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

hildosaver

Congrats to all, I just had my mortgage offer through today, had valuation completed last thursday! Solicitor now awaiting deeds from vendor solicitor... hopefully all is in hand!!

martyn23

Hi everyone,

It's my first post on here but as a fellow FTB I thought I'd share my experiences so far, this is where I'm at as it stands at the moment:

19th Aug - AIP from Halifax
31st Aug - Property viewed, 1st offer made
5th Sep - Revised offer of £97k accepted by vendor
9th Sep - Full application and documentation to Halifax, solicitor instructed
12th Sep - Valuation carried out

Everything was ticking along quite nicely, or so I thought. I've just had a phone call from the Halifax today and the valuation has come in £2k less. I've now got to get in touch with the EA tomorrow to see if the vendor will now accept the valuation price of £95k.

I really don't want to lose this house though as it ticks every single box for my wife and I. It's so frustrating as well as the amended mortgage offer is sat there at the branch waiting to be sent to us. I'm praying that the vendor will accept the reduced price or I'll be absolutely gutted.

If it's not meant to be then it's not meant to be though I suppose, it'll be back to Right Move, Zoopla etc for us unfortunately.

Aurum_Citizen

martyn23 wrote: »

Hi everyone,

It's my first post on here but as a fellow FTB I thought I'd share my experiences so far, this is where I'm..........

We were in the same boat but they valued at 10k lower!! We offered our absolute maximum we could afford at the time. This meant an extra 2k in cold hard cash. They still took an 8k hit. So surprised the lenders valued at 10k less considering next door (mirror image) sold at 46k more than our valuation just last month!

martyn23

It's weird though as our original offer was £95k in the first place and they eventually accepted £97k against an asking price of £97.5k. I really don't know if they're now going to accept the reduced price.

With our own deposit we could still pay the full £97k that they want if they refuse to budge. However, as much as we really like and want the house, I just won't pay more than what it's valued at.

witchy1066

it seems this housing boom isn't quite what it seems ,

the house I am hoping to buy was valued at the price I am paying but surveyor said it is at the top end of its value and because of this the lenders are asking for certain issues to be addressed before they will offer us anything, so as it stands we have a 100% retention

EA's over pricing and giving their clients higher expectations, all this talk in the media don't help matters ,if house prices are going up why do lenders and surveyors not know and value/lend accordingly

my vender thinks his property is worth more than it actually is, I suppose he listens to EA and the media who tell him he can get ££££££ for his property, when the survey came back he said he didn't accept what the surveyor said ,

I love the house and is perfect for us but will walk if he doesn't address the issues, I always knew we were paying a bit over the odds but to me it was worth it but only so far one can go

martyn, hope it all works out for you

Aurum_Citizen

martyn23 wrote: »

I just won't pay more than what it's valued at.

Very sensible, i'm looking to work with my dad (who does full house refurbs as a job) so can do work at cost... plus the house i'm buying has no central heating and the electrics are shot. They drop the value i'm sure by the amount it would cost to get the most expensive builder/electrician/plumber.

Just purchased a cheap oil heater from screwf1x! keep me going for a few weeks! till the boiler/ heating in

martyn23

Thanks witchy, at the end of the day as you so rightly said, we will walk away if we have to regardless of how much we want the house.

The thing that appeals to us the most about it is that we wouldn't have to do any work to it, it would be literally ready to move in to once the vendors had left. It's perfect for us especially with our second child on the way in a few months.

However, we've still got to be sensible realistic so if it's not to be then it's not to be.

witchy1066

martyn23 wrote: »

Thanks witchy, at the end of the day as you so rightly said, we will walk away if we have to regardless of how much we want the house.

The thing that appeals to us the most about it is that we wouldn't have to do any work to it, it would be literally ready to move in to once the vendors had left. It's perfect for us especially with our second child on the way in a few months.

However, we've still got to be sensible realistic so if it's not to be then it's not to be.

we are the same , we could move right in but the way the surveyor has written his report you would think the house is in a right state , hopefully my vender will get all the reports/warranty's/ and certs the lender has asked for ,

I really do not relish the prospect of starting looking again, we looked at 35 houses in 3 months ,it was so depressing , this is the only one we both felt we could live in ,

all the best

HTB_newbie

Hi Martyn23, Aurum Citizen and witchy1066, sorry to hear of your valuation/retention troubles and I hope that it all works out for you. I really feel for you all.

Luckily, our mortgage application is going smoother as Natwest confirm that they have posted to offer out. I'm still stressed because there is no possibility of exchanging on Friday (apparently need at least 5 working days from the point the homebuy agent confirms that we can exchange and we're not even at that point).

Our builder is not ordering the kitchen till exchange so we will miss the sale meaning it will cost us a lot more, but more worrying is that the kitchen company confirmed a 4-5 week waiting time for the kitchen and we need to be in the new home by the end of October or we are homeless :eek:

Unless we can convince the builder to order this week, it looks like we are putting our stuff in storage and heading to a B&B with our two young children

Winger14

I am still waiting to get confirmation of offer from Natwest ( they got valuation yesterday ) have got my homebuyer report and after first reading was terrified but after a couple more readings and research is not so bad think alot is surveyor covering themself, just hope all goes ok from here !