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

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?

hohum

Ok now I'm more twitchy - we've had valuation back and fortunately they valued at offer price. So now it's with the underwriters. I know that the issue with my income has been resolved, but now I'm imagining all of the other things that could go wrong! The valuation was carried out on the 7th, why haven't I heard anything back I'm now wondering and my mind is turning to another ridiculous underwriter issue. Being self employed/ having any income set up that isn't 'employed' is certainly making life interesting.

Solicitors won't start any process until we get offer (they're no sale no fee so I understand why) but I can also see issues ahead with an extension and lack of a completion certificate, which was identified on homebuyer report. I've had a professional look at it and I'm not worried about it structurally but it could slow completion. If we actually ever get to even exchanging...

Fortunately estate agent and seller are pretty relaxed and it's a vacant property. As we put our offer in JANUARY that's a good thing I think!

Oh, and has anyone been amused by surveyor speak in their homebuyer report? There's a lot of panelling and some built in things in one of the rooms and the surveyor noted he couldn't get access. 'Because of that enormous carbuncle' was the subtext, I'm sure. Also 'I believe that most purchasers would wish to refit the bathroom' ya think? Needless to say the property requires a bit of work.

airyfairy76

Car1980 wrote: »

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?

I'm just waiting for my formal offer to arrive in the post from Santander. I have a broker and bar a lunch meeting with him to go through my finances some time ago, I was completely uninvolved. In fact, no direct contact with Santander at all yet! I was asked for one extra payslip from 2013 - the only other email I had during the formal application period was to tell me that the offer was in the post!

hohum

airyfairy76 wrote: »

I'm just waiting for my formal offer to arrive in the post from Santander. I have a broker and bar a lunch meeting with him to go through my finances some time ago, I was completely uninvolved. In fact, no direct contact with Santander at all yet! I was asked for one extra payslip from 2013 - the only other email I had during the formal application period was to tell me that the offer was in the post!

We definitely haven't had any contact with the lender, apart from through the broker we're using. I've met with broker (for ID verification as much as anything) and gone through finances at length with him, but no lender. MMR is having an effect in terms of lending and what evidence they request.

jagger86

*update*

Survey was done last Wednesday, MA called Thursday to say mortgage had been offered...received it in the post today!

So happy and relieved, things were delayed due to a fraudulent payday loan default which we had to get removed - fortunately our sellers were prepared to wait. Plus our bank accounts are quite erratic and I'm on maternity leave and my full pay has ended so thought that may cause issues. Not sure if there were any our MA sorted everything!

Now just to wait to complete :-)

betsy123_2

our valuation came back requesting more reports which are a tree report along with a damp & timber report


timeline below


Date Decision In Principle received- 2/3/15
Date application received -9/3/15
Date minimum submission recived- 18/3/15
Date valuation insructed- 01/4/15
Date vauation recived- 14/4/15
Date tree damp & timber report instuicted- 17/4/15
Date tree report carroed out- 21/4/15
Date damp & timber report carried out- 22/4/15

Jason_Bourne_2

DIP with Halifax via broker, pretty nervous about everything due to past credit history.
Broker assures me that as all my credit blips were declared at DIP stage and all my income/outgoings are accurate then this will go through...




Updated timeline for me
19/3/15 DIP with Halifax
26/3/15 My house goes on market
13/4/15 Offer accepted on my property
15/4/15 Offer made to purchase
16/4/15 Offer accepted for purchase of house
21/4/15 Sent proof of income, statements etc away to broker for full application to begin.

selhurst_sound

Just thought I'd add my so-far simple journey with NatWest, after going to them direct after our L&C broker messed up our original application with a different lender.

17/4 - completed full application with NatWest Mortgage Adviser in branch
21/4 - received call from the MA to say that underwriters have approved it subject to valuation, which should be booked today/tomorrow

Not a bad turnaround! Assume it has helped that we both both with NWB already and all salary & commitments go through our accounts so we didn't need to provide any supporting documents. Probably one of the more straight-forward cases (if there is such a thing).