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

Hanbobs

gjheward91 wrote: »

Good luck with it all and hope it happens soon! And yeah they do book valuation at same time as reviewing application to "save time"...
Ive spoke with Leeds this afternoon who have now told me they haven't even received my bank statements or payslips, so my application hasn't even been started to be looked at.... Ive spoke with housing association and theyre chasing everyone up to sort where its at

That's a nightmare! I was told 2 weeks ago that my mortgage application was being sent then, and for a week I was under the impression that Leeds had my application. Only for the MA to be in touch a week later to tell me their team was still handling it. :mad: I feel your pain!

gjheward91

Hanbobs wrote: »

That's a nightmare! I was told 2 weeks ago that my mortgage application was being sent then, and for a week I was under the impression that Leeds had my application. Only for the MA to be in touch a week later to tell me their team was still handling it. :mad: I feel your pain!

oh no! it's awful isn't it My MA told me last Wednesday that the valuation had been instructed, Leeds have assured me they havnt even started processing the application, but they have taken the money?! SO confused... hopefully the housing assosication will make him sort it out whatever needs sorting

Hanbobs

gjheward91 wrote: »

oh no! it's awful isn't it My MA told me last Wednesday that the valuation had been instructed, Leeds have assured me they havnt even started processing the application, but they have taken the money?! SO confused... hopefully the housing assosication will make him sort it out whatever needs sorting

I've paid but I know the application is still in the queue to be looked at *sigh*

I was concerned at first because on the documents the MA emailed me, it states that the Arrangment Fee (£99 that we paid along with the CHAPS fee) doesn't need paying until AFTER completion. I was confused as to why Leeds have chosen to take it now because apparently its non refundable.

So if things were to go pear shaped, that's £99 that we won't get back.

In my experience, I've found the Housing Association to be well informed and when they say they're going to chase, they do! At the end of the day, they want the sale to go through as much as you do. I deal direct with the sales girl - and shes brill at chasing. She wants her commission just as much as we want the house. I'm always grateful when she gets involved!

I may email her now actually.... lol

kingstreet

Right. A quick run over LBS processes.

When you submit the application, you have the option of adding fees to the loan or paying them upfront. Your broker should do what you agreed with them.

If you agreed to pay upfront, the fees will be debited as the application is submitted.

If you are buying a newbuild, Leeds now instructs the valuer as soon as the application is submitted. IIRC the work is panelled via Esurv, so an Esurv surveyor will do it, or another surveyor if Esurv has no cover. The inspection is booked by surveyor with builder/vendor/HA/agent so you can always find out when it's being done by asking the access given on the application.

It has a list of minimum submission requirements which for shared ownership is as follows;-

P60 & payslips
three months bank statements
certified memorandum of sale
gifted deposit form (if applicable).

FWIW I always send ID, Proof of address, proof of deposit as these might be required anyway, so it's a single secure email.

Once these are received, you get a "minimum submission requirements received" email closely followed by a shopping list of any further requirements they may have.

You answer that by secure email, emailing those requirements ASAP.

It does nothing until the min sub reqs have been met.

Leeds may request an employer's reference or landlord's reference directly from the source.

When all the documents have been checked and accepted and the valuation report is back, the mortgage offer is issued. Typically, this seems to take three weeks from the date of application.

Hanbobs

kingstreet wrote: »

Right. A quick run over LBS processes.

When you submit the application, you have the option of adding fees to the loan or paying them upfront. Your broker should do what you agreed with them.

If you agreed to pay upfront, the fees will be debited as the application is submitted.

If you are buying a newbuild, Leeds now instructs the valuer as soon as the application is submitted. IIRC the work is panelled via Esurv, so an Esurv surveyor will do it, or another surveyor if Esurv has no cover. The inspection is booked by surveyor with builder/vendor/HA/agent so you can always find out when it's being done by asking the access given on the application.

It has a list of minimum submission requirements which for shared ownership is as follows;-

P60 & payslips
three months bank statements
certified memorandum of sale
gifted deposit form (if applicable).

FWIW I always send ID, Proof of address, proof of deposit as these might be required anyway, so it's a single secure email.

Once these are received, you get a "minimum submission requirements received" email closely followed by a shopping list of any further requirements they may have.

You answer that by secure email, emailing those requirements ASAP.

It does nothing until the min sub reqs have been met.

Leeds may request an employer's reference or landlord's reference directly from the source.

When all the documents have been checked and accepted and the valuation report is back, the mortgage offer is issued. Typically, this seems to take three weeks from the date of application.

Thank you for the information! I gathered it would take a minium of 3 weeks.

I was instructed by our MA to upload some documents to a secure link via their upload site for them to send over to Leeds. These included:

Passport copies
Proof of address
National Insurance No's.
Proof of deposit (shown as 6 months worth of bank statements of the savings going into the account)
P60's
3 month wage slips
3 month bank statements (I provided 6 months worth, my partner provided 3 months)

I have also supplied certified copies of our passports from the solictors for our MA if needed.

Can I just ask, I have a credit card that I no longer use and the account has been closed meaning I can no longer use the card, although there is money still owed on it. I have a direct debit set up to pay the minium monthly payment off per month and the debt is just over £900.

Can Leeds decline my application for having this? I've never missed or made late payments on it... I'm really worried it may.

We already have an AIP and our memorandum has been sent to Leeds and our solictors a few weeks ago.

The mortgage application was sent on 18th December. So now it's just a waiting game.

Thank you for the info on Esurv!

kingstreet

Hanbobs wrote: »

the debt is just over £900

If this is/was not declared on the application, the lender will treat this as around another £28 a month off your borrowing power and will reduce your maximum loan accordingly.

Can Leeds decline my application for having this? I've never missed or made late payments on it... I'm really worried it may.

Highly unlikely.

mreldee

Update
21/12 Advised by lender that the surveyor has put a figure as cash incentive on the valuation report because i'm buying a show home hence higher specification. Halifax were not happy about this and will not proceed This was disputed by MA and Halifax raised a query with surveyors.

22/12 Spoke to halifax and they confirmed they have received an amended report with no cash incentive on. This has now been passed to underwriter for final sign off. Offer should be in a few days i'm told.

Hoping and praying

gjheward91

thank you "kingstreet" that's really helpful!
I'm still no further yet knowing where my application is, going to chase MA again today and try and get more updates....

Hanbobs

kingstreet wrote: »

If this is/was not declared on the application, the lender will treat this as around another £28 a month off your borrowing power and will reduce your maximum loan accordingly.


Highly unlikely.

Thank you for your helpful replies. What would happen if Leeds reduced my mortgage? Would I be required to find a bigger deposit? Or would this effect my rent on the other share? The minium payment of my credit card direct debit can vary between £20 and £25.

Also, at the time I did the fact finder with my MA back in March (this was on a different property that I chose to not got ahead with), I originally stated that I was attending the gym at £48 per month. I no longer attend anymore due to exercising outside - should this be stated? As Leeds won't find this on my direct debits.

kingstreet

The lender isn't interested in your gym habits. There is nowhere to log such information. Don't expect every scrap of information you give a broker to be required by every lender.

If Leeds reduce the amount they will lend, you will receive an offer for a lower amount and would have the option of increasing your deposit to make up the difference.

Leeds takes 3% of any card balance, so it doesn't matter what you choose to pay.