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

liverpoolbear · 30 July 2014 at 1:22PM

jojo_1982 wrote: »

Reading this had got me worried!
24/07 - offer accepted
24/07 - mortgage application through L&C/nationwide
28/07 - solicitor instructed
29/07 - mortgage product reserved and application is progressing

With liverpoolbears issues with L&C/nationwide I'm now stressed there will be problems. Just hope we aren't turned down. We've never had any problems getting a mortgage before this - but then this is for 200k more than we've ever borrowed before.

Good luck to everyone waiting for offers/buyers/etc

I hope and am sure you will be ok. I have just found them really over-zealous in applying the new Bank of England lending rules.

We are all encouraged to "go green" so I get all my bank/credit card statements and bills electronically. I then find out that printed copies of these are not acceptable, my Utilities bills (Welsh Water & Npower) are issued electronically. They look exactly the same as the ones you receive in the post. I had to wait for the physical copies to arrive as they wouldn't accept the PDF versions I printed off (they looked just like the invoices you get from the utility companies). To ensure no further delays I had to go into my local authority to get a copy of my Council Tax bill (thank you Denbighshire for being so helpful by the way).

I think the original application being keyed-in incorrectly threw me totally. Nationwide quoting monthly debt figures that in the case of my credit card is probably not far off my annual spend.

My Experian report is excellent (yes the score doesn't mean anything...) but the advisor told me it was about as good as you can get (no missed payments, early settlements in many cases, low usage of the available credit).

I really didn't think I'd get the house I want. I am part-exchanging one of my properties against it, and selling the other. I expected the builder to give me a poor offer for the house, which he did. Originally offering 77% of the market value (and that was for a quick sale) before before increasing it to just under 90%. I expected the sale of my other house to fall through, however everything is progressing well with completion expected for the week after next.

I did not expect the mortgage to be a problem. When I took the mortgage out on my last property (July 2012) my overall outstanding mortgage debt totalled over £30k more than what I needed this time!

I was also unable to rent out one of the properties for a while, which meant I had to find both mortgages out of my salary. There were no qualms from Natwest giving me a second mortgage for the other property this time two years ago.

However in the meantime the landscape has radically changed, if they had done this 10 years ago we wouldn't be in the mess we are in now.

The thing is whilst mortgages might have tightened up, other lines of credit haven't. One of my work colleagues was phoned up by a credit card company the other week essentially throwing £2.5k at him without any checks or questions.

Good luck to everyone.

Svenena · 30 July 2014 at 1:51PM

liverpoolbear wrote: »

We are all encouraged to "go green" so I get all my bank/credit card statements and bills electronically. I then find out that printed copies of these are not acceptable, my Utilities bills (Welsh Water & Npower) are issued electronically. They look exactly the same as the ones you receive in the post. I had to wait for the physical copies to arrive as they wouldn't accept the PDF versions I printed off (they looked just like the invoices you get from the utility companies).

Interestingly, Nationwide did accept print outs from online banking (Lloyds and Barclays) and downloaded PDF statements (Santander and npower) from me. I wonder why the inconsistency? As you say, the PDF versions were literally exactly the same as a paper copy sent by post would be. I don't know how they'd tell the difference. The print outs from online banking didn't look like paper statements, but Lloyds told me they were the same as what I could get from the branch. All of them were accepted.

At least you got there in the end - must be a relief :beer:

pembssurf · 30 July 2014 at 2:04PM

Svenena wrote: »

Gosh, this sounds really stressful. Hope you get it sorted soon. Would it be possible for you to take a copy into a branch and have it verified (and maybe scanned in branch) by the manager there? Might be worth trying something different. Must be frustrating to be going round in circles.

I wish it was that simple svenena but as we have gone through a broker it has to go through the intermediary computer system thing that they all use. I feel our broker is doing the best he can but i am just really supprised we have gone through initial underwriting over to valuation which came back ok and back to under-writing only to get a hold up on ID documents. You would think this would have been sorted at the initial under-writing stage.:( I would not be to bothered if we didn't have our life circumstances dramatically changing within the next 2 months but between me finishing work and my wife changing employers we need this to happen ASAP. Im just worried it drags on to long and they pull the mortgage

MadScientist_2 · 30 July 2014 at 3:29PM

Since the valuation survey was carried out last Weds (23rd), I've heard nothing. I've been very patient during this entire process to be honest - have only emailed my broker once and that was to confirm that since the bank had taken my valuation fee, my mortgage had been accepted. I'm not really sure how long it takes for the valuation survey to get back to the appropriate parties, but because she only works part time, I'm aware the information I should get may be sat in an office for a few days before it gets to me! :mad:

I've also told her I'd like to push for completion by mid-september. No chain either side. Is this realistic? I'm really not very good at 'pushing' the appropriate people to keep things moving.

Svenena · 30 July 2014 at 3:44PM

MadScientist wrote: »

Since the valuation survey was carried out last Weds (23rd), I've heard nothing. I've been very patient during this entire process to be honest - have only emailed my broker once and that was to confirm that since the bank had taken my valuation fee, my mortgage had been accepted. I'm not really sure how long it takes for the valuation survey to get back to the appropriate parties, but because she only works part time, I'm aware the information I should get may be sat in an office for a few days before it gets to me! :mad:

I've also told her I'd like to push for completion by mid-september. No chain either side. Is this realistic? I'm really not very good at 'pushing' the appropriate people to keep things moving.

My valuation was on Monday this week, and I had a text at 7.20am yesterday to say that it was satisfactory. Why not email your broker to ask when you'll hear? She won't mind - that's what you're paying her for!

Mid-September sounds realistic to me, but you can see from the threads on here that timescales can vary massively. Where are you up to on the solicitor side of things?

jellyfish76 · 30 July 2014 at 3:45PM

Just had my Woolwich/ Esurv valuation done today.

I was initially booked in for 4 weeks ahead of time as that was the first available valuation date in my area.

I managed to call up Monday lunchtime and get a cancellation for today. I guess I was lucky but it's worth a try if anyone else ends up with a long wait for a valuation appointment.

Now back to checking the "track it" service every 5 minutes or so...

MadScientist_2 · 30 July 2014 at 4:11PM

Svenena wrote: »

My valuation was on Monday this week, and I had a text at 7.20am yesterday to say that it was satisfactory. Why not email your broker to ask when you'll hear? She won't mind - that's what you're paying her for!

Mid-September sounds realistic to me, but you can see from the threads on here that timescales can vary massively. Where are you up to on the solicitor side of things?

I emailed her just before I posted on here, asking if she'd heard anything yet, and requesting the push for completion by mid-sept. You're right though, time frames do seem to be hugely varied regardless of chain/no chain. I'm not in any huge rush, it would just be nice to be in sooner rather than later - but I guess everyone here is in the same boat in that respect!!

Solicitor wise, I sent them a cheque last week to carry out searches, which was cashed on the 25th, and I received my ID (they'd requested my original driving license) back from them yesterday.

Svenena · 30 July 2014 at 4:36PM

MadScientist wrote: »

Solicitor wise, I sent them a cheque last week to carry out searches, which was cashed on the 25th, and I received my ID (they'd requested my original driving license) back from them yesterday.

I'm at about the same stage.

I was just heading over here to resign myself to probably not hearing anything today, when I got a text from Nationwide to say they've issued me a formal mortgage offer! :T Hurrah! Unfortunately, I can't see that this is going to reach me via snail mail before Friday, when I go on holiday, so I guess I won't get to see the actual offer until I'm back on 11th August. Unless my broker is able to email it to me? Hmm, we'll have to see.

Anyway, I'm very pleased to have some good news! :j I'm in no hurry to complete, but am keen to exchange as soon as possible, because it makes things so much more certain.

Good luck to everyone still waiting :beer:

dj1471 · 30 July 2014 at 4:58PM

Here's my timeline for Nationwide mortgage, I'm seriously impressed with how quick and easy it was!

13/07 - obtained AIP (online)
17/07 - offer accepted
24/07 - submitted full application (online), valuation instructed
30/07 - valuation completed, offer issued (!)

Needless to say my circumstances are really straightforward! Sole FTB with 30% deposit, borrowing under 3.5x of income on a 5-year fix.

There was some hassle with providing acceptable documentation, given they don't tell you in advance what criteria it has to meet, plus several phone calls to explain salary and bonuses, but all sorted within a week (they were reviewing documentation within 24 hours of receipt).