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

antispam246

antispam246 wrote: »

Figured I'd board this train and share our experiences. Its been a crazy ride but can see the light now.

Early April: Started seriously house hunting and viewing.
pre-23-04-14: Aquired Broker & MIP in excess of initial needs.
23-04-14: Estate Agents letter sent out.
26-04-14: Viewed 1st house we actually liked. Open house (was packed)
28-04-14: Made 1st offer at asking price.
29-04-14: Entered into bidding war with 2 other parties.
- Made final offer, lost out. Went ridiculously over.
- Informed of similar property same day, immediately booked viewing for same day.
- Had viewing with owner. Secretly fell in love, knew this was the one.
- Made 1st offer on 2nd property at asking price, prepared for bidding war, determined to get property (within reason).
30-04-14: No word on offer, couldnt contact EA. Was worried about competitiors.
- Before leaving for night shift hand delivered written offer directly to vendor (posted).
- 10 minutes later received a call from vendor telling us they had accepted offer this morning. EA were slow to notify (probably trying to bide time to draw higher bid).
01-05-14: Contacted EA, accepted offer confirmed. Property removed from market.
- Later informed vendors chain had collapsed, they now needed a new property, told to check back in a week, offer still stood.
08-05-14: Checked in with EA, still no property.
11-05-14: Message directly from vendor, property found, chain closed.
12-05-14: Broker updated, mortgages requested.
14-05-14: Mortgage type chosen, requested mortgages again. (last contact with Broker, no replies)
15-05-14: Posted here concerned with Broker http://https://forums.moneysavingexpert.com/discussion/4971669
- Followed advice.
- Considered ditching Broker, going direct.
- Failed at affordability with 1st choice.
- Passed affordability with 2nd choice.
- 1st interview with MA. Passed.
16-05-14: Solicitor Instructed.
17-05-14: 2nd Interview with MA (2 1/2 hours).
- Still no word from Broker, considered ditched.
22-05-14: Solicitor deposit for initial searches paid. Initial paperwork signed.
25-05-14: Searches ordered.
29-05-14: Product fee & survey fee for lender paid.
01-06-14: Searches received.
04-06-14: 3rd Interview with MA. Everything passed to underwriters.
16-06-14: Partner went into labor[/b]
17-06-14: Healthy baby girl delivered. (First time parents)
18-06-14: Mortgage fee paid.
- Final checks by underwriter.
20-06-14: Offer received in post. Success!

Just signed deeds and awaiting to exchange contracts.

Slight update on ours, still waiting. We were just informed yesterday that our FE has been changed as the original conveyancor is leaving the company. Wasn't sure how to take this to begin with but having spoken to the replacement, still seems on track. Basically waiting on vendors solicitor to answer queries which is being pushed.

We re-visited our new property yesterday after invitation from vendor to basically measure up if needed. They've started packing and left us a few freebies which was really nice. All in all, looking good, just can't wait till it's all over.

Edit: Moving to waiting to exchange on other board

Svenena

Alias_Omega wrote: »

I suspect its a case of a good survey back, then full application for the mortgage and appointment of the Solicitor.

I thought lenders didn't generally instruct a surveyor to do the valuation until after your had submitted a full mortgage application. :think: But perhaps it depends on the lender?

ETA: http://www.halifax.co.uk/mortgages/help-and-advice/guides/mortgage-process/what-happens-next/

"While we’re processing the rest of your application, we’ll make arrangements for a valuer to value the property."

So your situation does seem a bit unusual.

Mortgage_Mark_2

Alias_Omega wrote: »

Yeah, its Colleys ~ Both Houses.

The fee was paid to Halifax, who sent the Surveyor out. I suspect we are along the road of the mortgage, but a full final application has not yet be made, as i was out of the country and Mrs AO dealing with it.

I suspect its a case of a good survey back, then full application for the mortgage and appointment of the Solicitor. The solicitor provided a quote of £920 through Halifax, who when contacted directly dropped the price to £800 on a price~match.

There is some confusion over the mortgage, as i am sure it was a £650 cashback which was not mentioned to Mrs AO. I fully understand products change, and what is available at the time of application is what you get.

Halifax instruct the valuation on submission of the full application...

Check what was on the app re: cash back, there have been a couple of offers of late with that, some have been for the cost of a basic valuation, others capped at £500 etc.

Dubito_ergo_sum

May I join ?

April 14 - AIP from YBS
early June - after 2 months of house hunting found dream house but house taken off the market over night between viewing 7pm and calling EA 9am to put in offer, however registered interest
4/7/14 - call back from EA, previous buyer pulled out so offered and offer accepted - ironically on Independence Day :rotfl:
8/7/14 - AIP from YBS again as april AIP only valid for 30 days
15/7/14 - full 3h mortgage application over the phone
17/07/14 - mortgage paperwork received, signed, will post it tomorrow

Keeping fingers crossed survey is ok, theres no chain either side so hoping for august completion date.
Good luck to anyone waiting, and I honestly admire you guys who are in a chain, it must be so much worse for you, but it will have been worth it in the end

soph_the_loaf

Going through Santander and mortgage was approved last week subject to valuation.

10th July - valuation instructed by Santander
17th July - call from mortgage broker to say that valuation happening today.

How long will it be before I hear the results of the valuation?

Alias_Omega

Mortgage_Mark wrote: »

Which surveyor are you using? Halifax only use Colleys, and as such your survey could be worthless and you're back to square one for the purchase.

Generally, the survey is instructed by the lender, not you, as it needs to be a surveyor they'll accept the report from.

STOP...!

A massive massive mess up, the mortgage advisor has instructed for a valuation survey and not the homebuyers survey as part of the package. Good News though, the valuation is what we have offered which leaves us now needed another survey...a homebuyers survey.

Nothing defective in the valuation survey, however we know the electrics are 15th edition (no RCD etc) and the boiler is 25years old (immersion heater etc). There are cracks in the plaster on the wooden dorma part of the house. Just now wondering with the massive caveats in a normal survey, is it worth the hassle...

The house sold in 2006 for £30,000 more than what we have offered, however its been empty for 14 months due to a divorce.

girlcalledpanda

We've just had back that due to an 'undisclosed' student loan they've just discovered they've dropped the amount they'd lend by 10k. I'm annoyed as it was disclosed from the get go and it's right there listed on OH's pay slips so I don't have a clue why they're now acting surprised about it. They want it paid off or we put 10k into the mortgage, I've asked the broker if paying off our car finance would be more beneficial as all these options would wipe out our savings completely but we'd be better off per month paying the car.

Alias_Omega

Mse Martin would say "Pay off the most expensive debt first".

mai_taylor

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.
16/07/2014 - Full apllication in with Halifax today. Does anyone have any experience with Halifax?

Update
17/07/2014 - Valuation done! One day after apllication submitted.

Svenena

I've now been waiting over a week for an update on my 5-year index-linked savings certificate from NS&I, because Nationwide said the original 2011 certificate (the only paperwork I've ever had for this, because it's a 5-year certificate) was too old. I wish I'd foreseen this and ordered one in advance (or my broker had foreseen it when I sent him my paperwork a week before we met).

It's frustrating that a whole week has been wasted with presumably little happening on my application, when the whole thing should have only taken 7-10 days in total. I suspect I might be asked for more paperwork once they've looked at this lot too, because I've been saving into so many different accounts over the past few years. But I wouldn't have the deposit I have now if I hadn't - I'm currently earning almost £1,000 per year in interest.