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

Decorachael91

I apologise for the length of this but I'm so stressed!
cjmillsnun, your sounds so similar to ours!
I'm having a nightmare with our house buying woes. My partner and I are first time buyers. He has adverse credit which has all been sorted but is still on his credit report. Due to this we were told our only choice was kensington. Who have not made our situation easy at all. We went into this not knowing what to expect - we are both first time buyers. And the mortgage application process has been enough to riddle me with anxiety and stress.

Kensington were very quick at the start and any information they wanted I had to hand, ready to go and they would reply back almost immediately if they ever needed more information. It started off as what you would expect - utilitiy bills, wage slips p60 etc, then they wanted a breakdown of our monthly outgoings. We finally got our DIP through and began the mortgage application at the end of May. We did things a bit backward - put an offer in on a house before we got a DIP. The offer was accepted. Everything seemed great - going smoothly - vendors were in no rush, there is no chain. Then Kensington started asking for information on my partners adverse credit - understandable, they are well within their rights as they wanted a certificate of satisfaction and a statement explaining the reason behind the debt - he did all of that. Then my relatives have been kind enough to gift us some money to help with our deposit - Kensington wanted gift letters and proof and ID from my relatives and a letter explaining why this money had been gifted. They did this very quickly everything was sent through speedily. Then kensington wanted work and landlord references - okay...so we wait for those to come through. Neither of our employers or landlord receive anything. Kensington are adamant they have sent the documents - still nothing. EVENTUALLY emails are received and it turns out they just want a references for my partner. So both parties fill out the forms and send them back. THEN kensington want proof my partner has lived at our current address for the amount of time we are claiming - photocopy a council tax bill and send it off with our mortgage advisor. All done and dusted.

THEN - kensington deal another blow - the gifted amounts - they want my relatives bank statements for proof of seeing the amount go into my account. That was a moment when it was all up in the air because one of my relatives refused outright to do it - I understand, someone's bank account is private so I understood his concerns - anyway he eventually changed his mind and kindly obliged to submit the proof. I thought "phew!" What else could possibly go wrong?!
We hear nothing for two weeks, apart from hearing back from our MA to say hes still chasing them up. Eventually we hear that they have done the valuation survey and the entire application is now being processed and apparently they are backlogged and that we should expect a response in 6 days.

So - we heard back last week to say that the survey was conducted and that the report says potential asbestos may be in the property and that for now the mortgage has been declined. We were told this last Thursday. I was devastated - I had three days of just bursting into tears anytime I thought about it. I'm not the most positive person and I'm a very anxious person - such a worrier. And it's been very hard for me to stay positive and level headed throughout this lengthy process.
My partner and I have tried our hardest to jump through hoops over absolutely every single thing Kensington have asked if us for. I've prided myself in being on the ball with their requests.

So now we are at the point where an asbestos survey is being carried out on the house today - we offered to pay half of the report but the vendors have insisted on paying for it. We are very lucky in the respect that we have extremely understanding vendors. And they understand the love we have for this house. The house has been recently renovated - there is a 6 year old roof - the man who has lived there along with his family for over 30 years is a well known successful and local plumber with family in the building trade - everything in that house has been done by either him or a trained tradesman.

They actually rang us the day we were notified of the "potential asbestos" and they were as shocked as we were and explained, they are obviously concerned and if there is some trace somewhere they need to get it sorted. They said that the surveyor was at the house for less than 10 minutes and didn't really say a word and then left. He didn't seem very thorough. Which is another thing that has annoyed me with Kensington - we asked for a homebuyers survey to be done as they offer a free basic survey with their mortgage. But we asked for a homebuyers one and obviously we were willing to pay the amount. Nope. We weren't contacted about one so they just went ahead and did the basic one. Which I was so angry about.

This situation has really tested me. I've not slept much I've not eaten much and I try to remain positive but my god what else could they possibly throw as us? I would just like some good luck right about now. I love this house so much I have no idea what will happen if asbestos is found.

I hope everyone gets their mortgage approvals soon, my fingers are crossed for all of you!

cjmillsnun

Kensington have been nothing but a pain. I don't know if you have tried a DIP on some of the high street lender's websites? I had adverse credit that is sorted but still on my credit file, but got accepted by Halifax, Obviously as someone unqualified and also as per MSE's rules I cannot recommend either a broker or a lender, but look at lenders that do a soft search on credit files and have a go. It can't hurt, and got me back in with a shot of a house both my wife and I want.

Decorachael91

cjmillsnun wrote: »

Kensington have been nothing but a pain. I don't know if you have tried a DIP on some of the high street lender's websites? I had adverse credit that is sorted but still on my credit file, but got accepted by Halifax, Obviously as someone unqualified and also as per MSE's rules I cannot recommend either a broker or a lender, but look at lenders that do a soft search on credit files and have a go. It can't hurt, and got me back in with a shot of a house both my wife and I want.

We haven't checked any others, no. We were under the impression that it would be hard for us to get a high street one. And I'm worried if we did try - we'd be refused on my partners credit and then that would go against our credit score.
Right now I suppose we still have some sort of hope.
It is interesting to know that you were accepted by a high street lender though.

KrisLGW

Decorachael91 wrote: »

We haven't checked any others, no. We were under the impression that it would be hard for us to get a high street one. And I'm worried if we did try - we'd be refused on my partners credit and then that would go against our credit score.
Right now I suppose we still have some sort of hope.
It is interesting to know that you were accepted by a high street lender though.

Take a look at page 344, post #6877. You will see my very recent story and hopefully it will give you some positive thoughts about your application. We had very poor credit reports and scores, but we got accepted without any issues. We did have a large deposit £40k+ but still don't write off the high street lenders.

Must also add we have had a fantastic broker to help us wrap it all up into an attractive package for the lender but I was convinced that anything that could go wrong, would do so, but in the end it hasn't and we will be exchanging contracts on Monday.

happytails

happytails wrote: »

Joining here, had our offer accepted yesterday and spoke with MA today, we are putting our application forward tomorrow with Nationwide - eek!

Sarah

Mortgage advisor submitted our application today - it was accepted by Nationwide. They're now arranging a valuation - the waiting game starts!

Jkbc90

Text received yesterday from Nationwide, they have approved our updated valuation this was because the vendor dropped the price. The only piece of paperwork to be looked at now is the gift deposit form. Fingers crossed we get an offer before the weekend.

R&C

Bit late to this really but thought I'd post anyway incase some one else finds it helpful!

We are current Nationwide customers looking to port our existing mortgage & borrow more. Our current LTV is 55% and we are making a rather large jump to 85%.

We applied for a DIP in April after putting our house on the market but I was then made full time by the time we actually found a house so the change in circumstances made the application less straightforward & to be honest a bit of a bloody headache.8 think we'd still be waiting for our revised DIP if we'd not hassled Nationwide relentlessly!

Anyway:
June 12th Viewed a house made an offer the same day
June 15th Offer finally accepted
June 15th Called Nationwide for a revised DIP and it was referred due to amount of borrowing
July 6th FINALLY get our revised DIP.
July 11th Full Mortgage Application
July 20th Valuation
July 20th Mortgage offer

So it took us 5 weeks from DIP to offer. But only 9 days from application to offer. So just be prepared that if your DIP gets referred it can be a lengthy process & make sure you keep on at them as they won't call you if there's a document missing, you have to call them!

goodwithsaving

R&C wrote: »

Bit late to this really but thought I'd post anyway incase some one else finds it helpful!

We are current Nationwide customers looking to port our existing mortgage & borrow more. Our current LTV is 55% and we are making a rather large jump to 85%.

We applied for a DIP in April after putting our house on the market but I was then made full time by the time we actually found a house so the change in circumstances made the application less straightforward & to be honest a bit of a bloody headache.8 think we'd still be waiting for our revised DIP if we'd not hassled Nationwide relentlessly!

Anyway:
June 12th Viewed a house made an offer the same day
June 15th Offer finally accepted
June 15th Called Nationwide for a revised DIP and it was referred due to amount of borrowing
July 6th FINALLY get our revised DIP.
July 11th Full Mortgage Application
July 20th Valuation
July 20th Mortgage offer

So it took us 5 weeks from DIP to offer. But only 9 days from application to offer. So just be prepared that if your DIP gets referred it can be a lengthy process & make sure you keep on at them as they won't call you if there's a document missing, you have to call them!

That's helpful, thank you. I'm porting my Nationwide mortgage. Last time my LTV was 78% whereas now it's 73%, I'm just hoping it'll be okay. The valuation is tomorrow so I hope I hear the same day as you did, otherwise it's a weekend wait

happytails

Mortgage submitted 19th July
Valuation booked for 26th July

cjmillsnun

happytails wrote: »

Mortgage submitted 19th July
Valuation booked for 26th July

Same date as my (latest) valuation... Good luck