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

Newbiebuyer2016

Anzhelka wrote: »

So happy for you! I know that feeling! ))
just wondering in which part of UK your are buying house?

Essex, did you say yours was London?

siols

I've been keeping an eye on this thread throughout my application so I thought I would write my progress now that our mortgage has been accepted. I live in Scotland so didn't need to wait on a valuation to be carried out as it was already in the home report.

18/4 - 1st Viewing
20/4 - 2nd Viewing
22/4 - First meeting with mortgage broker to arrange DIP (original meeting was meant to be on the 25th but we knew we wanted to make an offer so moved the appointment forward).
25/4 - Late afternoon, DIP approved with Nationwide, 85% LTV.
26/4 - Put in offer on property, accepted within 20 minutes
5/5 - Meeting with mortgage broker to go over mortgage details
6/5 - Mortgage broker applied for Nationwide mortgage
10/5 - Nationwide requests contract for my partners job as within his last 12 payslips (he's paid weekly) we've been on holiday twice so his payslips were showing less than his usual 40hrs p/w. Informed the mortgage broker that he doesn't have a contract but is more than happy to get a declaration from his manager.
11/5 - Nationwide decline mortgage over payslips due to reasons above *we start to freak out*
13/5 - Mortgage broker applies for DIP 85% LTV with Halifax. Accepted so immediately applies for mortgage. Halifax sends out employers reference letter to my partner's manager.
18/5 - Partner's Manager receives employers reference letter
19/5 - Partner's managers faxes reference back to Halifax
20/5 - Less than 24 hours later we have our mortgage accepted with Halifax

A bit of an emotional rollercoaster but we got there in the end. Hope everyone else has success!

Newbiebuyer2016

That's so strange! Surely if he's employed you would have holiday pay showing twice in the last 3 months?

siols

Newbiebuyer2016 wrote: »

That's so strange! Surely if he's employed you would have holiday pay showing twice in the last 3 months?

For whatever reason, his holiday pay wasn't taken off against these holidays so he's still building up his holiday pay for this year. So it just looks like he's worked two half weeks when it was in fact due to holidays but just telling them it was for holidays obviously wasn't good enough!

Newbiebuyer2016

I could see why they were concerned if you've taken 10 weeks unpaid leave in a 12 week period prior to a mortgage application.

siols

Newbiebuyer2016 wrote: »

I could see why they were concerned if you've taken 10 weeks unpaid leave in a 12 week period prior to a mortgage application.

No wasn't anything near that...
Within the last 12 weeks, 10 of the 12 showed 40 hours minimum (but usually more). Only two of the 12 weeks showed less than 40 hours as for half of these two weeks we were on holiday!

TrickyTree83

mellymeepmeep wrote: »

This sounds exactly like whats happening to us and I'm getting really, really annoyed now. I've just rang up FD AGAIN today to check the progress, we got acceptance text on the 7th May and it said valuations would be done 7/10 days after, nothing has happened no contact at all. Just rang up today and they have to contact my partner at work to verify they are in employment... why has that not been done already? Why am I having to chase up admin? I have the estate agents on the phone three times a week asking for updates and I can't give them any. If we lose the house because of pointless admin delays by the bank I will be furious.

Have to say that our experience of FD was very different. But then I work from home and I was chasing them constantly as the developer we were buying the new build from was chasing me for updates. In doing so when I was told the 7-10 day wait or similar, I would be calling them every 1-2 days for an update regardless. My advice would be to not wait for the 7th or 10th day to roll around and wonder what has happened, why they've not been in touch. Get on the front foot with them and it appears you get the answers you need eventually and as long as you're pro-active about sorting your side and continually manage FD's admin and customer service teams you will get there.

mildredalien

We finally got our mortgage approved from HSBC subject to valuation. Timeline so far:

31st March: application submitted
7th April: HSBC credit check us and request payslips/statements
21st April: HSBC request additional information about an old loan
5th May: HSBC request hard copies of loan agreement etc.
18th May: Mortgage approved subject to valuation

It's been a long old process so far, so frustrating that each stage seemed to take 2 weeks. At least the underwriters are happy with everything but I still imagine it will take ages after valuation to get the proper offer :wall: We're using L&C who have been very communicative with us but just say that HSBC have a massive backlog hence the time delays, who knows what's really going on.

dgtazzman

Took a week after valuation was carried out for me to receive my formal offer from HSBC, that included a bank holiday Monday.

Maybe I got lucky with 2,5 weeks from start till finish, though I kept it in my own management and I did keep poking for updates every few days, which did mostly seem to have effect.

I.e. called them a week after valuation to ask if they had received it. Was told they had, but it had not been signed off on. An hour after my call, somebody signed off on it, so keep the pressure on ^^

Anzhelka

Newbiebuyer2016 wrote: »

Essex, did you say yours was London?

No, Northampton!