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

LittleMac13

Had the valuation at 10am today and they said I'd hear in a couple of hours, however I've not heard a pip :-(

Makes me wonder whether they've undervalued my property. Hmm, fingers crossed they've just been busy...

Grantley1988

Hi,

We are pleased to confirm that your mortgage application of £225,000 on behalf of G WHITE and S JOHNSON has been accepted.

The following product(s) have been secured;
INC825 Fixed Interest, INC825 FIXED RATE;Fixed at 1.99% until 31.01.2023

Where we have asked you to provide documentation please send or fax to the address below, ensuring all correspondence has the mortgage account number displayed on it.

PO Box 820
1 Lovell Park Road
Leeds
LS1 9PD
Fax 0845 609 8847

We have instructed a valuation and we will keep you updated of the outcome of this.


What does this mean exactly? Is it just confirmation of application or that they have accepted our application?

I’ve copied the main part of the email forwarded to our broker from TSB.

Thanks

bowlhead99

Grantley1988 wrote: »

What does this mean exactly? Is it just confirmation of application or that they have accepted our application?

They have accepted your application subject to receiving any documents they asked for (if they actually requested any) and that documentation being consistent with what you said it was, and on the valuation being satisfactory.

If you do go ahead and buy that property, that agreed product rate is secured - they have accepted the idea of you and your declared personal circumstances buying that property using their mortgage at that rate for that term.

However, it's not the actual formal 'offer' of the mortgage. Until they have those documents they requested from you (if any) and they've had an independent valuation performed to show the property is worth what you want to pay, they won't just hand over the cash. But if everything proceeds according to plan, then yes you can borrow that amount on that property at that rate.

OW0809

Hi all,
Our story so far...
26/09 - DIP (with TSB through a broker)
29/09 - reservation fee paid
12/10 - full mortgage application in
30/10 - valuation booked and assume been carried out

I know TSB has requested for confirmation from my new job when I start employment with them (which is not until the 6th of November) so I am assuming we won't here anything after my new work has confirmed what TSB need

My question is, does anyone know if TSB do credit checks before they instruct valuation? My credit score has down but no update on searches and I have not applied for any new credit or added to existing credit since 26/09.
Our broker is saying all is good so far but not giving me a straight answer if the credit checks have been done.
Can we assume if TSB has instructed valuation they are happy with our credit files? Or do they credit check after valuation? Soooooo confused

FTB1991

As FTB's we thought we will add our process of applying for a mortgage.

17/08 - AIP approved with Halifax for a max £245k with 5% deposit which I thought was ridiculously high. But nice to see anyway.

21/08 - Viewed house (loved it!)
22/08 - Viewed house for 2nd time with fianc!e parents and made offer at asking price (£160k) and was accepted 2 hours later.

24/08 - The nerve racking mortgage application with advisor. Which actually turned out to be very easy. Mortgage application submitted and given an A2 credit score so only 1 payslip needed from both us. And told it was approved subjected to valuation. Finally, later on we instructed our solicitors.

02/09 - Was told by our mortgage advisor that the valuation was delayed without a date given due to an backlog with the surveyors.

05/09 - Told the valuation is now booked for the 14/09. Just annoying waiting this length of time for a valuation survey.

Will keep you updated of our process[/QUOTE]

14/09 - Valuation done, pick up a few issues with property (render at back + wall ties). Therefore the house is valued at £155k now a retention is likely.

1/11 - Mortgage offer finally through the door!!! :T Had to get estimates from building companies regarding the works. Halifax held a retention of £4750. During this period the valuer took 15 days to view the estimates to come to this conclusion (a ridiculous amount of time). Vendor agreed to drop the asking price to £155k therefore no retention was applied!

Now to restart the searches etc with the solicitors. Hopefully this will go smoother than the mortgage application. Hope everyone gets a easier ride to get to an mortgage offer.

Riz766

Hi All .Good Evening

We are First Time Buyers ..Buying from Sister and House is Underpriced( In Family transaction/Purchase ).
We are using Nationwide Real Bargain Price Deal .
My Nationwide Mortgage application Time line is as Below .

19/10/2017 : DIP Done
20/10/2017 : Full Mortgage Application Submitted with 2 Payalips ( Mine+Wife) as requested . Via Broker
24/10/2017 : Valuation Done . Text received
25/10: Valuation approved Text received .
30/10 :Nationwide asked why There are only NI deductions on My wife’s pay slip and NOT tax .

We replied via Mortgage Broker same day (30/10/2017)that This is her First job in 2017/2018 and She has started in Aug 2017 . And there are no Tax deductions as She is still in her Tax free Allowance/Threshold after confirming with her Employer.

After that there is no response at all . It’s quiet frustrating as Other people’s who applied from Nationwide are getting their offers pretty Quick .. ��

tkel01

waiting for offer from leeds....

Assessment has been done...not asked for anymore documents and valuation done thursday....i have no idea if any of this means i will get it as i dont know if they underwrite before or after valuation.

Not many people seem to know leeds process!?

Frarubvio

Goodluck tkel:p

callumheeler

I am not sure if I want to join. But you gave reasons to think about. Maybe, I'll try but it is not 100%. Sorry, sometimes I can be too indecisive and this case is not an exception.

liquoricet

Tkel01 not sure but think they do the underwriting then the valuation. We had an AIP about 2 weeks ago, the email with the application last Tuesday.

Hubby gave it in to a branch weds with all the supporting documents, I checked all received on Friday and heard nothing as of yet. Waiting for them to approve the application and then for the valuation.

I was told we're unlikely to hear for a week (which would be Thursday).
Did you use a broker?