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

Gamehungry

Our application with Lloyds progressed to offer yesterday. Does anyone know how long it will take for an offer to come through in the post? Will the solicitors be likely to receive theirs via fax or post?

Thanks.

Dubito_ergo_sum

MA from YBS called today to say he has now packaged the application and will send it to head office for underwriters to review. He didnt know timescales but said sometimes they've got backlog, so either they will contact me for more documents or they will call to take payment for the fees and instruct the survey.

Does anyone know what a realistic turnaround time is for underwriters ?

MadScientist_2

Email from EA to say the valuation survey has been booked for tomorrow, and the property has now been taken off the market. :T

counting_stars

Hi all

Offer accepted today and property taken off market. I have a meeting with my broker tomorrow morning to apply for the deal I want, have all my documents ready. Very excited!

How long does it normally take to hear back? I'm finding this all rather confusing as it seems so different for everyone.

MadScientist_2

counting_stars wrote: »

Hi all

Offer accepted today and property taken off market. I have a meeting with my broker tomorrow morning to apply for the deal I want, have all my documents ready. Very excited!

How long does it normally take to hear back? I'm finding this all rather confusing as it seems so different for everyone.

Congratulations! It seems to vary quite wildly to be honest. Mine took exactly 7 (working) days, some on here seem to have had a response within a day or two, others a good 3 or 4 weeks. I was anxious more so because the seller refused to take the property off the market after accepting my offer until she knew I'd had the mortgage approved! The waiting is horrible, I hope it's a quick response for you Good luck!

bexs2247

Hi, we made an offer on a property and had it accepted at the end of June. Our approval in principle expires at the end of July. So far, the vendors haven't found anywhere to buy yet (been 3 weeks), I am phoning the estate agents weekly to chase up.

We are not sure whether to advance to the full application before the aip expires but this would mean we would have to pay £1000 out plus £270 valuation fee. This would give us 6 months to complete but if they subsequently don't find anywhere ( in which case we would probably not move until next year as there is not much coming on at the moment) we would have lost this money.

The other alternative is to apply for another aip and hope we get offered the same amount of money (although we actually want 5k less).

I'm getting quite anxious and worries. Really want this house!

Barricade

Probably my only post in this thread, as I put quite a few in the Post Office thread!
Finally got our mortgage approved today after nearly a month of waiting.

We submitted our application on 23rd June
We had our documents etc sent on 7th and Valuation was done on the 8th.
Since the 8th, up until today, its been sheer agony waiting for that ultimate decision.

Glad that part is finally over now though and we can finally look forward to moving into our first home!

Good luck to everyone else, I hope you all get the outcome you want!

pembssurf

I am desperately hoping to hear some good news by today. When I called natwest on Friday they said by wednesday afternoon would be the decision. Can't believe my whole life rests on someone miles away with a piece of paper and a calculator. Emailed my broker last night to check this morning. Everything crossed here now, good luck to everyone else in the valuation stage.

Alias_Omega

Bexs2247 wrote: »

we would have to pay £1000 out plus £270 valuation fee.

We looked at the £995 fee, however we had fixed it for over 2 years. So we took the difference between it added onto the mortgage, and with paying the fee seperate.

The difference was about £12 per month, therefore the sum became £12x24 - £288...which after 2 years of fixed, were looking to fix again.

£707 saved.. (which we can use to overpay)

welliesrgreat

My fingers are crossed for you Pembssurf - I hope your news is good this afternoon!

Not sure if this is the right forum but hear goes... I have my offer and waiting for exchange ( searches in progress). I need to open a new bank account to help manage the costs of renovations but am wondering if this may jeopardise my offer. I have read that opening new credit accounts may show up pre completion and mortgage can be affected. I'm not applying for any credit just a new bank account.

Any advice would be great. Thank you!