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

M_CP

Hello,

Let me tell you about my partner and I’s situation. We are both first time buyers and in our early twenties. We decided to go for a share ownership property as our combined income doesn’t allowed us to go for a full value property.

Here is a bit of background about us, I’m from Spain and I have only lived in the UK for a year and 9 months that means that I don’t have a three year credit history file as before I moved here I didn’t have any type of bank account. On the other hand, my partner is British and has a good credit history but his salary doesn’t allowed him to take the mortgage by himself (nor do I want that).

Anyways, our journey began In October last year. We had found this property that we really wanted, so we contacted Grand Union and reserved it (at this point we didn’t know if we could get a mortgage). Then we went to see our Mortgage broker for the first time, that’s where all the stress began, after finding out that we were only meeting the criteria of three lenders and only one of them decided to give us an AIP with the condition that an indemnity clause was included within the lease agreement. Long story short, Grand union took ages to hand this over, then the following problem was that based on the floor plan that we wanted, Grand Union had allocated to us the wrong flat which delayed the mortgage application (this was at the beginning of December), after this was solved, my broker finally sent our mortgage application on the 18th December. After that, Christmas and New years were on the way so everything got delayed again. Finally, last week I contacted me broker to see how everything was going, only for him to tell me that Grand Union once again are being useless , it seems that the site manager hasn’t come back to the lender to book the survey.

So today 8th January, We still haven’t got the mortgage offer (We were told that we should be in by the end of January) and we don’t know what will happen. I mean my broker said that lender is satisfied with our profile in terms of income, credit history and everything else. I don’t know what to think or feel at this point in time, I just want this to be over. Any advice? Or similar experiences (did they said no to you)?

The thing is that if they come back with a negative answer, we will have to wait until I have been here for at least 2 years or I’m 21 (both will happen in March this year) or we have 10% deposit. So we will have to wait until March to start all this process again, and we with our living arrangements (living with his mum and sister) waiting this long seems to be like hell

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
5/01/18 Valuation Takes place - Mortgage Offer Issues but £8500 short of our offer (due to an error it seems!)
8/01/18 Natwest have said to give us another offer within 24-48 hours.

Driving us insane!

Spikecast

We've been pushing the builder and solicitor a lot over the past week as the builder has been holding things up and taking an age to forward documents on. We've got all of our searches done, we have to go in tomorrow to sign a few documents with a view to exchanging on Friday this week, we aim to complete on the 19th and move in the following day. It's all coming together very last minute but fingers crossed! Booked removals in today so it's all systems go. :j

kezzygirl

Mortgage offer issued yesterday for full amount- yippee!! Awaiting feedback from survey.....it is all getting very real now!!

Bradgbrl1987

Hi guys

FTB here trying to read up everyone’s comments on timelines etc ours so far

3/1/18 - mortgage in principle offered
12/1/18 - offer accepted on property

That is where we are at lol

We are using a broker and going with nationwide!

What happens next?

Thanks

Spikecast

Exchanged today. Complete next friday!

Bradgbrl1987

When did you start your process?

Spikecast

Bradgbrl1987 wrote: »

When did you start your process?

8th dec we started with the AIP.

Bradgbrl1987

Spikecast

We had an offer accepted just the other day broker is now starting all the rest ftb and I’m so nervous about everything. I end up sitting on here reading forums every night lol! Just hoping everything goes smoothly

Who was your mortgage with if you don’t mind me asking?

Spikecast

Bradgbrl1987 wrote: »

Spikecast

We had an offer accepted just the other day broker is now starting all the rest ftb and I’m so nervous about everything. I end up sitting on here reading forums every night lol! Just hoping everything goes smoothly

Who was your mortgage with if you don’t mind me asking?

I am FTB too. We did ours with Leeds BS. Around 10-11 days it took in total which was fairly quick. Good luck!