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

Kimlock

Laurie, what happened with your deposit issue?

ellie27

So we just started the mortgage process today, 1 hr long telephone interview with Intelligent Finance to port our mortgage to another house.

We have a rough date of entry end November.

We were told today that average time for a mortgage decision is 8 weeks, which is the end of November! Arrgh!

I am pretty sure we will get the mortgage but it is all a matter of will it be through on time...

learningaboutmoney3

Valuation report not back yet! They apparently have 3 working days so maybe tomorrow or Friday. Then final decision time! Eeeeek

Decided what will be will be. If we get a full offer, great, if not then it's great we got this far considering our circumstances! And we can try again soon

nobodysdriving

hells_bells wrote: »

good luck and keep us posted how you get on

well, I have 'had enough' of waiting, I've been waiting for ten days, I have to hurry to get mortgage in place as I'll be homeless coming middle of november and I 'need' to buy this flat.

so I told mortgage advisor 'thanks but no thanks' I do not want to wait any longer for building society to drop their rates, if they drop them the day after I make a full application 'so be it', but I MUST proceed with this mortgage NOW.

So he said he's calling me back in an hour (this was at 6:15pm so it's coming up to 2 hours!!!) to organise my payment for the valuation as it is all going ahead, he also said he would email me the key illustration/paperwork, am still waiting... this guy always keeps me waiting I can't stand it :eek:

hells_bells

Nobodys driving - you wouldn't believe the day I have had. Would you believe our advisor than filled in our mortgage application put in our wrong current address. Esurv wouldn't change it regarding the valuation report until instructed by Barclays. I was in absolute tears. I have just tracked it online and it said my personal details are being amended but there is nothing saying my offer is in progress and ready to send out. I just want it in my hands. Why is everyone so useless.

patterl5

Hi All, I'm new to the forum so, first things first, Hello!

We are having an absolute nightmare with our broker and Lender and I simply need to see if anybody else is on my level and thinks its a joke.


Seller is a neighbour and the sale is private. He agrees on £77,500 even though he has had two valuations in the £90,000+ region (I have seen them).


Mortgage applied for through a broker, and initial application stage goes well. We were approved for way more than the mortgage value we needed.

Next stage: Lender sends out a valuer who says the house is worth max £68,000. Genuinely, a house in the same condition a few doors down sold for £95,000 less than 6 months ago and we have two valuations stating its worth in excess of £90,000. we thought that's perfectly good grounds for appeal?!


So, we appeal to the Lender and paid for a new "independent" valuation. It comes back at £73,000. Still too low but better than £68,000 I guess. We manage to get the seller down to the £73,000 and our broker confirms with the Lender - they say that all is well and the contracts will be sent out shortly.



A few days later, The broker states that it was with the underwriters who have approved it all and the documents will be sent out the same day to be signed. A week later as of today and still no documents.

We received a phone call from the Brokers finance dept. today to pay the Arrangement fee now that the mortgage is in place... which is a good sign (oh no!).


We phone the broker, tell him that we haven't had the documents to sign for the mortgage and the solicitors haven't had anything. He contact the lender and then calls us back. He tells us that the £73,000 is subject to remedial works that we must have carried out before they give the mortgage. (even though he had already confirmed that the mortgage is in place and they wanted the arrangement fee due to the completion)


By the way, I haven't even mentioned the amount of times the broker has delayed and stalled at every possible point along the way. Failed to call us back, told us that everything is fine and its all approved. All apparently lies.


so...
Q.1 - why were we told by the broker that the lender had approved and are sending out the documents when they say they want work doing first before they agree?
Q.2 - why did the finance department request the Arrangement fee when the mortgage contract hasn't been signed, even though they explicitly state that the fee is payable on completion?
Q.3 - Why have we still not received a copy of the valuation report yet our broker is telling us the remedial work is compulsory? - the report doesn't go to him, it goes direct to us, he shouldn't have that information.
Q.4 - Why did the broker suggest that his "good friend" is a surveyor and can do the report and get the work done cheap for us?!?!
Q.5 - why is it essential that we, as the buyer, according to the broker have to have this work completed before the mortgage can be put in place?


I understand that mortgages can have conditions whereby quotes have to be obtained for the conditional remedial works and it has to be done within an agreed timescale. But to suggest that we have to complete the works on somebody else's property without the guarantee that we can have a mortgage seems wholly unacceptable... especially when the broker says, "and my good friend is a surveyor, he can do it all cheap and hire people for you"


Am I the only person that thinks that this is a bit dodgy?


I may be being a little cynical due to all of the rubbish going on but it sounds like the broker isn't acting in our best interests.


Wow, that was a massive rant!

asj

UPDATE
Hi


My mortgage timeline


AIP 11/08/14
one generic check and two mortgage quotation 11/08/14
Offer Placed 26/08/14
Offer Accepted 01/09/14
Lawyer Appointed 04/09/14
Full Mortgage Application submitted 08/09/14
Memorandum of sale by EA sharing lawyer details 12/09/14
One Generic check and five mortgage quotation checks on Experian 09/09/14
One Generic check on Experian 16/09/14
My lawyer received sellers draft contract 19/09/14
Paid my lawyer for searches 22/09/14
CV, childcare costs, asked by bank 22/09/14
MA advised application randomly picked for audit 22/09/14
MA advised valuation instructed by bank 24/09/14
VALUATION TOOK PLACE ON FRIDAY 26/09/2014
Valuation letter from halifax received saying property lendable
and the price is ok 01/10/2014.


The process is so nerve wracking/racking


???? when will I get the offer

WillyWonga

After 5 weeks and 1 day we have received the mortgage offer through from Natwest. £130k purchase price new build and borrowing £90k. Now time to kick the solicitors into touch.

Hang in there all those waiting. I got the impression when a query came up they asked for the info then put it to the bottom of the pile until the next query............ frustrating as with any house move it can fall apart quickly.

nobodysdriving

hells_bells wrote: »

Nobodys driving - you wouldn't believe the day I have had. Would you believe our advisor than filled in our mortgage application put in our wrong current address. Esurv wouldn't change it regarding the valuation report until instructed by Barclays. I was in absolute tears. I have just tracked it online and it said my personal details are being amended but there is nothing saying my offer is in progress and ready to send out. I just want it in my hands. Why is everyone so useless.

nooooooooooooooo :eek:

any news today??

my lazy mortgage advisor kept me waiting again ALL DAY to finally ring me at 7:15 pm and say 'are you in front of the computer then to discuss your illustration?' (I wasn't but I remember it like the back of my hand!)

he says he's still waiting to hear from building society about final decision and valuation if it's going ahead, he said he should get a final answer tomorrow by 'end of business day' :mad:

learningaboutmoney3

Our valuation came back fine. There has just been an issue of the p60's that were sent across not being certified but that was sorted today so it's now been passed for consideration and we should have an answer within 3 working days. The underwriter said she will try to get it sorted Monday but she can't promise anything therefore it will definitely be done by Tuesday COB. I asked if all was ok other than the p60's and if they were acceptable would be on our way to an offer and they sounded very positive.
Going away for the weekend so going to get very drunk and forget about it all!