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

Mizenberg

Champagnelifestyle wrote: »

eeee! Just heard from case worker.

The underwriter accepted our application and we have been approved subject to valuation!! We're having a homebuyers survey done at the same time so hopefully it won't delay it too much.

Good news. Good luck with the next bit!

Mizenberg

ThePants999 wrote: »

Perhaps I should post in here again cos I'm now anxiously anticipating our BUYERS' mortgage decision :-) I don't know what's going on with them - first they needed to remortgage an existing property to fund the deposit on our place, and they got a lower valuation on that than they expected, and then they apparently got declined on a mortgage for ours, but then somehow got a valuation booked in that just happened, so perhaps they've appealed it, or applied elsewhere... fingers crossed they get it!

Fingers crossed for you...

Our buyers valuation came in 2k low so we may have to drop price or lose them..

Mizenberg

pennyprincess wrote: »

ACCORD - Have just heard all ok with our valuation still checking over things apparently but MA thinks we nearly there... im concentrating on pinterest to keep myself busy !

Hehe..excellent news though! :j

kingstreet

dgtazzman wrote: »

At least the Santander mortgage will not involve HTB, but going for a 90% LTV standard mortgage over 35 years. Will be looking to overpay to bring the term down drastically.

Abbey/Santander max is 85% on newbuild. They don't lend 90%!

carissa1810

out valuation came back from Halifax all ok however the underwriters said we did not pass on affordability even though the mortgage broker checked all wage slips and said we was fine! Luckily my partner found out today that he achieved his quarterly promotion and wage has increased by £2k per year but Halifax want a letter from his employer confirming this!!

They shouldn't be able to take valuation money or solicitors start work until mortgage if fully agreed as we nearlly lost the house and over £800 with it!

Mizenberg

carissa1810 wrote: »

out valuation came back from Halifax all ok however the underwriters said we did not pass on affordability even though the mortgage broker checked all wage slips and said we was fine! Luckily my partner found out today that he achieved his quarterly promotion and wage has increased by £2k per year but Halifax want a letter from his employer confirming this!!

They shouldn't be able to take valuation money or solicitors start work until mortgage if fully agreed as we nearlly lost the house and over £800 with it!

So does the extra 2k give you enough extra borrowing i.e. take you up to what you need?

carissa1810

Mizenberg wrote: »

So does the extra 2k give you enough extra borrowing i.e. take you up to what you need?

The broker said it does, but not holding my breath as she said we was fine initially!

Mizenberg

carissa1810 wrote: »

The broker said it does, but not holding my breath as she said we was fine initially!

Hmm that is strange. Were you applying to borrow the absolute maximum that you could?

carissa1810

Mizenberg wrote: »

Hmm that is strange. Were you applying to borrow the absolute maximum that you could?

No he had a mortgage agreed with NatWest and was able to borrow £95k however we couldn't use them as this house is a new build on a shared equity scheme which NatWest don't cover.

Only asking to borrow £87 with Halifax yet he can't pass affordability, so strange

f0xh0les

Our MA told us we could borrow up to 160k, on a 25 yr, then we got rejected on affordability on a 120k 25yr deal.

So we are now borrowing 120k on a 26.5 yr deal.

The whole affordability thing makes nothing certain until you get the offer in writing. And they stress test it up to 7-8% !!