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

duggan1

WorriedFTB wrote: »

Surely she can see on my Credit History that I don't have a Barclays credit card / plus I would have declared when doing the affordibility .....

I'm not so sure they really trust the credit reports... All three of mine show CCJ and Defaults satisfied (and accounts closed) three years ago yet I've still had to chase the CC company for a letter confirming it was all paid off.

f0xh0les

WorriedFTB wrote: »

I am seriously loosing my will to live .
Today was meant to be the day after 8 weeks that we would know whether we have an offer or not ...

I mean really?!!! ! These people deal with this day in day out I would expect them to comunicate

So clearly there is a need to chase everyone on a daily basis : MA , Surveryor & lender .

I am sorry I just feel so frustated , everything is on hold I just wish they would decide so we can continue with our lives ..

I hope You are all having a better ride than me . xxxxx

Oh that is rotten, if there was a company that was efficient and could work a diary/telephone/email they would clean up in the mortgage market.
I must admit I do email both my conveyancer and my MA every 2 days or so, even if it is just to say
Good Morning, is there any news?
Or
Have a lovely weekend, maybe we will know more by Monday?

But then again, we found the house and started this all off on 22nd January and so far we have spent £1,400 on reports and sols on a house we don't own, and still have no mortgage offer.
First they could not find my husband to do a credit search, he does not exist (apparently I have 4 children with the (financially) invisible man):rotfl:then it was more bank statements, then it was rejected on affordability (even though the mortgage is half the rent we have been paying for over 14 months and still are managing to save ) then it was a reduced offer, then it was the full offer over a longer term, then it was nothing, just waiting, no more requests for anything, just tumbleweed, then it turns out Accord had forgotten to instruct a surveyor, then it was a 3 week wait for the surveyor to find his ladder, now it is three days after the survey and still we know nothing.

There is definitely a gap in the market for a reliable service that knows what it is doing.

Mizenberg

Blimey, WorriedFTB & f0xh0les, this does not fill me with much hope! Although I already feel your pain, I had to do an awful lot of chasing just to get the valuation arranged on the property we are SELLING! I felt it was in my interest to do so, as we want to know if any issues with that (any work to be done/price to be negotiated). The valuation for the one we hope to buy is happening on Monday, so hoping that also comes in ok!

f0xh0les

Hi there Mizenberg:hello:

Welcome onboard ! It seems to vary, we just lost someone last week who had it all done and dusted in 5 weeks and had the keys in hand. Some of us seem to fall behind the sofa and get churned around in the system.

The thing is, to us it is urgent, to them it is a job of work.:wall:

Ho Hum, try and keep a sense of humour about the whole thing.

Still waiting for the MA to get back to me about the mortgage offer (not requested any more info since 1st February )
Still waiting on one roofer to give me a roof survey (116 yr old roof possibly - who cares as long as it is watertight and doing its job??? I think surveyors might just be ageist y'know) so that should be the last £80 I spend on the house I do not yet own

So far I have spent
£395 Mortgage Advisor (to speed things up!!)
£250 Sols fees (£700 more to come and £700 Stamp duty on completion)
£360 on a building survey that said to get a damp survey a drains survey and a roof survey
£150 on a drain survey
£45 on a damp survey
£80 on a roof survey
and the seller is refusing to pay out for a gas and electric survey, even though the house has obv been rented out (£1 coin meters in the bedrooms/kitchen in the attic) they claim it has always been a family home.

Sale due to death, one btl fallen through as the mortgage company said not enough guaranteed rental return based on the condition of the house (a lot of work needed but it could be a seriously lovely house)

So hoping for a low valuation, as the damp quote has come in at nearly £4k and I now know more about the party wall act than I ever wanted to:rotfl:

When I put my house on the market in September 2014, I put in a new (cheap but nice) kitchen, all new carpets (again, cheaper end but light, clean, and nice) even had the ridge tiles stuck down again just in case (it had been recommended on the survey when we moved in 11 years earlier). Had the boiler serviced, everything. There was nothing that needed to be done. I even hoovered before I left. Move straight in condition.

Even so, it took 12 weeks from 1st viewing, offer the same day, to me moving out. There was no chain, he was in rented, we were moving to rented, Estate Agents / Mortgage /Solicitors held everything up, and then closed down for 2 weeks over Christmas and New Year.

Make a cuppa and get comfy, we know how you feel, rant away whenever you need to.

Mizenberg

Good grief fox, you have already paid a looooooooot! We have so far only paid £400 for a valuation that our lender needs done. and 'lol' about the party wall comment! Thanks for the warm welcome, btw

I fully appreciate that the whole process can be timely- and tbh we aren't technically in a rush, as our sellers have asked how we feel about aiming for completion in early July (they have not yet bought anywhere, the last one fell through for them).

Our early concerns all lie around the valuations. We marketed our house at 140k, agreed on sale price of 136k- because we have a very large garden, it means we got about 5-10k more than if it were a "normal" one. Other houses in our road sell for such different prices, it is very difficult to get a realistic "average" in my opinion.

So first worry is that it will be under-valued. Our buyers are first timers, and I believe they are completely stretched on both mortgage and deposit at 136k. So if there is a down value, we may need to consider dropping our price. Obviously we could refuse to do that, and look for another buyer, but the worry is that any other buyers are likely to be in the same position (i.e. no wiggle room).

Then there is the valuation of the place we are buying. It was marketed at 200k, IMO way too low. It is the dream house- everything we want. Other people also fell in love with it. So..in the end we offered 212k and got it accepted. Yay!

But of course my worry is that our lenders valuation will come in alot lower than that. To get the rate we discussed on mortgage application, we need it to be 202k+. However, we should still be ok with a valuation of 190k+ and still be offered the mortgage- IF we don't have to change the sale price of ours. So if have to drop ours to say, 130k- we can afford a minimum valuation on our purchase of, say..195k. That kind of thing.

I also have worries that we will be rejected on something else, too. With the equity from our sale (hopefully 70k, there or there abouts), about 20k is going on paying off some other debts, about 7k on fees etc, and hopefully 43k deposit for the next house. So, me being a worrier (can you tell?!?) I worry that we will be rejected because of those debts. But should I really worry? Our mortgage advisor at Lloyds has basically said that we "are there" subject to the valuation coming back ok. We did the full application last Saturday.

At both the initial meeting (where we got mortgage promise), and the 2nd (where we did application), she pretty much shrugged off the debts, putting into the application that these debts will be paid off when the mortgage starts. I thought we were going to have to go into huge detail about how and when exactly we would pay these debts off, but she said it pretty much comes down to trust, and that they "may check up on it after a short while". Just to be clear, the minute I have those funds, those debts will be paid off.

We also (in last few days) have the added worry of some job uncertainty for my wife- if she loses her job, it throws the entire thing out the window.


I think that's enough of a rant for now, eh!

Thanks for reading (if you do)

plainjayne_2

I am starting to worry now as my valuation took place Tuesday 23rd and still not heard anything.


My broker says there is now update.

tomelk31

Today we received our mortgage offer subject to survey which is going to be booked today. Our solicitor has now received the draft contract from the sellers solicitors. Moving in the right direction now and hopefully no hiccups.

nkkingston

Got ours today! Submitted mid Feb, valuation was on monday, and came back the same as our offer (which means they agree or think it's worth more, right?). Now to start on the surveys!

Champagnelifestyle

Getting nervous now

L&C casefile showed today that all documents were with lender and husband's bank showing that Halifax have taken the money out for the survey. Will we be told when the valuation is complete?

Mizenberg

Champagnelifestyle wrote: »

Getting nervous now

L&C casefile showed today that all documents were with lender and husband's bank showing that Halifax have taken the money out for the survey. Will we be told when the valuation is complete?

Not sure how it works with them, but I asked our MA today at lloyds to contact me as soon as she knows the "result". Do you have a particular contact you see/speak to at L&C?