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

Vok_2

Lizards, honestly I have aged 10yrs in the last 2wks. Lol.

Something about my default that they did see during the AIP stage.

Fingers crossed it all goes well with Leeds. Dont see me doing this again in a hurry

katty2010

Here's our progress so far, we are FTB. Sorry it's a bit long!

31st Jan - saw advert for house
2nd Feb - DIP agreed by Santander (direct). Viewed house and we immediately put in an offer £3k below asking price
3rd Feb - Offer accepted
5th Feb - Full app submitted to santander
6th Feb - App declined due to adverse credit (1 default from 2012)
9th Feb - Contacted a broker.
11th Feb - Appointment with broker, DIP given by Leeds and full app submitted by broker 12/02.
16th Feb - Leeds request proof of overdraft facility as it's not shown on statements and the account has been overdrawn. Proof was sent back same day.
18th Feb - Leeds request clarification on what a certain D/D is for and apply to employers for references. We chased the refs we our employers and send D/D clarification back same day.
23rd Feb - employers send back ref. Leeds confirm they have got it.
24th Feb - Valuation takes place
25th Feb - Leeds confirm they have the valuation and will be back to us in 48 hours. If everything OK we should get mortgage offer in post by Tuesday 3rd March.

I'm playing a waiting game now! Not instructed any solicitors or paid any fees as yet so that's all to come once we have our offer!

Good luck everyone

katty2010 wrote: »

Update! Valuation was fine. We got our mortgage offer today! It was posted out yesterday. So pleased, and can instruct the solictors and enjoy the weekend now.

Update, searches done, all fine. Exchange of contracts planned for Wednesday 25th March and completion set for Thursday 26th March.

I'm being told by family members that nearly everyone always completes on a Friday, is that true?

Does this mean we'll get the keys on Thursday? Also, they haven't mentioned about when they'll take the funds for the deposit, will this be when contracts exchange?

Thanks

Landofwood

katty2010 wrote: »

Here's our progress so far, we are FTB. Sorry it's a bit long!

31st Jan - saw advert for house
2nd Feb - DIP agreed by Santander (direct). Viewed house and we immediately put in an offer £3k below asking price
3rd Feb - Offer accepted
5th Feb - Full app submitted to santander
6th Feb - App declined due to adverse credit (1 default from 2012)
9th Feb - Contacted a broker.
11th Feb - Appointment with broker, DIP given by Leeds and full app submitted by broker 12/02.
16th Feb - Leeds request proof of overdraft facility as it's not shown on statements and the account has been overdrawn. Proof was sent back same day.
18th Feb - Leeds request clarification on what a certain D/D is for and apply to employers for references. We chased the refs we our employers and send D/D clarification back same day.
23rd Feb - employers send back ref. Leeds confirm they have got it.
24th Feb - Valuation takes place
25th Feb - Leeds confirm they have the valuation and will be back to us in 48 hours. If everything OK we should get mortgage offer in post by Tuesday 3rd March.

I'm playing a waiting game now! Not instructed any solicitors or paid any fees as yet so that's all to come once we have our offer!

Good luck everyone


Update, searches done, all fine. Exchange of contracts planned for Wednesday 25th March and completion set for Thursday 26th March.

I'm being told by family members that nearly everyone always completes on a Friday, is that true?

Does this mean we'll get the keys on Thursday? Also, they haven't mentioned about when they'll take the funds for the deposit, will this be when contracts exchange?

Thanks

Sensible people don't complete on Fridays. If there's a problem, you'll have to wait until Monday to speak to your solicitor.

You get the keys when you complete.

lizards

Vok - Oh no, so frustrating it was over something you'd expect to be picked up at AIP! Honestly buying a house has aged me similarly.. it's far too much of a rollercoaster for my liking and goes on for far too long!

Katty - Sounds promising with the Leeds!

omarftb

Exchange tomorrow paid the whole deposit and solicitors fees last friday and complete on friday. Cant wait have had many sleepless nights thinking about mortgages

Patmoore

So I have the AIP in place and my mortgage interview with the Co-Operative on Tuesday, who are my existing lender.


What is odd, is that it is over the phone, entirely. How on earth do they verify anything? Will I have to take stuff in? They said the call could last upto 3 hours....

SheffDan1867

Patmoore wrote: »

So I have the AIP in place and my mortgage interview with the Co-Operative on Tuesday, who are my existing lender.


What is odd, is that it is over the phone, entirely. How on earth do they verify anything? Will I have to take stuff in? They said the call could last up to 3 hours....

We had the phone application with Natwest on Saturday. It took 4 hours in the end. But there was a 45 minute period where we had a break while the lady went away to type it all up for the recommendation.

They are sending us the documents to sign which we need to return with our payslips and statements.

lizards

We went through a broker (NatWest) and the whole appointment was 90 minutes and that was it. And a lot of that was casual chatting rather than quickfire questions and at least half an hour was describing my husband's complicated pay package which most people would not have to do.

Does going through a broker reduce the questions they ask/need to know or something then?

kingstreet

We have a few phone and email exchanges with our clients and a single meeting which last about 45 minutes, then the application is submitted.

You have to remember, we've had years to hone giving advice, whereas lenders have only had eleven months. Before 26/04/14 lenders mostly provided information only and left you to it. They chucked three quotes on the desk and said "pick one" and it was your problem if you got it wrong...

lizards

That sounds pretty much what happened to us - I sent an email giving all the information I could think of, and he'd done his homework based on that when we arrived so aside from asking a few further questions and clarifying things it was all sorted. He already knew which lenders would be suitable.

It's the first time I've used a broker. I've bought two houses in the past even though I'm currently in rented, and it was as you say - left to get on with it! Definitely prefer this experience.