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

catclaires

Hi Bee70, we had the same issue (mortgage application with Halifax, downvaluation - although not as much as 10%). Who carried out your homebuyers? Ours was done by e-surv - I phoned them directly and they gave me a password to log in online and download the pdf of the report, which I was able to do 2 days after the valuation/survey had been done. So it may save you a couple of days if you can do that.


We were luckily in a position to make up the shortfall via a mixture of paying extra deposit and negotiating a slight reduction in the house price - the good news is that it didn't seem to delay things that much. I phoned Halifax to let them know the changes on Saturday and had a phone call from the advisor/new key facts illustration produced on Monday.


My current frustration is that we seem to be going round in circles with verifying our photo IDs - first the bank branch didn't certify them properly, then the faxed copy was smudged, etc - argh! They have told me it should be around a week from when they finally process and accept the ID...

rusty_f

We've just submitted our mortgage application with the Halifax via a broker. The run up to this moment has been incredibly stressful, pulling together bank statements, gift letters, employer references etc. WIthin 3 hours of my application being submitted by my broker I get the following response from the broker:

"Your income has now been verified by Halifax and the valuation has been instructed".

So I thought, Oh, they've just scanned over my contract and decided to go to the next stage. The real checks come later on. But I thought I'd check, so I asked my broker whether this meant I had passed their affordability, they'd reviewed all my bank statements etc, and that they are happy to lend subject to valuation, and I get the response:

"This means that the case has been agreed subject to valuation".

Does this mean that the part that was worrying me the most, the thought of some stranger going through my finances with a fine-toothed comb to confirm whether I can afford a mortgage, was done within a matter of hours and everything is ok? Or is there some other hurdle to get over once valuation is done (excluding solicitors and the valuation being lower than the price we are paying, which is my next dread).

Westbeef

rusty_f wrote: »

We've just submitted our mortgage application with the Halifax via a broker. The run up to this moment has been incredibly stressful, pulling together bank statements, gift letters, employer references etc. WIthin 3 hours of my application being submitted by my broker I get the following response from the broker:

"Your income has now been verified by Halifax and the valuation has been instructed".

So I thought, Oh, they've just scanned over my contract and decided to go to the next stage. The real checks come later on. But I thought I'd check, so I asked my broker whether this meant I had passed their affordability, they'd reviewed all my bank statements etc, and that they are happy to lend subject to valuation, and I get the response:

"This means that the case has been agreed subject to valuation".

Does this mean that the part that was worrying me the most, the thought of some stranger going through my finances with a fine-toothed comb to confirm whether I can afford a mortgage, was done within a matter of hours and everything is ok? Or is there some other hurdle to get over once valuation is done (excluding solicitors and the valuation being lower than the price we are paying, which is my next dread).

It means you've managed to get it nailed in 3 hours and I'm still waiting 8 days on . Congratulations, if the valuation is ok you're through!

Bee70

yes it took us the best part of 2 weeks to get that far, so you have done very well!

rusty_f

Thank you Westbeef and Bee70. I am absolutely stunned - but incredibly happy! Fingers crossed for the valuation now.

mrshughes86

I've been told that my valuation is currently in a queue waiting to be assessed, and once that has been done the offer will be reissued.

Fingers crossed!

Moonhead

Moonhead wrote: »

Hi all

First post:

Mortgage with Coventry building society

Offer accepted: 23/11/15
Full Application: 30/11/15
Accepted 2 hrs later
Phone call for valuation instructed about 1hr after that. Not sure when that is, they have the estate agent details now.

This is all through London and country, so far its updated on the system that they want proof of earnings and deposit. One payslip went through with the application.

I don't know whats normal as this is my first time! I decided pretty quickly I was going to buy and wasn't as good with my bank statements the last few months so hopefully they won't ask for more than I applied with.

I earn enough and could borrow much more, top credit rating according to experian. 1 credit card with £500 outstanding.

House has had a mortgage on it before 98k with 90% LTV fixed 5 years.
I can't think of any obvious problems that will crop up.

Mortgage offer in the post this morning!

Took 1 week with Coventry Building society.

Tea-belly

Hiya! Had my eye on this thread for weeks and just wanted to say thank you for keeping me sane. We went with Nationwide. I am a FTB using the HTB scheme moving in with my partner and just wanted to show you our timescales!

20th September - First viewed house
28th September - First contact with IFA / Broker
1st October - Decision in Principle offer accepted
3rd October - Secured house with £500 deposit
8th October - Help to Buy application sent
13th October - Help To Buy accepted (Authority to Proceed)
17th October - Mortgage Application sent
17th October - Mortgage Application received
19th October - Requested valuer
27th October - Valuation took place
28th October - Valuation report received
4th November - Official Mortgage Offer! (via text message)
7th November - Official Mortgage Offer (in the post)

Good luck to everyone else! x

looknohands

Had my FTB mortgage offer from Virgin last week, it actually went through pretty quickly, 15 days from application to full offer, and was pretty easy, the joys of using a broker!

16th October - Viewed Property and offered same day
19th October - Offer Accepted on Property, called broker to arrange product.
19th October - AIP Run
20th October - Full Application Submitted
26th October - Valuation Carried Out
2nd November - Own Survey Carried Out (came back with minor issues)
4th November - Mortgage Offer

We now have a small chain, vendor is moving into an empty property, so will be waiting on their survey and anything else they need to do, first hurdle completed though, finger crossed.

Moosechan_2

Hi All

Still waiting with Precise on a full decision...having to put the survey off at the moment...advice from mortgage advisor.

Last document they asked for was my contract which was sent over on Saturday...just feels like the never ending paper work sending story at the moment.

Hoping to get a definitive answer this week and then we can book our survey and pay our initial solicitors fee!

Fingers crossed we will have the mortgage offer...that would make my year....

Any one else notice that experian have changed the way they rate you...my credit rating has dropped from fair to poor in a day (by 125 points) Im pretty gutted as I have worked so hard in repairing my credit and its pretty much dropped back to where it was