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

Mortgage_Mark_2

sankhara wrote: »

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.

5.4 times JOINT? :think:

sankhara

Yes, I was also surprised Woolwich does this but apparently they do, their max is 5.5 for low LTVs, this requested LTV is 49%.
The online calculator says max is 314k which is 5.5

But who knows, we'll find out soon what their reply is..

I thought the fact they booked the survey is a positive thing?

Mortgage_Mark_2

I wouldn't read too much into the survey being booked; underwriting stage is when it will get interesting.

sankhara

Okay great.
I'll keep you posted.

Any experience with Woolwich, Mark?

lawlie

lawlie wrote: »

Text from eSurv last Thursday 10th to say that the valuation is available for viewing online. It's valued up! :T Once again, I updated my MA (seriously... ). Hopefully that's the last thing and our mortgage offer will come through early this week...

MA have advised that Woolwich said they are undertaking the final assessment within the next 5 days. MAs out there - what does that mean?!

Mortgage_Mark_2

sankhara wrote: »

Okay great.
I'll keep you posted.

Any experience with Woolwich, Mark?

Funnily enough I submitted the first Woolwich app I've done in a long, long time last week....!

sankhara

Mortgage_Mark wrote: »

Funnily enough I submitted the first Woolwich app I've done in a long, long time last week....!

Ahhh..
Hoping they will still do 5.4 then :-)
:T

snowscreamer

sankhara wrote: »

Yes, I was also surprised Woolwich does this but apparently they do, their max is 5.5 for low LTVs, this requested LTV is 49%.
The online calculator says max is 314k which is 5.5

But who knows, we'll find out soon what their reply is..

I thought the fact they booked the survey is a positive thing?

sankhara, my boyfriend and I had a very smooth experience with the Woolwich on taking out our mortage recently, and we borrowed just under 5.5 times our joint income for 42% LTV.

There were no hitches and our mortgage offer was posted I think the day after the survey (which valued the house at our agreed price).

Good luck!

sankhara

snowscreamer wrote: »

sankhara, my boyfriend and I had a very smooth experience with the Woolwich on taking out our mortage recently, and we borrowed just under 5.5 times our joint income for 42% LTV.

There were no hitches and our mortgage offer was posted I think the day after the survey (which valued the house at our agreed price).

Good luck!

Awesome!!
Thank you for the update.
Hows the process going for you now?
Have you completed?

snowscreamer

snowscreamer wrote: »

sankhara, my boyfriend and I had a very smooth experience with the Woolwich on taking out our mortage recently, and we borrowed just under 5.5 times our joint income for 42% LTV.

There were no hitches and our mortgage offer was posted I think the day after the survey (which valued the house at our agreed price).

Good luck!

I should probably add that this was a few weeks before the new MMR rules came in. But we were asked to provide a monthly budget and some affordability checks were done so they may have been working to the new rules already.