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

squidgychesspiece

Hi All,

Please can I join you?

DH and I had our DiP on Tuesday with Natwest. After a panic that they hadn't credit searched us for the DiP (they had searched Equifax and not Experian!) we submitted our full application today.

Broker has advised it might be a week or two before we hear anything.

And so it begins...

KatyJane_2

I'm getting so impatient now...

All of our searches have been done, solicitors and deposit fully paid,just waiting for a moving date.
Haven't heard anything for over a week so I rang my solicitors this afternoon for an update. She told me thr sellers solicitor is waiting for a redemption figure (no idea what this is?!) and also for a query to be answered by their sellers solcitor.

I just want to be in our beautiful house and am getting fed up of waiting :-(

f0xh0les

Redemption figure is the amount it is going to cost them to pay off (redeem) the rest of their mortgage on the house.

f0xh0les

f0xh0les wrote: »

Well I waited until 4.10 on Friday and still no offer.........................................................................................................:(

Had 2 missed calls yesterday, but no messages left and it was not the number the MA usually rang from, but it turns out it was her. She has our house phone number but didn't ring it, and didn't bother to send an email to let us know that Accord forgot to get the house valued, but still have decided to drop the amount they will lend again, even before the valuation, (MA has not said by how much) but will happily lend the full amount over 26.5 years but not over 25 years.

This is starting to get a bit silly now.

squidgychesspiece

What's the reason they have dropped the amount now f0xh0les? I just don't understand how the lenders can be so slow AND makes so
many mistakes in some cases!!

shazzer22

So, our saga continues.
15th Feb - husband gets phonecall (annoying as they should have called me as named first point of contact) they were missing a payslip, I knew they weren't as I checked everything about ten times before I sent it off! And they needed another form signed, scanned and emailed within the hour back to them.
Still no news on survey at this point so I keep calling daily for updates.
18 Feb - finally get a call to tell me valuation booked, but for 29th Feb! Lots of calls to try and better the date, raise complaint about handling of case and escalated to a chap who thankfully has now given me direct email addresses and telephone numbers for getting in touch rather than needing to go through call centre.
19 Feb - call to say valuation now booked for 23rd, woo hoo! Then another call to say, no, actually they made a 'communication error' and our original Homebuyer survey couldn't take place, they only had a basic valuation slot available (i've paid for homebuyer)
Call said friendly chap, who now says we've lost slot on 23rd. Grumpy estate agent and vendor. Downgrade to basic valuation in a bid to get a date earlier than 29th, (still have that scheduled I think!) but we've gone back to beginning of queue, now we are awaiting news whether
a) my refund in the difference of homebuyer report and valuation has been refunded (£235.00)
b) whether we can still have valuation done this coming week
c) outcome of investigation into complaint

All our searches are back and enquiries raised, our sale is progressing seemingly ok at the moment.

As the place we are moving to is only the next road over from ours I went round last night to introduce myself, they seemed a bit shocked, but it was all quite friendly and gave them personal assurances I was staying on top of everything. Turns out they only just had the valuation completed on their onward purchase, so in reality are only a couple of days behind us, just our estate agents putting pressure on things and getting us wound up!

f0xh0les

squidgychesspiece wrote: »

What's the reason they have dropped the amount now f0xh0les? I just don't understand how the lenders can be so slow AND makes so
many mistakes in some cases!!

DH pays off his overdraft every month when he is paid, but dips into it mid month, and because the interest rate on his savings account is better, he keeps his money in that. The MA told us on affordability we could get up to 136k, we only wanted £120k, they dropped it to £118, now they have dropped it again (amount unspecified) but would be prepared to offer us the full amount (not sure if it is the full original 120 or the 118) over 26 and a half years.

We are paying just over £1k in rent and have been doing so for 14 months since we sold our house, we have £50k in the bank, of which we wanted to use £40k as 25% deposit, leaving us with around £8k in the bank after all fees and stuff is paid out. The monthly mortgage payment is going to be £500 and they are quibbling about a £500 overdraft.

I have been telling DH to get rid of his overdraft for 18 years,I have paid it off in full 3 times (I do not have a job, 4 kids so I am a stay at home mum/cook/housekeeper/ accountant:D) and again, I have told him monthly since November when I started the house hunt proper. But apparently he is a 'grown up' who can deal with his own finances thank you very much.


So, it does not matter how big your deposit is, or how much is left in the bank after you complete, stay out of your overdraft for the 3 months that they ask you for your bank statements or they are going to penalise you for it.

Oh, and DH does not think this is at all a problem, muppet. :rotfl:

f0xh0les

And in today's mortgage news.......

Accord are happy to lend us the full 120k over 26.5 years, which will be a repayment of £490 for the first 2 years at 1.94% when I will find a much better offer to swap to. There is no bailing out and fleeing into the hills fee.

So even though we are saving over £400 a month, will be spending less than £500 on what we are spending on rent, and will still have 8k in the bank, they actually think we cannot afford £505 a month. Unless they are banking on over 10% interest rate rises this simply does not make sense.

Edited *** Oh for flips sake, their valuation is not booked until the 2nd March!!!!!

joeistheone

joeistheone wrote: »

I can't seem to find any recent updates on HSBC, so here's my story so far. I'm selling an existing flat and buying another one at the same time.

Fri 29 Jan 2016 - Submitted full application via L&C to HSBC
Mon 1 Feb 2016 - L&C said HSBC had assessed application and wanted additional docs (3 months bank statements, outgoings and payslips). I posted back 1st class recorded delivery
Tues 2 Feb 2016 - L&C said all docs had been forwarded on to HSBC
Mon 8 Feb 2016 - HSBC asked L&C for more details about my employment and what my job involves. I replied immediately and info sent on to HSBC on the same day
Wed 10 Feb 2016 - HSBC ask for proof of identity (previously L&C had done an automated ID check using credit file). Sent ID 1st class recorded delivery
Thurs 11 Feb 2016 - L&C said docs had been forwarded to HSBC

I know it's probably impatient of me, but it feels like this is taking a long time!! :mad:

Mortgage offer received today in the post, which is subject to a satisfactory valuation which has been booked to happen in a few days time. One thing off the list! :j

f0xh0les

Oh well done Joeistheone, from 29th Jan - 20th Feb is good going. Hope your valuation is nice and quick.