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

AMJ89

Hi all,

Am new to posting on here and wanted to hear stories on mortgage applications. I’m a worrier! A big one! I have had no reason to be worried but I’m just terrified that we get our mortgage approved. We are first time buyers with a 10% deposit, no overdrafts, Little balances on credit cards (nothing major at all) Here is our timeline of application so far. We are now at underwriting stage and waiting for valuation date to be set. I suppose my major worry is the underwriters looking at our bank statements, we have no overdrafts on account, no bounces payments ect. But I wouldn’t say we skrimped on our outgoings the last few months as I didn’t expect to find a house so quickly and put an offer in, so have brought what we want as and when we wanted. Spoke to MA today to be told that is still with underwriters and we should here by Friday! My deposit has come from inheritance that I have saved for a while and 2.5% is gifted by mother.

14/7 - Offer made & accepted on house
16/7 - DIP Done/soft search
16/7 - Hard search on credit file
16/7 - Mortgage fee & HBS paid
18/7 - Mortgage declaration signed and returned
19/7 - bank statements sent
20/7 - gifted deposit form signed/sent back
23/7 - solicitor documents sent and £300 on account paid
24/7- inheritance prove sent to solicitor

Tufa

Hi,

Don't want to open a new topic for this, we had the valuation yesterday, slightly less than the purchase price (£470k against £488K) but Barclays said all seems satisfactory and it has been passed to the underwriters for decision making. Now I spoke to Barclays and they couldn't confirm if the valuation included the parking space we have paid for (£15k but included in the £488k), but if it was, do you think Barratt would be able to review the purchase price as now this is the second valuation came back lower than the purchase price or it is too big variance? We already got £5k discount.
Or once it has been passed to underwriters, it means the valuation is accepted?

heston2014

heston2014 wrote: »

24/04/18 Additional docs requested: 2 x payslips with bonus payments and estate agent valuation letter for LTB

Both valuations now completed for LTB and onward purchase!
Waiting to hear back from broker if any further queries or additional documents required.

So far, almost 4 weeks from AIP stage.

Keeping everything crossed for a positive outcome!

synavm

Waiting anxiously for Nationwide's decision on our mortgage..

Here's my timeline:

16/07 DIP approved
19/07 Full application sent off in branch, pay slips and gifted deposit form supplied
19/07 Valuation booked in
20/07 Bank Statement requested
23/07 Valuation carried out
23/07 Additional bank statements requested and letter from Dad showing how his gift will be used to clear credit card/car loan
26/07 Phoned to chase valuation, NW confirm it has been received along with additional documents and have been sent back for review

Got this sinking feeling in the back of my mind we're going to be declined.. Am told there shouldn't be an issue, though! The terrifying wait isn't helped by having a new born at home waking us up four or five times a night. We also had a purchase fall through last year (the day before we were due to exchange contracts!), so it's been a long time coming. Really hope we get through the final hurdles this time.

Edit.. update:

27/07 Refused by Nationwide for overdraft usage

Deciding what to do next now. We did have an AIP in place with Halifax, with whom we had no issue getting an offer from before, so may proceed with them. General advice on here seems to be 'see a broker' but we really won't have £1,000 to throw down.

Sib2018

So sorry to hear that about nationwide. Ours is with underwriters at the moment with natwest who we are already with for current mortgage. Found new house no chain ftb getting ours. Got the feeling we will be declined as well 20 percent deposit put down on new house new 25 year term.
I think banks are out of order for getting peoples hopes up the feeling I think it will go with ours.
You said declined because of overdraft they should be picking that up in affordability stage well that is just my view.
I don't agree with how they string along people well that is what it feels like at my end. I am just ranting at the moment.

Sib2018

If ours is declined that is me done won't be in the mood for moving anymore which we desperate need a 4 bedroom as we have 5 kids and currently have 3 bedroom house with natwest.
The wife says she will go through broker if declined to me there is no point as Mark will have already been left on the credit file. Would take months to clear, by then ftb and no chain House we want will prob have both moved on. Not good situation.

synavm

Sib2018 wrote: »

So sorry to hear that about nationwide. Ours is with underwriters at the moment with natwest who we are already with for current mortgage. Found new house no chain ftb getting ours. Got the feeling we will be declined as well 20 percent deposit put down on new house new 25 year term.
I think banks are out of order for getting peoples hopes up the feeling I think it will go with ours.
You said declined because of overdraft they should be picking that up in affordability stage well that is just my view.
I don't agree with how they string along people well that is what it feels like at my end. I am just ranting at the moment.

I agree. Frustrating thing for me is that this was near enough 58% LTV (HTB purchase), and we made a written commitment to pay everything off. I feel completely strung along and feel like giving up the whole purchase at this point.

Sib2018

Was yours with the underwriters stage?

Carptackle89

Im in the same position as you. We had our valuation today... i just hate waiting lol. Also with natwest x

heston2014

heston2014 wrote: »

Both valuations now completed for LTB and onward purchase!
Waiting to hear back from broker if any further queries or additional documents required.

So far, almost 4 weeks from AIP stage.

Keeping everything crossed for a positive outcome!

Purchase mortgage offer received today 27/07/18!
Valuation of LTB ok, with underwriters for final assessment and won't get a decision until early next week.