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

mrsbigz

I hope he's not giving me the runaround, I will chase again tomorrow. Supposedly tomorrow is a good day for us to receive our 'offer text' - weds at the latest.
No experience I'm afraid of vendors reducing the price but that much. Our latest hurdle is trying to decipher the restrictive covenants that form part of our contract - dating from 1937!?!

LauraH28

Fingers crossed you get your text and everything comes together

charliewocka

poisson_rouge wrote: »

We got the survey report, they are offering 30K less than the agreed sale price (£485k)!

We have gone back to the estate agent and asked them to speak to the vendor about reducing the price, since it is such a big difference we are not holding out any hope.

Does anyone else have experiences of the vendor reducing it by that much?!

We recently had our mortgage offer come back at £50k less. We knew the vendor wouldn't drop the price as the house has had a LOT of interest and even recently a higher offer was placed (which the vendor declined due to having been messed around before and that we are so far in the process). Our mortgage broker was able to do affordability calcs and show we could change the LTV ratio to 90% which meant we could stay going as our deposit would still be sufficient. Was a bit of a kick in the teeth and a nervous wait while the mortgage company were in the process of offering!

poisson_rouge

charliewocka wrote: »

We recently had our mortgage offer come back at £50k less. We knew the vendor wouldn't drop the price as the house has had a LOT of interest and even recently a higher offer was placed (which the vendor declined due to having been messed around before and that we are so far in the process). Our mortgage broker was able to do affordability calcs and show we could change the LTV ratio to 90% which meant we could stay going as our deposit would still be sufficient. Was a bit of a kick in the teeth and a nervous wait while the mortgage company were in the process of offering!

We don't believe we will be able to increase out LTV and still meet the affordability, we are at 75% at the moment, and to be honest we don't want to increase our monthly payments either.

We are waiting for the estate agent to get back to us, but we are prepared to pay 25% of the £30k difference as we would have had to pay that for out deposit anyway.

class2ldn

Been waiting over 2 weeks now with halifax. Survey done last week but apparently they want to see proof of deposit now. Maybe hear something back today.

charliewocka

poisson_rouge wrote: »

We don't believe we will be able to increase out LTV and still meet the affordability, we are at 75% at the moment, and to be honest we don't want to increase our monthly payments either.

We are waiting for the estate agent to get back to us, but we are prepared to pay 25% of the £30k difference as we would have had to pay that for out deposit anyway.

We were lucky that the affordability was still there and the change would only add about £150 a month to repayments. We are porting over a mortgage so the higher interest rate is only on the new part of the mortgage. Figured take the hit for the two years of the fixed deal and then the house can be revalued after and we should get a far higher value following our improvements.


Oh the joys of it all!

lika_86

I've just had a full application put in for a mortgage, now awaiting something further. Slightly concerned about the survey as I'm at 90% LTV as it is. Can't do anything about it though, I can only wait...

LauraH28

All in the same boat lika_86 we can panic together. Lol

JamesN

Finally made some progress today. The valuation has been booked for this Friday (same as you Laura!)! If he does it early enough we may even get a response that day but mon/tues next week is probably more likely (developer said he's done a lot before so will nudge him to submit asap)

Now to nag the solicitors!

LauraH28

Ah James chuffed were in this together!! Our broken updated today also and reckons all being well we could have an offer fri pm or sat am. I'm not holding out much hope though more realistic to think wed or thurs.