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

PixelPound

becksh1981 wrote: »

It's awful. Could be another 2-3 days.

Didn't say why. They said everything had been satisfied and final checks completed yesterday so I'm guessing a random audit! It's so frustrating 😞

I've read elsewhere on here its common practice to pull one in twelve applications for audit purposes, although its just a couple of days I guess you can't relax until you have had it.

CMu88

Hey I have had a bit of a nightmare so far and I just need some reassurance I think! Made offer on 28/05 which was accepted and met with IFA on 1/6 who took all documents etc and submitted to Woolwich. DIP accepted, affordability passed and valuation instructed on 4/6 then following day he got in touch say was declined due to having car finance and the outstanding debt on it was too high.

I got a settlement figure and paid off car finance (using some of my own savings I didn't want to touch and a generous gift from parents). I then have applied for a mortgage with Leeds BS today, DIP accepted and full application sent. Advised by IFA I didn't need to include bonuses/overtime unlike the previous application as was sufficient enough on salary.

I am so anxious something will come back on this application, I now have no debt under my name, never had late payments, never used overdrafts and credit files excellent. Does anyone know general timescales with Leeds? I'm a first time buyer with a 84% LTV.

Any help or advice would be great!

TBeckett100

Why would your broker miss out your overtime and bonus? Surely this information strengthens your application and makes it more affordable?

CMu88

He said because without my car finance payment each month (it was £300 a month before) my basic income is more than enough for the affordability. I guess that he knows best but I agree that it should be included to help. We shall see if it has any effect on the outcome!

charlamine

cMu88 - we are going through morgage application with woolwich and have a DIP. My broker said they are fairly solid at DIP as its a full credit check but now I am panicking. Did your advisor say why the affordability issue wasn't flagged up at DIP stage?

frogandcount

frogandcount wrote: »

progress so far
01/04/15 put in full application via broker for house a
24/04/15 evidence requested
28/04/15 all evidence sent
29/04/15 valuation instructed
07/05/15 valuation done
14/05/15 recieved valuation prblem with roof.
15/05/15 roof report decided to pull out
16/05/15 viewed house B
18/05/15 offer on house
21/05/15 offer accepted
22/05/15 application transfeed to new house and valuation fee paid (told no more evidence needed)
26/05/15 no news due to bank holiday
29/05/15 case has now been reference to previous application told they are behind
01/06/15 still no update chasing broker
03/06/15 asked for more evidence sent same day told valuation would be instructed
08/06/15 valutation still no instructed and EA want an update

due to applying on my own and having a low income i have had to use leeds building society. has anyone else had problems with them? is it just me or is this being unnesessarily drawn out?

Valuation is being undertaken today:eek: so nervous. will have to wait till atleast monday for results though.

charliewocka

CMu88 - We are also going to be submitting an application to Woolwich (have AIP already - we are waiting to get a let to buy confirmed on another property to release equity which will tell us exactly how much we need to borrow from Woolwich and will be porting over the residential mortgage to this new property. Complicated!). Our broker took all of our bonuses into consideration for the application to Woolwich to strengthen our case. Apparently if you have two years of evidence of them they can be used and an average is applied.


Valuation came back on the let to buy - property value is in line with what we expected but the rental figure has been put down at 'approximately' £1200pcm. We know we can get £1400+ (identical properties in row already let) so we are putting an appeal together ready to submit in case we don't get the full amount we want. Got to get the formal offer though, which is due today. And our broker is on holiday!

huntercity

TBeckett100 wrote: »

So Halifax didn't ask for a bank statement?

No, it didn't. But most of our accounts are with Halifax.

CMu88

charlamine wrote: »

cMu88 - we are going through morgage application with woolwich and have a DIP. My broker said they are fairly solid at DIP as its a full credit check but now I am panicking. Did your advisor say why the affordability issue wasn't flagged up at DIP stage?

Heya, mine was actually a strange case one my broker had not seen before. I had passed affordability but the underwriters said that the oustanding balance on my car finance was too big (a debt to income ratio i think they said). That was why I got declined, I'm sure you will be fine if you don't have any large loans outstanding! good luck

kingstreet

TBeckett100 wrote: »

Why would your broker miss out your overtime and bonus? Surely this information strengthens your application and makes it more affordable?

You don't include income you don't need. Evidencing stuff when you don't have to can sometimes come back and bite you where it hurts.

Broker school 101.