit scores now.

Kirstyb1987

This is confusing, I am also confused why your OH credit scores keep going up and down in such a short period of time.


Have you pulled your credit scores and had a look? Or contacted the credit agencies to ask if there is a problem?


Can you not raise the extra 10% needed?

Mortgage_Mark_2

How many searches have you had recently?

mai_taylor

Kirstyb1987 wrote: »

This is confusing, I am also confused why your OH credit scores keep going up and down in such a short period of time.


Have you pulled your credit scores and had a look? Or contacted the credit agencies to ask if there is a problem?


Can you not raise the extra 10% needed?

An extra £14,000 would take us about 2 years to save. We've checked noddle recently and Experian a while back, I'm thinking maybe we should pay to have a look at Experian again. Thing is we don't really have any credit the only thing I have is my credit card.

Searches we had were just with Halifax and Leeds. Halifax was done twice.

sankhara

25 June 2014 - Viewed Flat - Asking price 650-700k
26 June - Made offer.
27 June - Agreed on 620k.
1 July - Sent mortgage broker all paperwork.
11 July - Survey conducted by CountryWide
13 July - Received valuation from Countrywide at purchase price, 620k.

Now heard nothing back from our lender, Woolwich yet.
Have asked them for 305k which is about 5.4 times our combined yearly salary.

Hoping for good news soon and will update this post.