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

North_London_Girl

Just wanted to add to this as am currently fraught with worry over HSBC application!

Our timeline so far:

11/08 - AIP given
08/10 - Offer made on property
09/10 - Offer accepted
11/10 - Full mortgage application made inc credit check
15/10 - Valuation booked
16/10 - Valuation taking place

From the conversation with the MA last week, he said they would be likely to make a decision by the end of this week. But not sure if that's realistic?

ftbwannabe

ritz55 wrote: »

So lender does a credit check just before completion, notices you've borrowed the 4k and pulls the mortgage as a result. Happens a lot and then you loose the deposit you put down for exchange as well.

Exactly what I needed to know, thank you.

MERFE

North_London_Girl wrote: »

Just wanted to add to this as am currently fraught with worry over HSBC application!

Our timeline so far:

11/08 - AIP given
08/10 - Offer made on property
09/10 - Offer accepted
11/10 - Full mortgage application made inc credit check
15/10 - Valuation booked
16/10 - Valuation taking place

From the conversation with the MA last week, he said they would be likely to make a decision by the end of this week. But not sure if that's realistic?

It's possible, our first mortgage offer in the summer was this quick but we pulled out after the survey revealed far more issues than we had planned for. That is why I was pulling my hair out almost at how long it took this time. I think it can all depend if they need more information or not.

~shoozy~

~shoozy~ wrote: »

My timeline so far

25/07 DIP received from Nationwide
28/07 Reservation fee paid to builder
31/07 Full application submitted to Nationwide
01/08 Help to Buy application submitted
08/08 HTB declined due to my DIP being for more than the price of the house, therefore I can afford the house without the need for HTB.
13/08 Full application submitted to Clydesdale
14/08 Proof of deposit requested and sent
15/08 Valuation fee paid to Clydesdale
06/09 Valuation done and sent to Clydesdale
10/09 Confirmation of valuation sent to me, amounts all tie in and match what was offered
14/09 Formal offer received

Purchase fell through so back to square one.

01/10 Verbal offer accepted
01/10 New details given to Clydesdale for reassessment
08/10 Broker confirmed that Clydesdale will be instructing a new valuation

I was under the impression that a valuation isn't required in Scotland if there's a valid home report? My home report is dated 13th Sept and I offered the home report value on 1st Oct?

Hoping for a move in date in 6 weeks so fingers crossed Clydesdale hurry up!

Woohoo mortgage offer (take 2!) has been received!

Frankel17

Directly with Nationwide:


12/10: DIP submitted - referred to underwriters with document request for latest payslip and evidence of last 3 bonuses

15/10: Documents submitted. DIP approved.
15/10: Offer accepted

16/10: Solicitors appointed
16/10: Full application submitted to Nationwide

Silian

31/08 - AIP received and we started looking at properties
(Found house, put in offer, withdrew offer due to overage clause. Found another property, put in offer, offer took forever to be accepted)
25/09 Mortgage application submitted
4/10 Informed that mortgage has been approved subject to valuation
5/10 Informed that lender (Ha...) will not lend on property as it was flooded and timber frame. Request more information from broker and to check other lenders only to be told property is not mortgageable.
6/10 Approach another mortgage broker
8/10 Second mortgage broker also gives up due to 'all timber' construction
9/10 Receive details about construction of property. It is all timber but done in 2002
10/10 Bank comes back to say they might be willing to lend on property if we get seller's solicitor to confirm that all flood damage has been repaired and to confirm exact construction. Query send to my solicitors.
16/10 - Vendor has sent the responses to his solicitor (we have a direct line of communication with them) it now just needs to make its slow way to our solicitor and then bank.

The property itself has not flooded, just the garden (and not since they have built the denver relief channel). Things are looking up again and I am a tiny bit more positive.

I still can't belief that the timber frame of the house is causing so much issues

ftbwannabe

Silian wrote: »

31/08 - AIP received and we started looking at properties
(Found house, put in offer, withdrew offer due to overage clause. Found another property, put in offer, offer took forever to be accepted)
25/09 Mortgage application submitted
4/10 Informed that mortgage has been approved subject to valuation
5/10 Informed that lender (Ha...) will not lend on property as it was flooded and timber frame. Request more information from broker and to check other lenders only to be told property is not mortgageable.
6/10 Approach another mortgage broker
8/10 Second mortgage broker also gives up due to 'all timber' construction
9/10 Receive details about construction of property. It is all timber but done in 2002
10/10 Bank comes back to say they might be willing to lend on property if we get seller's solicitor to confirm that all flood damage has been repaired and to confirm exact construction. Query send to my solicitors.
16/10 - Vendor has sent the responses to his solicitor (we have a direct line of communication with them) it now just needs to make its slow way to our solicitor and then bank.

The property itself has not flooded, just the garden (and not since they have built the denver relief channel). Things are looking up again and I am a tiny bit more positive.

I still can't belief that the timber frame of the house is causing so much issues

Good luck. Fingers crossed the bank says yes this time.

Silian

ftbwannabe wrote: »

Good luck. Fingers crossed the bank says yes this time.

Thanks - and the same to you. Do you have any idea of timelines?

Edit: actually, reading your post you should know in the next day or two. Good luck!

The worst is the uncertainty. If I knew for a fact they won't lend on the property I can start my property search again. Right now my heart just isn't in it and every advert I look at I go "meh, it does not have... (mention something current choice has that wasn't even on our wish list)"

cherryblossomzel

cherryblossomzel wrote: »

Can I join? Just got a call from the EA that my offer was accepted and the property will be taken off the market. Next step - have a chat with my broker, and solicitor.

13/10 - offer accepted
17/10 - gave my broker all the final information needed to apply for the mortgage this morning.

I'm applying with Coventry, who is apparently reasonably easy and currently has an average time to offer of 22 days. My case is very straightforward so hoping for an offer in early November.

mai_taylor

17/09/2018 – Made offer
20/09/2018? – offer accepted and AIP sent over.
24/09/2018 – Solicitors forms filled in and sent
04/10/2018 – Full mortgage application sent in to the post office
08/10/2018 - Solicitor applied for searches.

It's now been 2 weeks since our application went in and we've heard nothing since, should we be worried?