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

savingbee

pinkteapot wrote: »

Can I join in?

Application submitted to Santander by our broker on Wednesday (20/11).

This house move should have been easy - we're borrowing well under the maximum that all the calculators say we can. But we then learned that a lot of lenders wouldn't consider my salary as I'm on a fixed term contract rather than a permanent job. Cue panic (as we'd found a house we liked and started offering at that point!).

Had to use a broker (grrrr - got to pay him!) as I didn't have time to ring round trying to find out who'd lend to us.

Going with Santander. They won't considering my income either, but they would lend us enough based on MrTeapot's salary alone. Our approval will be based on affordability, not LTV, as our LTV is only 51%.

We're borrowing £245k. We wanted it over 25 years and on affordability (without considering my salary) their computer said they'd lend us..... £243,500! I think the broker was crying at that point. They agreed to do the £245k if we made it 26 years instead. :rotfl:

We actually went for 28 years in the end because (1) monthly repayments will be a bit lower but we'll be overpaying so the original term is irrelevant anyway, and (2) I was worried we'd be declined being so close to the limit of their lending, so increasing the term slightly more gets us onto marginally safer ground.

Anyway, awaiting decision! They have reviewed some of our stuff as they've asked for a re-scan of hubby's payslip (first one wasn't clear enough). Broker says that he breathes easy when they book the valuation survey as apparently they check us before they spend money on checking the house. If they survey it then it should mean they're going to approve our application.

Fingers crossed... Broker says Santander are pretty quick at the moment - he's had some back inside a week, but it's depended on how quickly they can get access to do the valuation. Hoping to have it sorted within 2-3 weeks though.

Summary:

22nd October - Offer accepted
(long pause while waiting for chain to be complete)
20th November - Application submitted by broker
22nd November - Re-scan of payslip requested

Hi there.. good luck! I'm also with santander. my broker also said they underwrite first then book the valuation if all is ok (one of few who do it this way apparently) I heard after 6 days my mortgage was approved subject to valuation, the valuation was then booked around 10 days later and heard the day after that I'd been approved.

Exciting times ahead

pinkteapot

Congratulations!! Glad to hear someone else verify what our broker said about Santander's process. I'll breathe easier when they book the valuation.

Still peeved that my >£30k income counts for nothing (despite a 10 year career where I've never had a gap in salary!). :rotfl:

savingbee

that's very odd! I wish you the best of luck. yes I was very pleased but just wished the valuation was booked sooner lol it's been 8 weeks now since my offer on the house was accepted, not too long to go hopefully xx

pinkteapot

Fortunately I'm not too worried about the valuation. As our LTV is only just over 50%, we're miles under the max LTV for the mortgage product, so even if they think we're over-paying they'll still lend what we want. And they shouldn't anyway as it's an estate house and another one in the road sold just a few months ago, so there's a nice direct comparison for their surveyor to look at.

We've booked a Homebuyers Report separately, with an independent local surveyor. That's being done next week.

Nelly321

AIP 28/09
Offer accepted 09/10
Mortgage applied 11/10
Mortgage accepted subject to valuation 15/10
Valuation & Survey Booked for 29/10
Valuation Received 31/10
Valuation Accepted 04/11 (£1,000 Less - No retention)
Formal Mortgage Offer Received 05/11
Searches received 20/11
Signing contracts 27/11

Exchange planned for 29/11
Completion planned for 6/12

Meeting vendor tomorrow so he can show us the heating working etc

charlotte2702

Hi all,
thought I would join - I am a bag of nerves and haven't slept properly for the last week!!
We have applied for a 95% mortgage for a house valued at £179.950. Our application is slightly confusing as I have 2 jobs.

AIP with Halifax via telephone on 28th Nov
Offer on house accepted 14th Nov
Full application made on 15th Nov, instructed solicitors and money taken for survey.
Documents requested on 25th Nov - payslips, signed validation forms, employment reference checks for 1 of my jobs.
Survey completed 22nd Nov
Employment reference check sent to halifax today.
Phone call made to Halifax today confirmed that they are just waiting for employment reference check and my partners address validation.

Waiting.....


Has anyone else had an employment reference check?? Slightly worried as I work 2 part-time jobs, will this have a big effect on the decision to offer us a mortgage?!

berticles21

Hi everyone!
Update on our position...Santander has instructed a valuation so we got all excited thinking everything was hunky dory with our application so far and no further information was needed. Then our mortgage advisor rang yesterday to say she was back from her holiday and that santander would lend us 5 grand less than the asking price of the house going on our incomes!! Now we're confused. She says its nothing to worry about, but I'm annoyed it's taken us 3 weeks to find this out when other companies have said they would lend us the full asking price! Our big move before christmas is seeming further and further away. Feeling like we don't find anything out unless we pester. Our mortgage advisor said she will ring us monday when she has opened our file to see whats happening. Blergh. That's all I can say!!

haggis84

we are FTB,
got AIP with highly likely indication of mortgage approval from the bank about a week ago..... 23 Nov submitted full mortgage application and RBS did credit search the same day.

been advise we should get decision in 5 working days,...really nervous now.. had 3 late payments back in 2009 , although I disputed them back then because the stupid credit card company decided to take out some charges from a wrong account when I decided to clear all the balance. however it still left a historic trace... equifax scored good rating but we have low deposit, applying for 95Ltv... any advise ?

CatchFazed

Mini update from me:

Offer accepted: 04/11
DIP: 05/11
Outstanding documentation sent: 14/11
Application submitted: 18/11
Solicitor instructed 25/11
Surveyor awaiting house clearance

Waiting with fingers crossed, and also for the agent to get the house cleared so we can get our surveyor in there!

I'm hoping to complete in late January is possible. The waiting on the mortgage offer is killing me though!

pinkteapot

Eeeeep!!! Santander now have all the docs/info that they need and at 4.59pm our file went to the underwriters for their decision (subject to valuation). As above, this is the scariest bit for us as the valuation shouldn't cause a problem.

Broker says Santander underwriting decision time is listed as 48-72 hours but he's had some back in less than a day recently.

Biting my nails!