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

gardenia82

Joining in! First time buyer on Shared Ownership!
Acceptance of SO on the property: 11/11
AIP: Approx. 20/11
Paid reservation on house: 25/11
Application finally submitted by IFA and mortgage company accepted all documentation: 15/12
Then we had a wait because of issues with the solicitor we accepted. On 22/12 we heard that was sorted out and the valuation instructed.
4/1 (today!) valuation took place.

And now we wait...

IFA predicts we will hear Monday, but who knows? Biting my nails!

kezzygirl

Our valuation and survey is with countrywide also....I am trying not to read the bad reviews(!) but I am aware they are known for down valuing

Dolly123

We have the Countrywide surveyor valuing our new builds and he is one of my favourites and he's never down-valued any of ours!

Spikecast

Our progress has been quite slow since the 19th December but today we got some good and bad news. Good is that our searches are all done, bad is that the builder have still not passed all info requested by the solicitor and had the cheek to aim for a completion date a week after we agreed. We've put pressure on them now by telling them we are moving out of our rented place in 19 days so they need to hurry up. Our solicitor has been efficient so far though but the builder is holding things up. As things currently stand we are should be moved in around 2-3 weeks time.

Sazmag96

My mortgage offer was granted in full subject to valuation on 3rd Jan - valuation took place on 4th Jan - broker says should get email confirmation of offer today providing no issues with valuation the developers are now selling the houses for more than I've reserved for anyway so shouldn't be any issues

If my broker or mortgage company haven't asked source of deposit, are the solicitors likely to? I haven't instructed them yet just seems odd that some people are being asked and some aren't
Probably just over thinking it, seems too easy so far about from all the waiting!

Good luck everyone!

goodwithsaving

Sazmag96 wrote: »

My mortgage offer was granted in full subject to valuation on 3rd Jan - valuation took place on 4th Jan - broker says should get email confirmation of offer today providing no issues with valuation the developers are now selling the houses for more than I've reserved for anyway so shouldn't be any issues

Good luck everyone!

Can I just clarify something as this may be confusing to future readers of this thread seeking information. I've noticed it mentioned a couple of times on this thread recently.

You cannot have a mortgage offer before valuation! There can be issues with the property, issues if it needs significant renovation and it was a 95% mortgage etc. etc. Documents can be re-reviewed anytime prior to the mortgage offer being formally issued.

Sazmag, you should have instructed a solicitor at the start. (Who did you put as your solicitor on the mortgage application?!) New builds are usually subject to a 28 day exchange. This is tight even when you have brokers and solicitors lined up from day 1.

I suspect your solicitor will want to see fund proofs because they need to do due diligence to ensure everything is in place for exchange. This includes funds. They will also need proof of the source of the deposit for money laundering checks.

Good luck and I hope the offer comes through today.

RaRasputin

I have had a fairly hideous first time buying process! I am hoping second property works out better, but I am back to the start, so nervous feelings all over again!

Found Property 1, put an offer on, it was accepted in September 2017.
Mortgage offered with non high street Building Society.
Valuation happened, mortgage turned down as property near commercial property.
Halifax offered mortgage, valuation was fine!
Survey threw up all sorts of issues, we couldn't agree on price, so I walked away in December.

Property 2 I offered on just before Christmas and it was accepted!
Mortgage offered again with same non high street building society who said AGAIN they would not lend as they were concerned it was not worth the value offered.
Now Barclays have agreed in principle, so waiting until valuation happens in 1 week and if they indeed accept me and the property.

I am pulling my hair out all over again as the cost for property 1 that I lost was substantial as I paid fees, valuation, abortive fees with solicitors, which meant I went into my overdraft over those months whilst still trying to save.

Credit rating is still above 900, so i am hoping all is OK and this property becomes my home!

Good luck all, it's a very stressful and not very enjoyable process (for me anyway)

kezzygirl

Valuation and survey day is looming- Tuesday. This weekend could not go quick enough!!! �� just hoping the survey does not throw up any surprises....that would really put a spanner in the works!!

Sazmag96

@goodwithsaving

I got told by my broker that the mortgage had been accepted pending valuation - this was done the next day - I then got my formal offer the following day! Not sure why she worded it that way if you're saying that it's not correct but hey ho I've got my offer like she said lol
:j:j:j
I do have a solicitor I just hadnt instructed them to start any searches etc as didn't want to pay for anything that wouldn't be refunded in the unlikely event the mortgage fell through
And the planned exchange was within 30 days but the developer, IFA and solicitors all said it wouldn't happen then due to them all being closed for 2 weeks over Christmas etc :A

EllezBellz

5/12/17 - Offer Made & Accepted
11/12/17 - DIP Approved
12/12/17 Full application submitted to Natwest
12/12/17 Natwest Approved with Credit Checks
13/12/17 Valuation Fee and Application Passed to underwriters
18/12/17 Application has been approved subject to receipt of a satisfactory valuation
29/12/17 Valuation due to take place but cancelled due to bad weather to 5/1/2018
5/12/17 Valuation Takes place - Mortgage Offer Issues but £8500 short of our offer.

Not sure what has gone wrong here, but having to wait till Monday to find out. Feeling pretty gutted, as the house is around £20k cheaper that it should be due to be a part ex.