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

Ftba.d

In a similar position to yourself and waiting for a response following the application submission last week. The way I reason it in my head , perhaps quite naively , is that advisors have lots of experience in putting forward applications and wouldn't waste yours and their time by putting one it that didn't stand a chance. Was it a lay payment back in 2013?

Have you got your authority to proceed from the Help to buy scheme ? The help to buy application doesn't take long to process , the turn around is 4 days but they normally get back to you in 3.

Ftba.d

nataliekatemese123 wrote: »

Hi everyone,

Been reading this boards like a maniac the last few days, first post though.

Here's where I am. FTB, H2B, 265k house, 15k deposit:

11/08 - Got AIP for 270k property
12/08 - Made offer on dream house at 265k
13/08 - Offer accepted. Headed straight to bank (Nat West) to begin official application process. At this point they said we weren't eligible for H2B for some reason, and we'd need to speak to the advisor on Monday. PANIC.
16/08 - Spoke to advisor who explained the 95% LTV mortgages are very tight on credit checks, and something had flagged on ours. Got reports from Experian and Equifax and turns out two old settled and satisfied defaults (satisifed in 2013) are making my report look bad. Everything else seems fine. Partner is fine. Explained everything in length to advisor and he said that we should be fine and not to worry (we earn 66k+ combined) and to come to full application on Saturday (20/8).

Obviously now I'm MASSIVELY worrying. He seemed quite positive, but I can't stop thinking that these two old defaults are going to wreck my chances of getting our dream house

Nervous few days ahead.

In a similar position to yourself and waiting for a response following the application submission last week. The way I reason it in my head , perhaps quite naively , is that advisors have lots of experience in putting forward applications and wouldn't waste yours and their time by putting one it that didn't stand a chance. Was it a lay payment back in 2013?

Have you got your authority to proceed from the Help to buy scheme ? The help to buy application doesn't take long to process , the turn around is 4 days but they normally get back to you in 3.

nataliekatemese123

We're doing the mortgage guarantee H2B so i don't believe we have to do anything else on that front, unlike the new build ones.

The defaults were a) £72 from when we switched gas providers and thought we were closed and done, but British Gas had charged us. We didn't notice. !!!!!!. and b) an old mail order for 100 or so that I'd moved house and forgotten about. Both were registered a good few years ago. We've had no late payments or anything for '41 months' according to Equifax.

I'm really hoping that as they're willing to take us to full application that they arent too worried about it. They wouldn't want to waste their time, right? But I am so so nervous!!

What's happening with yours?

Steph1993

Hi
Thought I would join in with the timelines.
Here's mine with Barclays.
26/07 Agreement In Principle
06/08 Offer Accepted after 3 negotiations
13/08 Full Mortgage Application
17/08 Mortgage Application Submitted (Delay was due to there daft Docusign not working)
Mortgage advisor has said we will hear by Friday for the valuation.
We are first time buyers 10% deposit.
Purchase Price. £86,000
Nervously waiting

wjr4

nataliekatemese123 wrote: »

We're doing the mortgage guarantee H2B so i don't believe we have to do anything else on that front, unlike the new build ones.

Is there a reason you went directly to NatWest as they don't have the best interest rates at the moment? Also, you don't need to use the HTB mortgage guarantee as lots of lenders have normal 95% mortgages (like what we have done).. I've looked online and NatWest's rate is 3.91% - is this the one you went with? Nationwide's rate for 2yr fixed rate is 3.79% which could save you money.. did you see an independent broker first?

Ftba.d

Well on the positive , 41 months in the clear is good and will be looked in positively. So fingers crossed!

My full application sent off last week, valuation booked for tomorrow so hopefully I'll have an outcome next week. Like you, I am nervous about historical late payments etc having an impact on their judgement but after lurking on this forum, it's perfectly normal !

Like I said , you must be in with a chance if the broker has gone forward with it!

nataliekatemese123

rjw4 wrote: »

Is there a reason you went directly to NatWest as they don't have the best interest rates at the moment? Also, you don't need to use the HTB mortgage guarantee as lots of lenders have normal 95% mortgages (like what we have done).. I've looked online and NatWest's rate is 3.91% - is this the one you went with? Nationwide's rate for 2yr fixed rate is 3.79% which could save you money.. did you see an independent broker first?

Hi, As I was worried about my past money issues I thought it best to go with NatWest as I'd banked with them since I was 10! We wanted to avoid going with a broker as we didn't want to incur any extra charges or delays - from reading on here it looks like brokers can slow things up a little? The one we got the AIP for was the 2 year fixed at 3.7 something. But I assume this could change on Saturday when we meet.

However, I have contacted an independent broker who works with adverse credit and he's taking a look at my credit reports now.

At this point I don't even care what the rates are, I just want to be able to get the house! Arrgghh.

wjr4

nataliekatemese123 wrote: »

Hi, As I was worried about my past money issues I thought it best to go with NatWest as I'd banked with them since I was 10! We wanted to avoid going with a broker as we didn't want to incur any extra charges or delays - from reading on here it looks like brokers can slow things up a little? The one we got the AIP for was the 2 year fixed at 3.7 something. But I assume this could change on Saturday when we meet.

However, I have contacted an independent broker who works with adverse credit and he's taking a look at my credit reports now.

At this point I don't even care what the rates are, I just want to be able to get the house! Arrgghh.

I think most brokers only charge about £500 which really isn't too much money compared to the time you save etc.. (suppose it depends if £500 is affordable though!!).. I don't think loyalty with a bank affects your mortgage chances as far as I'm aware.. I know what you mean though, as long as we got the mortgage we weren't too worried how much it cost! The main thing we worried about was my partner's overtime - Nationwide seemed to have taken most/all of it into account thank god!! Good luck!!!!! :j

nataliekatemese123

Thank you! Good luck to everyone on here. Crossing fingers for you all.

Steph1993

Steph1993 wrote: »

Hi
Thought I would join in with the timelines.
Here's mine with Barclays.
26/07 Agreement In Principle
06/08 Offer Accepted after 3 negotiations
13/08 Full Mortgage Application
17/08 Mortgage Application Submitted (Delay was due to there daft Docusign not working)
Mortgage advisor has said we will hear by Friday for the valuation.
We are first time buyers 10% deposit.
Purchase Price. £86,000
Nervously waiting

UPDATE.
17/08 Text message received to say they have sent for the valuation to be instructed by Esurv.
Spoke to Esurv who said it will be carried out Monday/Tuesday.
Didn't expect to hear within a couple of hours :j