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

Sib2018

We have overdrafts that is why I assume ours will be declined, the wife did pay 1500 towards one of them 8 months ago but I don't think they will look at this in our favour. I am calling it already we will be declined, she said I am looking too much into things. But I would rather be honest then false hope. The wife keeps saying we past affordabilty but I keep saying to her that does not mean anything really in the whole process.
I think they should cut out MIP altogether, a application is made either a mortgage advisor accepts the application or not.
Then even after the mortgage is approved by the advisor, it should be a case of saying this goes to underwriters they can decline or approve. And to advise customers not to pay for any searches on the house they are buying until mortgage offer is concrete. Just makes things a lot healthier in the long run.
Just my thoughts.

Mattmuzz

Hi all.. thought I would get involved..


28th June 2018 - Offer accepted on house for £193,000


2nd July 2018 - Mortgage application submitted with First Direct


5th July 2018 - Sent completed ID Forms to solicitors


10th July - Phone appointment with first direct completed and documents uploaded (Passports, 1 bank statement and 1 payslip each). AIP received


12th July 2018 - Uploaded house purchase forms to solicitor


18th July 2018 - Valuation carried out


20th July 2018 - Payment for searches sent to solicitor


23rd July 2018 - Called first direct to ask for result on valuation, came back £1000 under.


25th July 2018 - Called FD to ask for documents regarding valuation to forward to EA. I was informed there was a mistake on the valuation because the sale prices was listed at £192,000.. FD queried this.


26th July 2018 - FD informed me that the vendor directly told them that the sale price was £192,000, it seems valuation company took this as the price even though all documents involved states £193,000. First Direct aiming to get this changed.


27th July 2018 - Solicitor confirmed all applications for searches had been sent to relevant parties.


Very nervous for the mortgage application as I have read that FD can be strict. We have clean credit ratings and a salary that easily gives us £400/500 disposable income after mortgage payment and estimated bills.


Fingers crossed!

synavm

Followed L&C’s advice and put in an application with NatWest following our refused Nationwide application. Fingers crossed!

Edenrose1

We are 2nd time movers ( bought our current home in 2005) totally forgotten how stressful this is ...

I don't have the greatest credit file - so had to use a non high street lender on a higher rate - bummer , but I'm seeing this as short term as all defaults in my file will be file will be fine by the time we remortgage in 5 years time and I can use a high street

House price :£462k
Joint income £101k
LTV : 80%
Term:26 years

23rd May - AIP accepted
30th May - made offer on property ( however the top part of the chain was incomplete)

30th june - top of chain complete - proceed to full application
7th July - submitted full mortgage application , hard search done on my file

12th July - extra documents submitted, all was satisfied , lenders said they are happy to proceed to survey

23rd July - survey completed - all ok and valued ok

27th July - phone call from lender to confirm offer , awaiting written confirmation

Very pleased - now for all the searches and agreement of contract exchange

I'm taking it 1 day at a time but hopefully we should be done by the end of August

Trying not to loose sleep or get overly stressed .

Tufa

Tufa wrote: »

21/07 Text from Barclays, valuation booked for Wednesday. This is after I called them up directly..

So the flat is down valued and either need to change the product(?), reduce the loan(we can't get another 18k) or try to negotiate with the builder(such a big difference, however still less than 5% less than the sale price)...
Also not sure if I should go with LandC in case of new application as feels like they are just holding up the case and not doing anything extra what I can't. They messed up my application form, very badly, even after told them whats wrong they didn't change it so clearly not sure why should I use them..

gemmabe

Hi all,

In the process of buying a new build at the moment. First time buyer using Help to Buy Equity Loan.

17/7 Broker submitted full application to Nationwide
19/7 Nationwide requested proof of deposit and proof of funds to clear credit card. Submitted same day.
24/7 Nationwide requested gift letter form. Submitted 25/7.
30/7 Valuation booked in for 2/8.

Fingers crossed everything goes smoothly!

Qetesh83

I didn't post on here whilst actually waiting (felt like I'd be jinxing it lol), but I thought I'd add my timeline now just because I know myself that searching these boards for 'Accord Mortgages' doesnt bring up many positive results

So...

20/04 - met with a mortgage adviser
26/04 - got AIP with Santander
21/05 - put in 1st offer
22/05 - offer refused
- 2nd offer put in
24/05 - 2nd offer accepted
30/05 - met with MA to proceed with application
31/05 - Application w/ Halifax put it
04/06 - Halifax refuse to lend enough (reason: 1 income, 5 people in household)
05/06 - Application made with Accord Mortgages
11/06 - Estate Agent tells us Accord are trying to arrange valuation. Hold up on vendors end.
12/06 - MA informs us Accord want extra payslip
- 2 extra payslips sent (to be on the safe side)
14/06 - Hear valuation booked for 18/6
25/06 - MA gets in touch to query an allowance on husbands payslip
- relevant info sent back
28/06 - MA says Accord has agreed to lend and offer should be out soon
04/07 - Offer hits the doormat!!!!!!! :beer:


OK, it's been quite a slow process in general but I can't complain about Accord (which I was panicking about after reading some peoples experiences).

Now, we're just waiting to exchange. There's only 3 of us in the chain so hopefully wont be too problematic.

Good luck everyone else

~shoozy~

Hi all,

I'm a FTB in the process of buying a new build using Help to Buy.

25/07: DIP received from broker for Nationwide
28/07: Reservation fee paid to builder
31/07: Full application submitted by broker
01/08: Help to Buy application completed.

Now it's just a waiting game... the worst bit!

Tufa

FTB with HTB London here, a bit cold water with L&C.

09/06 Offer made
12/06 Offer accepted and started to gather all the paperwork to MA
13/06 Mortgage application sent to L&C and from here every day we had to submit different paperwork to them.
21/06 All paperwork been sent finally to Halifax
22/06 ATP Issued (with wrong names)
22/06 Valuation booked in
28/06 Second ATP issued with correct names
29/06 Valuation date
02/07 Valuation rejected, down-valued the flat with an unrealistic price
06/07 More information needed
13/07 More information needed again
16/07 More information needed again
21/07 Text from Barclays, valuation booked for Wednesday.
25/07 Valuation done
27/07 Down-valued again. Tried to speak with the developer to revise the price but they have suggested to apply for a different lender. Tried to speak with Barclays to see if the valuation is correct and everything included, they had 48hr to reply.
01/08 Appeal rejected, applied to a different lender (Santander)

~shoozy~

See this is what scares me about valuations.

Excuse my ignorance but how can it be down valued if the properties are all being sold at the same price?