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

Elsbells21

First time *hopefully* buyer here. Have a valuation on the 9th for a new-build SO.

I'm so nervous!!!

domharrison

First time buyer using help to buy on a new build.
My experience with Nationwide:

04/12/14 Made full application via broker after sending him various payslips/documents/P60s etc.
05/12/14 Text from Nationwide to say valuation has been booked for that day.
08/12/14 (Yesterday) Text from Nationwide to say they have received the valuation report, will review it, and be in touch if they need any more information.
09/12/14 (Today) - Nothing. Yet. Very nervous as it seems from others' experiences I may get a yay or nay today? If I'm going to fail, it will be at the affordability checks. Crossing everything for some good news today, or as soon as possible!

kingstreet

If you failed affordability with Nationwide, the case wouldn't have been accepted in the first place.

The documents have to match the supplied information. Provided they do, it should be offered tomorrow.

domharrison

kingstreet wrote: »

If you failed affordability with Nationwide, the case wouldn't have been accepted in the first place.

The documents have to match the supplied information. Provided they do, it should be offered tomorrow.

I see, I only thought I might as the mortgage is 4.5 times my basic salary, which I know is very high. Taking all bonuses in to account it's more like 3.5 times my actual earnings, but my bonuses have been somewhat inconsistent/sporadic over the last couple of years. I'm hoping they don't see me as too high risk, but I'm majorly paranoid they will

kingstreet

When the case is first keyed, affordability is checked.

It either passes and continues, or it fails and you have to reduce the loan amount. There is no grey area.

We carry out affordability calculations first and establish what can be borrowed. If that's enough, we obtain an agreement in principle.

When the full application is submitted, it's checked again then the documents are uploaded to the case for checking. If there was something wrong with them, we wouldn't have submitted the case beyond DIP.

Most brokers operate the same way. As long as the docs match the data, the mortgage is only subject to valuation.

domharrison

kingstreet wrote: »

When the case is first keyed, affordability is checked.

It either passes and continues, or it fails and you have to reduce the loan amount. There is no grey area.

We carry out affordability calculations first and establish what can be borrowed. If that's enough, we obtain an agreement in principle.

When the full application is submitted, it's checked again then the documents are uploaded to the case for checking. If there was something wrong with them, we wouldn't have submitted the case beyond DIP.

Most brokers operate the same way. As long as the docs match the data, the mortgage is only subject to valuation.

Thanks for the info As it's a new build I'm also pretty certain (?) the valuation will have gone exactly as expected. So am likely just finding things to worry about, but I'll still breathe a big sigh of relief if/when I'm officially told I've got a mortgage offer.

kingstreet

If the valuation was back yesterday, it should be offered tomorrow.

noname123_2

Probably a bad place to put this (given the query above) but...

We applied to natwest a month ago, valuation was done 2 weeks ago and 100% retention was applied as they wanted proof that the structural works were done properly. Provided them with what should be sufficient information same day... still bloody waiting to hear if it's ok- the info only got sent to the surveyor this week.

We have complicated circumstances (divorce and existing mortgage..) and were mislead by Barclays initially (they said we could borrow more than double what we actually can!) so have ended up offering for something which is at the top end of what we can afford. Getting a bit nervous about it dragging beyond my other half's birthday as it would mean that he would still be paying a mortgage past his 70th birthday and I am not sure if that is an issue or not..

aylithuk

Can finally join this thread

28/09/14 - Applied for DIP online - accepted
08/12/14 - House found and offer accepted
09/12/14 - Applied for Nationwide mortgage online and sent off my wage slip. Going into branch on Saturday to provide ID for my Partner.

hbomb

Nationwide were quick for us too:

14/11 - Offer accepted on house. Speal to independent broker, who advises in our case we'd be as well to go direct to Nationwide.
17/11 - Phone Nationwide to get an appt with advisor, appt booked for 20/11
20/11 - Appt with advisor, DIP given, all documents scanned and entered, product chosen
21/11 - I change my mind about the product...
28/11 - Second meeting with advisor, choose new product.
3/12 - Application submitted in full.
3/12 - Autumn budget announcement means we will save over 3k on Stamp Duty :j
3/12 - Car breaks down, cost to fix over 3k
4/12 - Valuation booked and takes place
6/12 - Valuation pass
9/12 - Mortgage offer received.

Apart from my faffing around deciding which mortgage to apply for, it has been very quick.