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

mangog

Oh, I seem to have hit the button mid-sentence there and can't edit the post for some reason. That last bit should say "in contact with the lender and has sent additional info as requested".

Sazzy7

Sazzy7 wrote: »

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.

So after silence from me on here since the above post I finally have made progress. I had to pull out of the flat, the broker had found lenders for me, but they didn't like the property because it was a grade II listed conversion. So after two months of struggling, I finally gave up and found a new flat. Here is my new timeline:
29/03 - instructed the broker to get a AIP on new flat before I reserve
6/04 - reserved new flat as wanted it off the market
17/04 - AIP from Newbury Building Society
20/04 - received paperwork in the post to complete and send back with my documents, which the broker should receive on Tuesday 24/04
22/04 - received MOS for flat from housing association and solicitor advised on new flat details (solicitor had already completed all of the work on the last flat)

Now I'm waiting for the valuation and to find out how quickly I an move in to my flat. Anyone else here bought a place that was ready to move in and if so, how quickly from getting your mortgage offer to exchanging and completing? I am very much hoping to move in three weeks, but I doubt that is going to happen.

KR94

I'm advised that my mortgage valuation is being carried out today - roughly how long should it be before I hear anything??

IM SOOOOOOO ANXIOUS!!!

ohdear66

Hi all!

I’m joining the wait!

10/4 Mortgage Appointment in local branch - Barclays
10/4 DIP approved - 57% LTV. Upgraded account to Barclays premier by MA after looking at our income.
10/4 Desktop valuation completed and no need for survey
11/4 Full application submitted and documents submitted to underwriter
16/4 more information required
18/4 more information required
20/4 underwriter doesn’t work Fridays :mad:
23/4 promised an outcome by 5.30.....no outcome
24/4 called and shouted at Barclays. Further clarification on cleared store card and finally an offer!!!

2 weeks from start to finish.....

Chanlf91

I've been following this post for a bit but now I'm also in the waiting club!

@Jeden We're also with Aldermore so I'd like to know their timescales. We're about a week behind you.

19/4/18 got a DIP from Aldermore, put offer in on house 1, told they're taking off market.
20/4/18 viewed house 2 which was £10k less than first house.
21/4/18 put offer in for asking price, was accepted.
23/4/18 advised broker change of house and -£10k off original price, needed new DIP which was then accepted
24/4/18 mortgage application went in, paid valuation and set up DD mandate.

Now just the dreaded waiting game! At least I have this post to follow as OH is too laid back about it all.

Jeden

Hi Chanlf91 -

We have had a free valuation with our mortgage from Aldermore and our house builders called yesterday 24/04/17 to say they have received a request to perform a survey/valuation from Jaymans on behalf of Aldermore, which they have sent the information for.

I am hoping as the valuation is free that Aldermore are happy with everything they've seen and are ready to send us the offer, otherwise they would lose out on the valuation costs as they are covering them.

Timescales so far are that our application went in 9 Days ago and we have just had the valuation take place and hopefully will have the offer by Friday (I'm hopeful)

mangog

We've had our mortgage offer, hurrah! Nationwide took 2 weeks to decide - not bad at all. So here's our updated timeline:

1st offer on property rejected 29/3
2nd offer rejected 30/3, 3rd offer accepted later the same day
AIP issued by MA 3/4
MA submitted mortgage application to Nationwide 11/4
Survey and valuation completed 16/4
Valuation and survey received 19/4
Offer received 24/4

Chanlf91

@Jaden, that timescale seems fairly quickly then. Did Aldermore request any further documents? They've requested original bank statements as we only had the transaction print outs. I'm surprised that they've even looked at our application after a day of submitting it!

We had to pay £325 valuation yesterday once full application went in, it would be nice if they covered all the valuations. I think it's a bit daft having to pay for valuation before you've even been accepted for the mortgage!

Hopefully you'll have some good news before the weekend! You'll have to keep us update!

MrWB

We're waiting for valuation and our offer at the moment...

14/4 - Viewed house.

16/4 - Second viewing with a builder.

17 & 18/4 - Spoke to a few brokers, discounted several but one got my confidence.

19/4 - DIP approved with Halifax. First offer on house rejected (£20k under asking price which had been dropped a month ago by £20k from original asking price in place since November 2017). Seller come back offering to split the difference though which we accepted.

23/4 - Passed across payslips, bank statements, proof of ID, etc to broker and full mortgage application submitted to Halifax. Valuation fee taken. Instructed conveyancer, passed proof of ID, etc but have asked to hold searches until offer in place.

25/5 - (Tomorrow!) - Valuation taking place.

Nervously waiting now!

FTBNow

Our full application for Santander has gone in today. Our AIP went in yesterday and passed with me making them aware of my missed payments and payday loan use: apparently as long as you haven't used them for 3-6 months Santander are fine with it and, at worse, my broker thinks they'll maybe need a letter of explanation of why I resorted to that.

Apparently we've passed their identification check too so fingers crossed it will all go through and fairly quickly. Still nervous though, but my broker keeps assuring me that because we've passed the AIP and been very honest then the underwriters won't have a problem.