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

Sedge123

Application submitted to nationwide on Monday by broker and just had a text to say valuation booked for tomorrow. I wonder if this is just s drive by one or s proper one?
They have also requested my husbands P60 from April 2014 as he receives overtime and this can vary month to month. Hope this is just a formality......

freestyle_gus

Sedge123 wrote: »

Application submitted to nationwide on Monday by broker and just had a text to say valuation booked for tomorrow. I wonder if this is just s drive by one or s proper one?
They have also requested my husbands P60 from April 2014 as he receives overtime and this can vary month to month. Hope this is just a formality......

They booked ours in pretty quickly too, you'll get an update when the surveyor has submitted the report to Nationwide. For us it then went rather quiet for a while, which was disconcerting!

I think it depends upon what you have asked for. We paid for the homebuyers report so it was rather more involved.

Sedge123

freestyle_gus wrote: »

They booked ours in pretty quickly too, you'll get an update when the surveyor has submitted the report to Nationwide. For us it then went rather quiet for a while, which was disconcerting!

I think it depends upon what you have asked for. We paid for the homebuyers report so it was rather more involved.

Thanks. It's just the basic valuation for the mortgage but they have contacted our sellers for access to the property. In assuming this means we have passed their initial checks?

csgohan4

Used broker as partner has limited company but with 2 years accounts and SA302.

Viewed property on 6th June and made an offer

Offer accepted on 8th June for under asking price

Full application submitted on 11th June to Skipton Building society

Question asked on 12th June why company not at same address as residential- given reasons due to previous identity fraud.

Still awaiting decision, stressed over rejection as limited company, despite having all documentation. Credit historys nothing adverse noted and well within affordability with LTV 80%

Broker been great so far, updating when he can and thorough with application.

PixelPound

Sedge123 wrote: »

Thanks. It's just the basic valuation for the mortgage but they have contacted our sellers for access to the property. In assuming this means we have passed their initial checks?

Is the property vacant? Wonder if changes the type of visit?

As I'm now waiting, will join in.

9/4 Offer accepted on a repossession
11/4 Apply for 95% LTV Halifax via L&C
16/4 Comes back failed on scoring
21/4 Apply for 85% LTV after gift
22/4 L&C advise we try a sub-prime lender
26/4 pull out of house buying and consider moving to another rental
1/5 after being shocked at rental prices on poor quality housing contact local brokers
2/5 find a broker we like, send across CRA
8/5 apply for DIP with Nationwide
11/5 case being referred need additional documents
15/5 the original repossession sells after a further price reduction
8/6 DIP granted, for vastly more than we asked :eek:
8/6 start looking at wider range of house prices.
10/6 have an offer accepted on a house, after some negotiation, but 6.6% below asking price and around the original amount we wanted to spend
11/6 Made full application
12/6 Informed viewing was booked

So now waiting

MarkT1

MarkT1 wrote: »

Valuation done today along with home buyers report, all seemed to go well, how long does it normally take after the valuation has been done?

Update - I had my mortgage offer issued on the 9th June. This was sent over to my solicitor and everything was progressing nicely, and they were about to submit the searches.

I then received a call from the seller saying they were expecting me to pay half of their costs of selling (ERC and EA fees) should I wish for the sale to proceed. Not heard of the buyer paying the sellers fees before!

Now found a new property, offer accepted and mortgage re-application going in tomorrow. Fingers crossed (again!). Means I have lost the original valuation fee, however the new property needs a lot less work, is nicer and only 10k more.

csgohan4

MarkT1 wrote: »

Update - I had my mortgage offer issued on the 9th June. This was sent over to my solicitor and everything was progressing nicely, and they were about to submit the searches.

I then received a call from the seller saying they were expecting me to pay half of their costs of selling (ERC and EA fees) should I wish for the sale to proceed. Not heard of the buyer paying the sellers fees before!

Now found a new property, offer accepted and mortgage re-application going in tomorrow. Fingers crossed (again!). Means I have lost the original valuation fee, however the new property needs a lot less work, is nicer and only 10k more.

that's a bit cheeky, I hope you told them where to put it

House_hunters

Here's is my timeline. Can't believe how stressful mortgage processes are, despite my timeline being short. Don't know what I'd do if it was longer. The bizarre thing it, there is no reason for such stress!
FTB, no chain and a new build house.
6/6 -Plot reserved
6/6 - discussion and DIP from Nationwide. Via broker.
8/6 - application to Help to Buy agent - 75% mortgage on a £275k house. 5% dep. 20 HTB equity loan.
8/6- solicitor engaged
10/6 - full mortgage application via broker. Docs provided in support.
10/6- app acknowledge by Nationwide
10/6- valuation planned for 12/6.
12/6 - valuation completed
15/6- valuation approved by Nationwide
15/6- authority to proceed received from HTB
16/6- mortgage offer received.
Contracts planned to exchange 6 July.
Happy days! Excellent service all round.

freestyle_gus

Sedge123 wrote: »

Thanks. It's just the basic valuation for the mortgage but they have contacted our sellers for access to the property. In assuming this means we have passed their initial checks?

That's right. Nationwide seem to do the valuation at the start of the process while some do it at the end. My broker (L&C) are saying 28 days typically for Nationwide at the moment, looks like they're quite busy

House_hunters

If you look at the Nationwide intermediaries website, it has some very useful information which outlines the process.
It also has the average turnaround time for applications, which as of yesterday was 9 days.