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

Loopy28

Hi all, hope you don't mind me asking a question, does anyone know what happens if the bank decline your mortgage after the affordability checks?

Say I applied for 150k mortgage, would they just decline it if they decided my spending was too high or would they come back and tell me the maximum they could lend and give a lower figure?

Currently in a fixed deal with Santander, excellent credit history but worried about the new affordability checks, about to apply for an increase in mortgage amount to move house...

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 with Woolwich (Lending 49% 5.5x multiplier)
13 July - Received valuation from Countrywide at purchase price, 620k.
31 July - Received mortgage offer.
August - Conveyancers searching, chasing, being totally inefficient and annoying.
12 September - Mortgage funds released to solicitors for completion.

Exchange was meant to happen ages ago, and then today after funds received, but seller's useless solicitors did not have signed transfer deed form and so Exchange and Completion will be done on the same day, Monday ,September 15.

Phewwwwww.. Sigh of relief. Now need to buy tons of furniture..

Arina

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 with Woolwich (Lending 49% 5.5x multiplier)
13 July - Received valuation from Countrywide at purchase price, 620k.
31 July - Received mortgage offer.
August - Conveyancers searching, chasing, being totally inefficient and annoying.
12 September - Mortgage funds released to solicitors for completion.

Exchange was meant to happen ages ago, and then today after funds received, but seller's useless solicitors did not have signed transfer deed form and so Exchange and Completion will be done on the same day, Monday ,September 15.

Phewwwwww.. Sigh of relief. Now need to buy tons of furniture..

Congrats!! By the way.. That's a very expensive flat! Must be gorgeous!!

skyfog

Hi, Just a quick question...

Santander have given us a AIP and we are just waiting to hear back. We have gone with a no valuation / admin fee option with them. As expected we are very nervous in this waiting game (Sent all docs of to them last week). I learnt yesterday that they were doing a Valuation of the property on Monday. Does this mean we are likely to get the mortgage (My thinking is, we are not paying for the valuation so they won't do one if it is clear they are not going to lend!!) Anyone had a valuation and pass/declined?

Thanks

laurieballard999

skyfog wrote: »

Hi, Just a quick question...

Santander have given us a AIP and we are just waiting to hear back. We have gone with a no valuation / admin fee option with them. As expected we are very nervous in this waiting game (Sent all docs of to them last week). I learnt yesterday that they were doing a Valuation of the property on Monday. Does this mean we are likely to get the mortgage (My thinking is, we are not paying for the valuation so they won't do one if it is clear they are not going to lend!!) Anyone had a valuation and pass/declined?

Thanks

Valuation is normally instructed fairly quickly after application.

Once the valuation is back the application normally gets passed to an underwriter to make a final decision.

It could pass or it could fail still.

MissLaura

MissLaura wrote: »

We've had an environmental report from the solicitor today which 'passed' but something flagged up as a flood risk within 50 meters (surface flooding, there's a field across the road) so the solicitor has requested more details. Hope this will be ok...

Valuation was done Saturday so hoping to hear today or tomorrow, but who knows!

Will this part of the survey be sent to the lender? Or will they just be informed of the 'passed' verdict?

grumpybee

Our documents are still apparently 'lost'. Spent all weekend worrying, managed to get duplicates today, will be able to repost tomorrow. Hoping for no more hitches along the way!!!

Good luck everyone!

Arina

grumpybee wrote: »

Our documents are still apparently 'lost'. Spent all weekend worrying, managed to get duplicates today, will be able to repost tomorrow. Hoping for no more hitches along the way!!!

Good luck everyone!

I'm surprised you had to send original documents in your first place. Hope you get it sorted x

kingstreet

Special Delivery for £7 is a very good investment.

We would not send client data any other way.

grumpybee

Some were accepted electronically, online statements and payslips etc but my husband has only paper statements and payslips so they requested originals were sent in by post! Will be special delivery tomorrow, at least that way they will arrive by Wednesday! What a lot of messing about, I hope it's all worth it in the end! Stressful and we've not even started!