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

jaelato1

Do you know why the two banks have declined?

synavm

jaelato1 wrote: »

Do you know why the two banks have declined?

Yep, both Nationwide and Natwest asked for bank statements that showed me quite far into an authorised overdraft - reason being we had a new born in June so costs were a bit crazy. The overdraft itself, along with all other committed expenditure is being paid off once Dad completes on his sale (he is gifting us a sum from the sale of his house, which will cover both our deposit and paying off our expenses), but Natwest/Nationwide were basically anxious about bank account conduct.

Last time around (purchase that fell through) we were approved by Halifax no trouble at all, but their rates haven't been great, so we've gone with TSB who apparently aren't hugely concerned by authorised overdraft usage and don't normally ask for bank statements. So far they've been superb, and we've got a decent rate at 1.69%, two years fixed at 58% LTV (HTB). That all said, if a statement is asked for now, this month thankfully looks much better than last months statement and I don't think it'd be an issue! In hindsight, we should have waited a little bit, but we don't want to lose the house.

Teamocil

My application's been in with Barclays for a week now and the broker is only communicative when they want something. I'm not happy at all.

jaelato1

synavm wrote: »

Yep, both Nationwide and Natwest asked for bank statements that showed me quite far into an authorised overdraft - reason being we had a new born in June so costs were a bit crazy. The overdraft itself, along with all other committed expenditure is being paid off once Dad completes on his sale (he is gifting us a sum from the sale of his house, which will cover both our deposit and paying off our expenses), but Natwest/Nationwide were basically anxious about bank account conduct.

Last time around (purchase that fell through) we were approved by Halifax no trouble at all, but their rates haven't been great, so we've gone with TSB who apparently aren't hugely concerned by authorised overdraft usage and don't normally ask for bank statements. So far they've been superb, and we've got a decent rate at 1.69%, two years fixed at 58% LTV (HTB). That all said, if a statement is asked for now, this month thankfully looks much better than last months statement and I don't think it'd be an issue! In hindsight, we should have waited a little bit, but we don't want to lose the house.

Are you applying by yourself or via broker? If via Broker I would have thought your broker would know which lender to best place you with based on your situation?

My application's been in with Barclays for a week now and the broker is only communicative when they want something. I'm not happy at all.

Its just a week, hang on tight you shoud hear soon

Jesslb

Hiya. I'm currently worried sick and loosing sleep over our application. Went through mortgage broker and applied to Halifax. Valuation survey done a week ago and we still don't have a decision even though we were told we would have the answer end of last week. They keep asking for our documents in different formats etc.
Would they bother doing this if they were going to decline the application? I'm so stressed. First time buyer so no clue x

Kim.wigley

Kim.wigley wrote: »

Nail biting moment here!

We accepted an offer on our house in May - sale fell through in July. On the same day we fell in love with a house (we!!!8217;ve moved and are renting in another area so weren!!!8217;t rushing to find anything). The house we loved accepted another offer the same day.

Fast forward 2 weeks and we accepted another offer on our property 31/07, found out the house we loved is still available (person offering hadn!!!8217;t sold theirs).

Mortgage application went in quite quickly, a query yesterday over a standing order on our bank statement. £300/m to the in laws - not an obligation but more a !!!8220;thank you!!!8221; for the deposit they gave us to buy our first home. Hopefully that explanation holds water with the mortgage company (accord).

Found out today our buyer won!!!8217;t be able to get the valuation until week commencing 10th September because of a back log!!! So hopefully that won!!!8217;t delay things too much.

Heard yesterday that Accord are happy with everything, valuation is now booked for 28th. We’ve had an offer accepted £7k over asking price (it was an “offers in excess of” asking price”), a previous broker told us we could only get a mortgage for asking price and would have to pay the rest in cash so really hoping they value at the amount we need now, because I’ve researched around and seen otherwise to his recommendation (also, current broker disagrees with him!)

synavm

jaelato1 wrote: »

Are you applying by yourself or via broker? If via Broker I would have thought your broker would know which lender to best place you with based on your situation?

Nationwide was direct, Natwest was through a broker. RE current application, initially I went to L&C who recommended Halifax or TSB, in the end they recommended Halifax but the rate was on the high side, so we've gone direct to TSB. Also done a fair bit of research in the background and as I understand it 1. TSB are one of the lenders who typically don't ask for bank statements (though it won't be an issue if they do ask for August's statement), 2. They're also one of the lenders that don't see authorised overdraft usage as a deal breaker. I'm a little anxious about their system issues, but the service has been top notch and as HTB rates go, they're pretty good.

If I'm honest, I wasn't too impressed with the broker who recommended Natwest. I got the sense that Natwest was his go-to high street option for any sort of slightly adverse or vaguely complicated case (before you bring the adverse lenders into the mix), but the thing is our credit is very, very good our reports are very clean with no missed or late payments between us. What I later found out was that whilst Natwest are known to be flexible, they're not great with overdrafts, so in hindsight, their advice wasn't very good.

Teamocil

It turns out Barclays asked for some further information over a week ago and I've only now found out, having called the broker and been told everything was fine last Friday, and having forwarded my unanswered email to one of the broker's colleagues today to ask if he could find out what was happening. I've now sent an email explaining that I'll be able to provide the extra information tomorrow (Co-op bank being useless about statements) and raising a further concern about someone randomly putting some money in my bank account earlier this week, presumably in error. The broker has not replied to this email.

I've already paid them and my understanding is that I am refunded if I don't get the specific mortgage that was applied for with Barclays. I'm quite tempted to tell them now that I want my money back and to find someone else. Leaving information outstanding for over a week without asking me for it is surely unacceptable?

Catgirl156

FTB currently awaiting decision on Post Office mortgage, called today for an update was told 'oh it looks like your application is very far behind' apparently they instructed the valuation on 9th Aug and none of the surveyors have picked it up yet?
Now getting pressure from the sellers solicitors to get everything in hand and I am so stressed about the time its taking :-(!!

Someone please give me some positive info and say it will all be ok lol!!

hh1995

We are first time buyers and looking for some advice:


7TH JULY - AIP THROUGH BROKER WITH HALIFAX
12TH AUG – VIEWED HOUSE
14TH AUG – PUT OFFER IN
15TH AUG – OFFER ACCEPTED
19TH AUG - SORTED SOLICTORS DOCS AND PAID THEM FOR SEARCHES BUT TOLD TO HOLD OFF UNTIL WE HAVE OUR MORTGAGE APPROVED
23RD AUG - VISITED BROKER - HALIFAX NO LONGER BEST LENDER SO THEY HAVE PUT US WITH HSBC & SENT ALL DOCS BACK - NERVOUS AS HE INFORMED US MAY BE A GAMBLE AS PARTNER IS SELF EMPLOYED
24TH AUG - OUR ESTATE AGENT IS CHASING US FOR AN UPDATE

HOW LONG WILL HSBC TAKE TO GET BACK TO US?