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

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.

lizards

Update - the part of our mortgage relating to us and our finances has been approved (PHEW) and we're now waiting on the valuation which should take place in the next few days. Big relief. No matter what happens now, we can get a mortgage on a house somewhere and won't be homeless!!

7th March - Offered on house and accepted
9th March - Broker submitted DIP through NatWest, accepted.
9th March - Full application submitted, inc 3 months bank statements/payslips and two P60s
16th March - NatWest ask for an extra payslip from March 2014 - we're told "Friday or Monday"
20th March - NatWest confirm receipt of payslip(!) - tell us Tuesday we should hear.
24th March - (Tuesday!) Broker chases NatWest and confirms we've passed the affordability etc, now just waiting on valuation

djedga

The waiting is just beginning for us really, but it's horrible not knowing and not being able to do anything!

Whilst it should be pretty straight forward there are a couple of things that may hold it up..

1 - We are porting existing deal across and borrowing more with nationwide so a paper application which probably makes it a little slower.

2 - We had some loans / credit cards which we paid off from savings prior to submitting which may not show as paid yet.

3 - Part of the deposit is gifted and part is from equity so this may require additional proof to be sent.

Our Timeline So Far:

17/3 - Offer accepted and accepted offer on our current property.
19/3 - Full application sent to broker with payslips, P60s, bank statements, proof of gifted deposit form.
20/3 - Application sent by broker to nationwide (next day).
24/3 - The buyers survey was done on our current property.
25/3 - chased adviser for update on application.

We were told we would probably hear back by today receiving texts along the way at the key stages... but nothing received just yet so we just wait.

djedga

djedga wrote: »

The waiting is just beginning for us really, but it's horrible not knowing and not being able to do anything!

I just phoned our broker who had chased Nationwide earlier and they hadn't looked at our application yet. As soon as I got off the phone with him he had a call from them (typical I literally made a coffee and went back to my desk to find the phone ringing)!

Updated Timeline:

17/3 - Offer accepted and accepted offer on our current property.
19/3 - Full application sent to broker with payslips, P60s, bank statements, proof of gifted deposit form.
20/3 - Application sent by broker to nationwide (next day).
24/3 - The buyers survey was done on our current property.
25/3 - chased adviser for update on application.
25/3 - Credit score passed, Affordability passed. Initially wanted proof of bonuses for last two years. Broker asked them to re-key without bonuses as we should pass without, which we did so no longer required. Valuation instructed on our purchase (should happen in 4-5 days). Passed to senior underwriter (probably another 3-4 days until he gets to it).

Bit of a weight off my mind that it is progressing!!