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

bambos

Halifax Remortgage but adding me to husbands mortgage with an increase of £25,000 for an extension so classed as a new mortgage application.

Applied 01/03/2016.
Met with Halifax on 03/03/2016 gave them all of our paperwork, credit check done, documents checked & AIP given.
Legal paperwork received and mortgage deed received, signed, witnessed and posted back the same day 08/03/2016.
Valuation done 10/03/2016 all ok & extra money agreed.
Meeting with Halifax 15/03/2016 to discuss insurance.

deegsy

I am awaiting a mortgage decision but its not mine its my buyer, there mortgage has been through the underwriters and valuation has come back fine they have now requested a reference from there employer, is this normal?
I literally have everything else in place and all searches and queries have been completed.

PetersJ

deegsy wrote: »

I am awaiting a mortgage decision but its not mine its my buyer, there mortgage has been through the underwriters and valuation has come back fine they have now requested a reference from there employer, is this normal?
I literally have everything else in place and all searches and queries have been completed.

An employer reference certainly always used to be the norm. Whether it still is, or there are online ways to verify the information now, I'm not so sure.

Reference will simply state how long the employee has worked there, what their salary is, and that the employment is of a permanent nature.

But the employer probably won't respond until the employee gives permission for the employer to do so.

I used to work for a large company, but fortunately had a HR department on our site. So to speed matters up, when I applied for a mortgage, I went to HR immediately after application to tell them a reference request was on the way and that they should respond without delay upon receipt.

(As HR officer knew me quite well anyway, she called me as soon as the request arrived on her desk, and invited me to review what she was writing before sending it off )

deegsy

Thanks PetersJ

I know they requested 10 days ago and i chased them up 3 days ago and they lender still hadn't received it. I believe the buyer has chased up there employer to get a move on, its holding the whole process up as the buyer still has to give notice on there rental property after exchange of contacts, and obviously receive the mortgage offer. Gutted as i feel i won't be moving for another 6-8 weeks even though basically everything is in place.

MoneyEM

I'm at the very beginning of my mortgage process so far! but I'm hoping to start documenting it here... what sort of mortgages are people applying for? I have had a look online and first direct have a 5 year fix at 2.19% (I have 25% deposit) so i'm thinking this would be a good benchmark when i'm looking at the deals.

my timeline so far;
10/03 Viewed Flat, and instantly LOVED it. Having lost out on 4 other properties I did not want to hang around and offered the asking price there and then at the viewing. (it had previously sold at this price but was put back onto the market as the buyer had issues with his finances)
11/03 Received phone call & email to confirm that my offer was accepted. Mortgage appointment booked in for Monday 14th.

I need to borrow £135k but have an AIP from HSBC for 152k although I probably won't use them.. fingers crossed i'll be able to borrow the money I need :j

wisevik

reckless_ladybird wrote: »

Hi!

Can we join?
We are using L&C as well. Our timeline so far -
Jan - quote from L&C for 250k mortgage
15/02 - offer accepted
16/02 - instructed L&C to apply for 245k (20% deposit) - we were advised to go with Halifax
26/02 - Halifax AIP completed - broker requested documents all sent through
07/03 - I had a message from case worker earlier this evening telling me Halifax will lend 5k LESS than what we applied for!

I will phone tomorrow the case worker to discuss. However, this 5k is just money that we do not have! No idea what we are going to do...
Do you guys know if stamp duty tax, etc can be paid on credit cards?
We have already spent £500 for the mortgage application and £300 initial payment to solicitors - all after initial approval from Halifax for the full amount we asked for. We are now thinking we have to give up on the property and possibly end up £800 out of pocket.

I feel your frustration. I just received a similar message from MA on Friday saying lender can only lend7k less than what I applied for. We are going for 20 yrs mortgage and now the MA is suggesting that we extend it to 22yrs and that the lender will lend on that basis. The maths don't work as it equates to extra years of mortgage payments of approximately £25k. Maybe I've got the maths wrong. Anyone else been through this? What did you do and what can you advice?
Cheers.

JJASMINE

Can I ask a quick question... if you get to the stage of them booking a valuation, does that mean you've passed the credit checks?

luis1988

JJASMINE wrote: »

Can I ask a quick question... if you get to the stage of them booking a valuation, does that mean you've passed the credit checks?

I've been wondering the same thing! Out of interest, have any searches appeared on your credit file? If so, hard or soft search?

Ftb2016

Hi JJASMINE - no, I paid £350 for a valuation & survey with Virgin money. Two days after the survey the came back and said they'd only lend me £8k less than what I needed. I then went to Halifax and went through the process again (paid £315 for their valuation) and thankfully got a mortgage offer (in full) from them.

JJASMINE

Thanks for the replies... we haven't got to the credit search part. Did application on the phone on Friday and they came back and said what they were willing to lend us based on what I said. Was too late to continue it on Friday so they are phoning back on Monday to discuss next steps including organisin the valuation which is going to cost £500 so I just wondered if they'd make us pay that before the credit search. I'm hoping it will be fine anyway - cards and od will be paid off by completion of mortgage which I told.the guy on the phone so fingers crossed! Just want it sorted asap so I can start getting excited about our new house!