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

Anzhelka

Like I Said...it's not me who wants to move out...I think if landlord wouldn't say we have to move out, we wouldn't even start this purchase at the moment and would save more for deposit...as currently we have only 5%, that's why our lenders options are also limited and have to use Leeds. We just don't want to rent anymore and pay terrible rent prices to somebody.
What would people decide, to instruct solicitors before getting an offer or after that? we can't decide...£200 is not a lot to loose, but still don't want to waste it.

Anzhelka

Because I am reading through old posts and somebody is doing legal work before offer, somebody is not..it's even said that you can pay your solicitor but he won't start any searches before offer anyway, so who is right?

Newbiebuyer2016

We had 28 days to exchange so we had to instruct our solicitors or we would have lost the house.

After all if Leeds falls through then we will apply with someone such as Kent Relliance who was a choice too.

There's no way we could have adhere to the T&Cs of the new build without the solicitors being ready as now we have been delayed we have to exchange within 7 days of offer.

Did you not get this guidance from the seller? I'm not sure why there was nearly a months gap between your DIP and application, ours was around 2-3 days. That seems like a huge delays. That's half of the time just sitting vacant. As said previous your mortgage application started on the 21st April, as in in the same process, I would have said except 8-9 weeks from them, especially as you don't have solicitors yet.

Have you used the mortgage broker recommended by the seller of the S/O?

Anzhelka

Yes, we have used recommended broker. The gap between DIP and full application was because we have been waiting couple of weeks for Affordability check officer from the seller to ring us and do affordability checks...she was very busy dealing with other customers so we had to wait in the queue. This is a huge new builds development we are in.
Our seller didn't tell anything about completion terms, so it wasn't any schedule set up, they just said that "we will get you there in 8-9 weeks" as they were aware that we have to leave our house.
I've started to think now, maybe it's a time to instruct solicitors, because I think Leeds would have already declined our application, if they would want to. They have done all initial checks and also have all documentation they wanted, so I don't know what can be the reason for a negative outcome right now. (nothing has changed since DIP in our credit scores and etc.) The only thing what worries me is our deposit, that it's only 5%, however I think they knew it since the beginning and that's why we have chosen Leeds really....and our broker is also aware of this.

Newbiebuyer2016

I find your process a bit backwards and your info is conflicting at times. How could the housing association do your affordability checks AFTER their recommended broker did your DIP? Surely you wouldn't have proceeded with the DIP unless the housing association had done the affordability check? We are in the same situation and even before we met the broker we had to complete the Help to Buy application, then the HA did an affordability check, then we were offered a property, we reserved the house with a £500 fee, then the DIP was done. The application can't be submitted to Leeds without the memorandum of sale from the Housing Association.

You sound on track now so I wouldn't be panicking. Is there alternative accommodation you could be looking at from the 27th May? As it doesn't seem you will be getting an offer, instructing solicitors, exchanging and completing by this date.

Anzhelka

No i will be asking our current landlord to stay here another month. We don't have any other accomodation, no relatives or friends and we have 2 small kids and a house full of furniture, stuff and etc.
DIP was definitely processed before that, I know that sounds strange. Then we did affordability checks, have got memorandum and then submitted full application. For us it was strange, basically just fiscussed that with my husband, why they did affordabilty checks and had to wait ages for that, if bank issued DIP, so it would mean we can afford it. More then half of our monthly income is left to spend if we pay all our bils and etc, so we definitely can afford it.

amyloofoo

We finally have an offer! :j:j:j

(After 1 purchase falling through and 1 unexpected decline )

Time to start stressing about searches now I guess :rotfl:

Strum88

Strum88 wrote: »

Hi everyone,

Thought i would join in the thread My wife and I are buying our first house as a couple.

We have applied directly with First Direct, and heres our timeline so far:

Timeline:

4th April: Offer Accepted
4th April: Online Mortgage Application submitted
6th April: DIP
13th April: Moved to underwriters
18th April: Mortgage Approved (subject to Valuation) via text

We are still waiting on the paperwork to be sent and the valuation team to ring to take payment and book. The text stated 7 working days so hoping ot hear today or tomorrow otherwise ill be on the phone chasing up.

Fingers crossed

After many phone calls over the weekend, our ID was finally signed off on Saturday.......or so we thought. Rang today as instructed to book valuation but were told something hasnt not been checked in the system!!!

the person we spoke to suspects this is just a simple human error and we need to ring tonight when it should be all ok.

The debacle with FD continues!

seabass90

seabass90 wrote: »

Here is my updated timeline:
20/4 - First (and only!) viewing
22/4 - Offer accepted
28/4 - Mortgage appt with Halifax. Paid for valuation fee and mortgage fees
29/4 - Instructed solicitor. Gave paperwork into them and paid £200 for them to start searches
4/5 - Solicitors inform me that have requested seller's solicitor's contract
10/5 - Valuation carried out on property
11/5 - Valuation report received - chaos ensues as the report alludes to possible knotweed at rear of property
12/5 - Confirmed with specialist that knotweed is not present at rear of property. Spoke to MA who said my mortgage offer should be released today.
12/5 - Received letter from solicitor containing contracts, information about the land, and copies of paperwork the vendor signed when she originally bought the house.

.. No mortgage offer received as of yet. I was expecting it to be waiting for me in the post on Saturday. My mortgage advisor is now on annual leave and is not back until Monday 23rd May

16/5 - Mortgage offer RECEIVED!! Over the moon! In shock over how easy this whole process has been, and can't get my head around the sheer amount of documentation everyone else on this thread say they've been asked for.

mr_optamistic

We applied for mortgage with barclays in mid january, whole process straight forward and happened quite fast, had valuation done but unfortunately it got down valued and we pulled out.

Our case with barclays stayed open and just over 3 weeks ago we found another property for a bit more but a nicer place, spoke to mortgage advisor who changed all details on system and we then went in to sign new paperwork.

Now after nearly 4 weeks and lots of calls and constantly checking the track it nothing has changed. Advisor has told us it is with the underwriter for review but i dont see it taking 3 weeks to review when he told us 2-3 days. Then when ringing the customer service phoneline they keep referencing the old address and how it was down valued,but have told them this is the old address and need a new valuation for new address.

Plus track it has updated but im sure its basing it the old address and loan amount.

Very stressful trying to get some clarification from someone even though advisor has said numerous times its with the underwriter.