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

kingstreet

Blakey0500 wrote: »

Quick question. If I went to apply for a mortgage, do they base what they will lend you on your last 3 months payslips or on your annual earnings? I'm currently maxing out my overtime at work which is why I'm curious.

Thanks

Gross annual basic plus c 50% of the annualised overtime averaged from your latest three payslips at the time of application.

lacoste1985_2

hi all

found out yesterday that all is ok with our mortgage app but the valuation that was done on 3rd Oct has come back with a difference of 10k lower than the purchase price.

have now been told that principality are one of the worst lenders to apply to when trying to get a mortgage on a new build and are renowned for doing this all the time.

we are now in a position where the builders are appealing the valuation and producing comparables of other properties of the same spec to try and get principality to change their mind.

does anyone have any experience of this? we have also asked the builder if they would consider negotiating the sale price to that of the valuation.

failing both of these we are going to use the builders recommended broker to scour the market once again and hopefully select a lender that will value the property at the same price.

mancdude

Update: broker told us 6/10 that AIP gone through fine so full application has now been submitted. Anxiously waiting now!

Arlo

Arlo wrote: »

Update - mortgage all approved subject to valuation :j:D

MA applied, uploaded docs (2 wage slips) called them & it is all approved

Our mortgage offer was issued on Friday 07/10! Valuation was carried out on 6th. Happy days :beer:

jo3ler

psychological wrote: »

Good luck to you, I know how anxious the wait can be. I must have read this thread in its entirety about 2-3 times.

Seems to be different for everyone but the quicker the valuation can get locked in the better.

Do you know if you're asking to borrow at the top of your affordability? That may be when the fine-tooth comb comes out re spending habits.

We are applying for about 15% less than our maximum, but have a 30% deposit so I'm hoping they leave the fine-tooth comb on the shelf, and just give us the once over with a lint roller!

Levs01

Now into week 19 of the Clydesdale remortgage application. These people are a joke, if it wasn't for the fact if we can help it we don't want another search on us we would go else where.

neo2020

Well, I can finally join this thread:

30/09/16 - Property viewed
05/10/16 - Initial offer made
06/10/16 - Counter offer received from seller
06/10/16 - Counter offer made to seller & accepted
06/10/16 - AIP issued by Santander via MA
10/10/16 - Full mortgage application made via MA
14/10/16 - Full structural survey instructed

MA seems fairly confident and he's as anal as me when it comes to detail so I have an unusual feeling that everything will be fine even though we are both self-employed.

We are asking for £20k less than the maximum lending estimate with a slightly bigger deposit in % terms.

MA says that because our mortgage includes a free valuation, if they instruct valuation it means the underwriters have approved.

We are expecting a decision this week!

Gunther_Golf

Hi guys

Very pleased to say i got a call from our broker last night to advise our Halifax Mortgage Offer will be issued today

Process, even though it has not felt like it, has been very quick indeed.

House viewed 03/10/16, Offer Made, Accepted and Full Mortgage Application Made 04/10/16 - Wee bit of back and forth regards supporting documentation through the week and Mortgage Offer made last night. 7 days all in.

Property is also empty therefore seller keen to have entry date at earliest opportunity - Suits us as FTB living with parents.

I feel for each and every person on this thread awaiting a decision. I'm an extremely laid back person but i've been incredibly worked up all week.

Good luck to everyone waiting on a decision and as easy as it is to say for us now try and keep calm.

jo3ler

neo2020 wrote: »

Well, I can finally join this thread:

30/09/16 - Property viewed
05/10/16 - Initial offer made
06/10/16 - Counter offer received from seller
06/10/16 - Counter offer made to seller & accepted
06/10/16 - AIP issued by Santander via MA
10/10/16 - Full mortgage application made via MA
14/10/16 - Full structural survey instructed

MA seems fairly confident and he's as anal as me when it comes to detail so I have an unusual feeling that everything will be fine even though we are both self-employed.

We are asking for £20k less than the maximum lending estimate with a slightly bigger deposit in % terms.

MA says that because our mortgage includes a free valuation, if they instruct valuation it means the underwriters have approved.

We are expecting a decision this week!

I'd be interested to hear as in the same boat with Santander, although I read that they have recently started instructing valuation surveys regardless of whether you are approved to speed the process up. Although this could of course be wrong... Just google "santander free survey mortgage approved" and check out the mortgage strategy website for further info, I cant post a link

mancdude

We're applying to Santander too - got an email saying that the valuation has been instructed today from my MA however they also said that the underwriters haven't gone through any documents and won't do until after we've had out HTB approval email (this Thursday apparently).

Like the poster above, I also read the valuation was a standard same day thing for all new applicants to shave time off the overall experience.