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

Clarabella123

Hey everyone,

I have been reading this thread with interest for the last month or so. We're FTB and there's no chain. 75% LTV with a purchase price of £285k. Our mortgage offer was issued from Natwest this week after our valuation was confirmed (yay)!

Solicitor has said searches should be back on Monday. We have no idea of timescales, no one seems to want to be pinned down at this point although we are hoping to have this wrapped up in 4 weeks. We may be being incredibly optimistic!? I suppose we have to hope nothing too challenging comes back on the searches.

Been crossing my fingers since our offer was accepted in late Jan, can't wait for the process to be over!

Good luck to everyone else in this position...

X

f0xh0les

Keep a sense of humour about the whole thing, searches, which should be a straightforward exchange of information, seem to take even longer than getting a refund cheque from the council tax department. Good Luck, it all takes ages, then suddenly, with one phone call it all goes a million miles an hour.

gjheward91

Lender confirmed they have all required documents, and valuation was last Thursday... so hoping for the mortgage offer this week!!!
Need to hand notice in on current house i rent Tuesday.....

f0xh0les

gjheward91 wrote: »

Lender confirmed they have all required documents, and valuation was last Thursday... so hoping for the mortgage offer this week!!!
Need to hand notice in on current house i rent Tuesday.....

When you do hand your notice in, just explain the situation, that if anything changes you will keep them informed, say you will be happy to accommodate them in any way should they wish you to help to do viewings, with reasonable notice. All that guff. Just be utterly utterly unbearably, over the top reasonable, it all helps, even if you are dealing with an agency. That goes double if it is an agency with control of your deposit.

We have been told by our solicitor on no account to hand in notice on our rental until after exchange of contracts with a firm completion date.

So, that means if we do get the keys on 29th March as we want (Long Easter holidays at schools and Uni) we will still have our rental until the last day of April, which seems a waste of another £1000 rent, but we know we are not going to be sofa surfing with 4 kids / having to put stuff in storage/ running around and worrying. I do resent it though, but I know that housebuying does not always work exactly as expected - valuations come back low, negotiations take time, extra surveys/reports to be commissioned, chain breaks down etc.

More than once I have filled an entire spare room with boxes to help out a friend who had their move in date shunted due to no fault of their own after they had handed in their notice, or worse relationship breakdown. If it does not work out textbook fashion, be prepared to ask your friends. Everybody understands.

TheAnalyst

Thought I'd add my bit here.

Our MA just submitted our full application to Woolwich last night. We're hoping to borrow £137750 which is 95% (HTB Mortgage Gaurantee) of the valuation of our new home at £145k.
The purchase price is actually £150k as we had to offer over to get it, so our total deposit is £12250.

The sellers home report was done by a small outfit in Glasgow that I suspect Woolwich wont recognize and we will have to pay for our own valuation. How does it work, lets say the surveyor goes out and values it at £150k? Does everything get recalculated and we would only have to come up with £7500 instead?

The MA advised that his BDM told him the average time for them processing applications at the moment is 5 days, hopefully we will receive something in the week or so.

Fingers crossed!

00sacha

I have recently applied for a mortgage with Santander and found this thread so helpful, so thanks all! Thought I'd add my timeline so far as haven't seen many Santander appliations on here:
FTB -House £199950, 10% deposit
19/2 - full application submitted by broker
22/2 - request for my return to work contract
24/2 - request for my last payslip before maternity leave
28/2 - approved subject to valuation!

I'm currently on maternity leave (going back end of March) and my husband is on probation at work so it hasn't been a straight forward application.

Finding out today if the valuation has been booked and hoping it all works out for the best!

ksjohnson

Do we win for most time consuming / nightmare first time purchase?


03/10 - view house, love it. Decide to act quickly and put offer in but by that time Estate Agents had closed.
05/10 - Monday morning, call and in the 2 hours between seeing the house and the estate agents closing, an offer had been put in and accepted! Bear in mind the property had been on the market for months. We put in an offer anyway and in the end the seller accepts ours!
19/10 - Mortgage offer approved via L&C with NatWest. The our MA is off sick for nearly 2 weeks which we didn't realise, stalling everything.
03/11 - Major stumbling block - my wife owns a flat with her sister which was rented but not on a buy-to-let mortgage. Her sister was in the process of buying her out, so MA spoke to NatWest initially and decided not to include it in affordability. However it seems we now need to provide confirmation that my wife's name is no longer on that mortgage before we can proceed. Goalposts officially moved. Cut to.....
16/02 - Finally my sister-in-law completes on the flat and my wife no longer owns it.
25/02 - We finally get the letter to L&C / Natwest confirming her name is not on the mortgage. Mortgage approved subject to valuation (however we thought we were at this stage last time)
29/02 - I'm waiting to hear from L&C what I hope will be a date for the valuation, and not another stumbling block!


How the sellers have stuck with us I don't know. Luckily it was a family home and the son of the family lives next door, so he has a vested interest. It was his mum's house but she passed away.


I'm not someone who gets too stressed, but it has been a dark winter trying to get this sorted. I'm praying for good news this week!

gjheward91

@ksjohnson - WOW I thought mine was long, I started on 20th November


I should hopefully have my mortgage offer by end of this week!
Good luck!!

Berger_3

I'm in shock.... at 16:11 today I had that magic txt from Nationwide to say the Mortgage offer has been issued!


Its exactly one month to the day since I submitted a full application, and they've put us through the ringer pretty much every day since.


I was just limbering up to put it all into a complaint letter, but I'm just so relieved now, I'm not sure that I've got the energy to bother

f0xh0les

Oh Good Job!!!! Congratulations Berger 3:beer:

I think I'm going to get lonely on here!:mad:

Still, it is more time for me to find out about woodworm, party wall acts, damp proof courses, the integrity of 116 yr old nails, and all the other stuff you never thought you would ever need to google. Yeah, I am trying to buy a lovely family Victorian wreck:rotfl: