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

Alwaysskint22

We had our house valued by 3 EA who all came in at roughly the same figure. Put house on market and first people to view put in offer £5k under asking price! Great we thought. EA told us that they had sold house and had savings but we're getting a "small" mortgage. "Nothing to worry about" I was told when I queried the mortgage as they were retired and thought that was a bit strange for someone at their stage of life. Anyway took EAs word for it.

We were then valued by the mortgage people and we've been down valued by a whooping £80k! Reason being that we are a unique property so no comparables! Didn't think that it would be a huge problem as buyers only borrowing a small amount. However turns out that they needed £250k and due to age could only find 1 lender who would consider giving them the mortgage.

Gone back on the market for original price as advised by EA (not that I trust him) but has anyone had experience of this situation. My thoughts are that we will get another buyer and be back to the down valuation. EA says that we "might be lucky" next time.

Anybody had this happen??

Thank you

Kimmykla

Ok, so I'm new to all this and for past couple of weeks I've been reading the threads.
Long story short my dad technically owns my house, but I pay the mortgage and the equity due to come out is mine. Was young when wanted to buy and silly mistakes at uni damaged credit rating.

So me and my partner have started looking for a home together.
We had DIP approved by Halifax on 13/5/15
Put in offer on house 15/5/15
Full application submitted (through Broker) 18/5/15
I pestered broker 21/5/15 who said it was with underwriters due to partners 4 year old CCJ.....so very worried. His experian score is 906 and mine is 801 (not had any credit in 10 years as I don't need it)
I'm so anxious and ready to pull my hair out.....

By the way im a negative worrier :rotfl:

catrobinson

catrobinson wrote: »

Mortgage approved subject to valuation!
Allowing myself to be just a little bit excited now!

Going slightly mad. The valuation was apparently done last week. Still waiting to hear outcome. Our contact at the bank is off on Wednesdays and finishes for maternity leave on Friday. Really hope the offer comes in before then!!
Wish I wasn't such a stresser

catrobinson

Kimmykla wrote: »

Ok, so I'm new to all this and for past couple of weeks I've been reading the threads.
Long story short my dad technically owns my house, but I pay the mortgage and the equity due to come out is mine. Was young when wanted to buy and silly mistakes at uni damaged credit rating.

So me and my partner have started looking for a home together.
We had DIP approved by Halifax on 13/5/15
Put in offer on house 15/5/15
Full application submitted (through Broker) 18/5/15
I pestered broker 21/5/15 who said it was with underwriters due to partners 4 year old CCJ.....so very worried. His experian score is 906 and mine is 801 (not had any credit in 10 years as I don't need it)
I'm so anxious and ready to pull my hair out.....

By the way im a negative worrier :rotfl:

I hope you hear soon. Im with you on the hair pulling. We have no control over how the situation will turn out which is so hard!!

LittleMissKitty

LittleMissKitty wrote: »

Hi all, can I join? I'm feeling slightly sick!

Shall I do a timeline?

30/03 - put our house on the market
13/04 - offer accepted on our house
20/04 - put in offer on house we want
27/04 - offer accepted
28/04 - applied to port our mortgage

I'm sure everyone is a bit nervous but I'm terrified! DH has only been in his new job for 8 weeks, our current accounts have been a mess since January as we've had two cars blown up (one literally!) and we've been doing the house up to sell. We're actually porting our mortgage in a bid to keep our rate but we've been told we're looking at 12 weeks for a decision. Am I being impatient or does that seem a bit much to anyone else?!

Fingers crossed for us all!

Well after three weeks we found out that they'd REFUSED the port! They wouldn't tell us why, even after we lowered the loan by £13k we were still refused with no reason other than 'affordability'. So we contacted a recommended broker (recommended by friends, not EA!) and here's or updated timeline:

13/05 - met the broker and went through details
13/05 - he recommended us a mortgage
14/05 - dropped papers over for us to sign
15/05 - posted papers to husband to sign
18/05 - papers back, arranged another meeting with broker
22/05 - went through final details, handed over our paperwork

then the fun bit! (horrible bank holiday wait!)

26/05 - broker applies for mortgage with Nationwide
26/05 - DIP agreed
26/05 - valuation booked!!!

so I'm trying not to get too excited, but fingers crossed!!! :j

halfabee

02/05/2015 We are FTB. Viewed house (Surrey area)
05/05/2015 Offer made & accepted £5k under asking
11/05/2015 Second viewing.
15/05/2015 EA called, chain above is ready!
18/05/2015 Go through details with broker (L&C)
19/05/2012 Apply for mortgage with Halifax (85% LTV)
20/05/2015 Solicitor confirmed (Blacks Direct), mortgage application is in
21/05/2015 Posted ID and proofs
22/05/2015 Got First Direct to fax ISA statement for proof of deposit (reasons not to have an Internet bank)
27/05/2015 EA confirmed valuation booked in for 03/05/2015

Nothing to do now until next week. Have a 4 day weekend booked off so plan to have fun and try not to think about it!

Sarahj1590

Sarahj1590 wrote: »

Finally feel in a position to join in!

02/04 AIP from TSB
10/05 Finally reserve a plot at the new build development we want
11/05 HTB application sent, instructed solicitors, informed TSB we had found a property
18/05 Call from TSB to say they have received everything they need (employer references, gift letter, etc) just waiting for HTB!
20/05 Finally receive ATP from HTB!

Now waiting to here from TSB for when the valuation is!

UPDATE

Valuation booked for TODAY!

But Mortgage advisor going on holiday tomorrow for two weeks! He said he could get the valuation back today but it's unlikely, so will have to wait until he's back (I can find out the results of the valuation while he's away but can't get my mortgage offer or anything until he's back).

It's only been three weeks, but the thought of waiting another two weeks sounds like torture! And that's just to get the mortgage offer, let alone exchanging.

justme1985

justme1985 wrote: »

Thought I'd update to distract from the wait!

05/04 As said my OH managed to get his payslip
06/04 Sent of payslip (as missed the last post the day before). Survey also took place.
09/04 OH rang to check the received his payslips (as said before, they said we should get a decision by tomorrow).
13/04 I receive a letter saying they need my latest payslip. Wasn't happy as they could've requested it before, and I assume this will delay us again! Luckily was able to get a PDF off my HR within the hour (we have online payslips) and send it off that day.
16/04 Received the survey/valuation back. Valued at what we have offered. No issues, just an assumption that the double glazing has the correct permission.

Back to waiting again!!

Still feel like we haven't gotten any further!

19/05 We received the full survey report.....had a few issues on it (lucky thinking my part before I think!). So emailed queries to the solicitor on the 22/05.
21/05 I phoned the bank to find out what was going on as it had said since the 15/05 that it was ready to offer and requoting. Promised a call back from the person originally dealing with our case.
22/05 I think the person tried to call back but they didn't leave a message or try again!
26/05 OH phones bank to find out what is going on. Told they need to confirm some details, that's why it's been referred and we should get a call back.....still waiting for that so will be calling again later!

Starting to get really fed up with the bank! Whenever we have something to do we get told if you don't do it it will delay your application, yet they can sit on stuff for two weeks!

Also realised I put April instead of May on the previous update!

justme1985

justme1985 wrote: »

Still feel like we haven't gotten any further!

19/05 We received the full survey report.....had a few issues on it (lucky thinking my part before I think!). So emailed queries to the solicitor on the 22/05.
21/05 I phoned the bank to find out what was going on as it had said since the 15/05 that it was ready to offer and requoting. Promised a call back from the person originally dealing with our case.
22/05 I think the person tried to call back but they didn't leave a message or try again!
26/05 OH phones bank to find out what is going on. Told they need to confirm some details, that's why it's been referred and we should get a call back.....still waiting for that so will be calling again later!

Starting to get really fed up with the bank! Whenever we have something to do we get told if you don't do it it will delay your application, yet they can sit on stuff for two weeks!

Also realised I put April instead of May on the previous update!

Just had the call back from the bank :T not sure I quite believed what they said regarding the reason behind the wait and need to be requoted but have been requoted on a new rate, which is lower than the original so will save us some money apparently they will put a rush through to the underwriters to get the final decision.

stassy23

stassy23 wrote: »

20/05/15 mortgage has been accepted :-)
Just got to wait for valuation im still in shock

UPDATE valuation booked for mon the 1st of june