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

chrislee2810

chrislee2810 wrote: »

I never thought this would happen, but I can finally join you guys. After having credit problems in the past due to a messy split with my ex, I never thought this would happen. I have worked my socks off to clear my debts and have had some huge hiccups along the way. We had saved up a 25k deposit but 15k was used to pay off my wife's student loan. So I recently spoke to a mortgage broker and he has managed to get a AIP with Aldermore with a 5% deposit. My timeline is as follows:

12/09/16 AIP with Aldermore
13/09/16 offered 150k on 180k house (big fat no), raised offer to 165k (another no)
16/09/16 offer of 170K accepted.

Now I am waiting to hear from my broker. We are due some good luck, fingers crossed.

Slight update

19/09/16 sent P60, 3 wage slips, 3 months of statements, proof of funds, 2 years SA302, mortgage form and solicitors form.

I just need to wait for my payslip on Friday and my wife's most recent SA302.

Levs01

chrislee2810 wrote: »

I think it's because all the local ones are starting to disappear because of the online solicitors, plus they tend to charge a fair amount.

Ours is a local firm!! I'm sure it will all be sorted by the end of this week. I'm going to see the house again tomorrow so that will cheer me up
And I may even get to be there when they do the survey (bet the chap will love that )

moo313

I just accepted my mortgage off from Leeds Building Society over the weekend!. Also sent the mortgage deed form back my solicitor today. I am just waiting for the rest of the legal proccesses to be completed.

This is timeline for my mortgage application via my mortgage broker

16/08 DIP issued (on a £6k deposit)
25/08 Full Application Submitted
25/08 Full Credit Search Performed
26/08 Landlord Tennacy Reference form submitted
01/09 Letter from HR confirming my lease cars have been returned to my employer (I work for Hyundai)
05/09 Returned leased cars back to employer and submitted a letter from them confirming cars have been returned. (Started driving around in a 2006 Ford Fiesta free of any finance)
08/09 Submitted 2015 bank statements proving I am resident in High Wycombe (currently on the electrol roll at my parents address in Sheffield)
09/09 - Mortgage valuation report receieved.
15/09 - MB emailed me mortgage offer has been issued (Forwared me a electronic offer letter to me) . Application accepted on the basis £6 deposit
16/09 - Paper offer letter from LBS arrives in the post and sent back to LBS same day. In time last post for Saturday
19/09 - Mortgage deed signed and witnessed. Sent back to solicitors.

I'm excited I am actually getting my own place

Levs01

Progress with the house mortgage - Valuation and HB done today. I was there so was able to speak with the guy and found out everything and all happy with it and valuation is spot on so that should be an offer by the end of the week for that.

The remortgage fiasco, after 15 weeks the mortgage company have decided they need a physical signature from the accountant to sign off the books as opposed to the widely accepted usual way of electronically signing and sending them directly. I'm not even joking. Dear mortgage company, the dark ages called, they want their processes back :rotfl:

chrislee2810

Levs01 wrote: »

Ours is a local firm!! I'm sure it will all be sorted by the end of this week. I'm going to see the house again tomorrow so that will cheer me up
And I may even get to be there when they do the survey (bet the chap will love that )

Haha, ask for his driving licence, at least you would know where he lives lol

charlotte891

Word of advice to anyone staircasing... Make sure the surveyors note your current percentage on the valuation report, been waiting well over a week for our otherwise fine report to be amended. Only thing holding up our offer and enabling us to complete the purchase which is beyond frustrating!

sash_berry

Guys,

Sorry but is valuation taking place before the offer?
We are inside 2 weeks wait already but nobody asked about valuation. Do they need to check the house from inside too or only outside?
Sorry its my first house

Levs01

sash_berry wrote: »

Guys,

Sorry but is valuation taking place before the offer?
We are inside 2 weeks wait already but nobody asked about valuation. Do they need to check the house from inside too or only outside?
Sorry its my first house

Depends on the lender. Some will do a drive by but all the ones I've dealt with have been and viewed the property in and out. Takes about 20 mins.

sash_berry

Thank you Levs01,

So it means if they didnt ask for the keys from the agency then valuation is not done yet.

kingstreet

When you apply for a mortgage, you enter access details for the property you are buying.

At some point, a surveyor appointed by your lender is going to call the number you have given to get access for an inspection visit.

You are not going to get a mortgage offer until that inspection has been done and report returned to lender.

Perhaps useful to re-post this here;-

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

Mortgage sub-section;-

AIP
Full application
Documents submitted
Valuation done
Formal offer issued
Certificate of title submitted by solicitor
Completion.