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

Scottmac19

So so stressful , trying to buy a new build with my wife , both have good credit scores and approx 100k annual salary between us however I have a history of payday loans the most recent being 9 months ago , they were all paid on time or early I was badly advised it would be good for my credit report . Anyway we went for a mortgage with Leeds building society through a broker and got an AIP, and have done full application just playing waiting game now ,anyone else in same situation with PDL’s and getting a mortgage??

stripedbanana

Finally been an update on the application tracker after me stalking it relentlessly for a week. They are now reviewing our bank statements/payslips. Anyone have any idea how long this stage generally takes? (Natwest)

walkersneed

stripedbanana wrote: »

Finally been an update on the application tracker after me stalking it relentlessly for a week. They are now reviewing our bank statements/payslips. Anyone have any idea how long this stage generally takes? (Natwest)

Hi, they took less than 48 hours to pick up and review my bank statements/payslips, just this week. They seemed to have a light workload, which I confirmed with the mortgage centre people.

Slick88

Scottmac19 - I have payday loans history and I am currently going through the process.

I read some horror stories on here about people getting rejected for them and made myself physically sick.

However a quick phone call to my MA the next day put my mind at ease. He said that the lender were using doesn't ask about payday loans and, depending on the credit reference agency, some of them dont even show up. Mine didnt on Experian which is what our bank uses.

As long as they are paid on time and you pass affordability, which I had, I was told I would be fine. The banks already done the hard search on my credit file and it hasn't been mentioned to my MA. My last one was for a small amount in October due to not being paid correctly by work.

Scottmac19

Hey thanks for your reply , I passed the soft credit search so I’d hoped the payday loan history would of been taken into consideration then , and yes all are paid off and always on time , hard credit search was done on Friday 9th March and since then the only thing I’ve heard is they wanted another bank statement from my broker, fingers crossed I hear something soon

Scottmac19

Slick88- who are you getting mortgage with ? Yes it’s been the horror stories on here that’s been making me ill too !

Slick88

Scottmac19 - TSB via independent mortgage adviser.

ma786

We are in the same process, sent application to TSB via broker last week expecting to get a response this week but they are way behind on checking applications / docs so looking at another week or so!
The wait is now killing us - first time buyer so extremely nervous!

Sazzy7

My flat buying is going nowhere. I changed mortgage broker after five weeks and getting nowhere, with Halifax constantly reducing the amount they would loan me. New mortgage broker found a mortgage with Leeds but when they looked at the property brochure they decided they didn't like my flat so wouldn't loan me the money, then he went to Ipswich Building Society, who decided after seeing the shared ownership rent that I couldn't afford the flat. Considering I earn around £75k (as a contractor) is ridiculous. I could afford to buy a non-shared ownership place, but it will take me a couple of years to save up that much and I don't want to keep living in a shared rental. If I go and rent somewhere on my own I'll be paying more than my rent and mortgage on a shared ownership.

It is sooooo stressful, haven't had a good night's sleeps in two months, my flat is sat there empty waiting for me to move in and I can't seem to find a lender who will do a shared ownership mortgage for me as a self employed with 1 year accounts (same line of work for 13 years) on a new flat that is in a converted building. Everything seems to be against me getting this flat.

tori.k

tori.k wrote: »

we finally get to join you guys
Timeline
5/3 house viewed
7/3 offer excepted
10/3 DIP reproduced
12/3 mortgage application with platform (co-op) via broker

This should be a fairly easy process as we were set up with another property that fell through so hopefully looking to complete in 5/6 weeks time.

15/03 full mortgage offered subject to valuation,
20/03 valuation booked