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

jo6526_2

jeyu wrote: »

Depends of the lender but most of them accept home report and that's why don't charge valuation fee (i.e HSBC, CO-OP). Those who charge this fee will be instructing own survey (Clydesdale). To be fair home report it's exactly a survey so strange that some of the lenders do this however there might be a positive thing of that as well if you paid over the home report. You should be able to put your purchase price to the mortgage instead valuation from home report (check with lender if they do this, Clydesdale accepts this) and keep finger crossed the surveyor will agree to it. This extend your mortgage and will save you paying the difference between purchase and home report valuation which normally you would have to cover from your pocket

Thank you that's good info!

We were quoted by mortgage brokers valuation fee but I may question it as the home report has been submitted and the house is only 13 years old, the home report looked comprehensive enough without any issues being raised as concerning.

Hopefully we'll find out application outcome today! This wait is horrible.

mcowan77

mcowan77 wrote: »

currently waiting on mortgage decision

14/04/15 - full application to nationwide submitted via broker
14/04/15 - text received to confirm application received
14/04/15 - text to say valuation ( new build) booked for 16/04/15

waiting to hear back re valuation

Not heard anything from nationwide re valuation. Should I be worried?

laurenfarnie

Thought I'd pop in as I too am awaiting a mortgage decision (from HSBC) and am a big worrier.

Have pretty much convinced myself it's going to be declined as it's 90% LTV as I have a late mortgage payment from 3 years ago, and 2 late credit card payments from 2 years ago, plus I am always in my overdraft at the end of each month (never gone over and no defaults though, so maybe there's hope). It's a joint app and partner is squeaky clean, so hoping that will help too.

DIP accepted and application is with the underwriter. Valuation is booked for next Wednesday and sent all supporting docs off yesterday (with a glum look on my face at my 3 months worth of bank statements all showing overdraft use - sob).

Most infuriating thing thus far was logging into HSBC's online application tracker and seeing so many errors on our application - they've got the purchase property address completely wrong, my employment details wrong, my pension outgoings wrong ... need I go on?

The waiting game is a tough one.

Bellerina

Yay! Just had a text from L&C to confirm that our mortgage offer has been issued! New timeline:

23/02 DIP obtained from L&C brokers, 90% LTV
24/02 Offer accepted on purchase STC (buying from a family member)
10/03 EA instructed, photos taken
11/03 House on market
14/03 Viewings
19/03 Sale agreed STC, instructed broker to prepare full application
24/03 Further docs provided to broker, solicitor instructed
26/03 MA submitted to Santander
26/03 Broker confirmed credit check and affordability passed
30/03 Buyer's valuation carried out (Halifax)
31/03 P60 requested by Santander
01/04 P60 uploaded
09/04 Mortgage agreed subject to valuation, booked to value on 15/04
15/04 Valuation took place
17/04 Mortgage offer issued :j

No news on our buyer yet but I know that he's done his searches, so I would imagine his offer has already come through or is on its way.

Sparkle15

Brilliant news Bellerina

My MA has gone away for a long weekend, so i have not been able to ask for an update i really feel like ringing Natwest myself, i am trying to resist the urge to ring and just wait until Monday when i can speak the MA.

Bellerina

Thanks Sparkle15. Give them a call; you've got nothing to lose!

I wouldn't have known the valuation had been booked and gone ahead if it wasn't for the fact that we are buying my mum's house and she was on holiday, so they called me (as the person with her spare key) to make the appointment. The lender only told my MA on the day of the valuation that it had been booked, then they heard nothing until the offer was issued.

Also, Sparkle I think you mentioned before that you were worried about the valuation as the house hasn't been touched in 30 years; just to say don't worry too much. Ours is the same, it's in an awful state of repair and needs everything doing to it. The valuer wasn't phased by that at all.

Good luck everyone; the wait has been horrible, but generally I've found that no news is good news!

Sparkle15

Thanks Bellerina, that makes me feel a lot better re the valuation and also they you only head because it was your mums house

So happy i have this forum to look at whilst waiting.

djedga

Full Time Line:

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).
28/3 - Land Registry plans received from solicitors to confirm plot requiring searches, instructed searches (also confirmation that draft papers have been received from sellers solicitors)
28/3 - T's & C's received in post from surveyors to sign and return
30/3 - Chased broker for update - nothing received
30/3 - Response from Nationwide, survey booked for 31/3, broker spoke to underwriter, no further info needed, mortgage offer is just pending successful survey.
30/3 - Searches on our purchase instructed
31/3 - Surveyor phoned to check any concerns on our intended purchase before he carries out the survey. Also checks regarding level of interest/competition when we offered (I guess to satisfy any potential concerns over valuation level etc).
31/3 - Our Estate Agent confirmed valuation on our property done, mortgage offer in post to our buyers and searches instructed by them.
01/4 - Homebuyers report received. Minor issues (lack of gas service report / electrical safety certificate / leaking conservatory roof which is being repaired under insurance). It's a modern house so these things should be fine.
02/4 - questions re. survey sent via solicitor
7/4 - chased via broker, no updates from Nwide other than "should be fine, will be passed for final checks tomorrow"
8/4 - No update
9/4 - chased via broker - same as above, still no update should hear tomorrow
9/4 - checked in with solicitor, draft contract sent to buyers, searches complete (look ok).
10/4 - no time to chase, no update.
11/4 & 12/4 - Tried not to think about it!
13/4 - Sent broker an email first thing, solicitors requesting mortgage info. Offer will be sent today, will call me when done. No call.
14/4 - Searches received
14/4 - original deeds with covenants from build received. Noted additional covenant on land bought to add to rear of garden (shed/greenhouse/garden use only permitted)
14/4 - Sent broker an email - no answer received
15/4 - Sent question re. covenant on additional land (term and who enforcing etc) just so we know.
15/4 - Sent broker an email, wife chases Nationwide discovers they didn't get the valuation until 13/4. Broker chases Nationwide, discovers wife chased too (I didn't know she was going to do this). Broker tells us the underwriter has made a few notes to look at the valuation and then put the case back in the queue. Strange...
15/4 - Check online with ref number and offer appears to be issued this afternoon!
17/4 - mortgage offer arrives in post!

Now to start worrying about removal firms exchange and completion!

Car1980

I'm a bit rusty on the process, but everybody's timelines seem no different from before MMR? I thought 2 hour telephone interviews with the mortgage provider were the norm now, even when using a broker?

betsy123_2

we have now been asked by the valuer to have a tree specialist report done as well as a damp and timber report... any had any experience?