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

ispookie666

Scottish_Mike wrote: »

11 December We applied for a 95% mortgage through Yorkshire Building Society and put an offer on house, being told our application wouldn't have to go to underwriters.

9 January (nice to see YBS aren't rushing themselves!) and we hear from YBS that our application is being sent to the underwriters. So we had a lot of stress while waiting for a decision; Thursday to Tuesday, just waiting. It was horrid!

Between those 2 dates we instructed our solicitors (who didn't actually commence searches until the new year due to a delay from the vendor's solicitors over Christmas,) and had to renegotiate the price down on the result of the valuation.

It has been a horribly stressful period; I really feel like we've been on hold since the start of December. But we (hopefully) exchange today and complete and move tomorrow.

We're first time buyers and not in a chain, but it has taken ages, and it's driven me round the twist. But the end is almost in sight!

Had pretty much same experience - Christmas and new year had just added another 3 weeks...

Chez87

Our mortgage has been formally approved! Just waiting for it to arrive in the post from Nationwide. Which I hear could take a while...

Kca

We are buying through the lift scheme in Scotland

Lift scheme approval/funding for us
DIP 10/01/2013
Passport letter recieved from lift scheme and they will give us 40% deposit.
Offer made and accepted on the 15th January
Full application Thursday 23rd of January
All Documents sent 4/02/14
Documents received 5/02/14
Mortgage adviser has sent documents down to underwriters
She said everything looks great *fingers crossed*
Will take a couple of days maximum (preparing for next week tho)
Still have to wait on my first full months payslip (18th/19th Feburay) to arrive arghhhh

I'm assuming reason sent to underwriters (just now)is so they can review it and say it's fine but won't "officially offer morgtage" until my first months payslip...

More relaxed she has checked it over and told us everything is great (obv not an offer etc) I'm keeping everything crossed all I want is to own a house for the security of having a roof over my family's head /2 children!

Now it's a waiting game ��������

BelleBot

I got a message today saying that Nationwide still need my payslip, however it was faxed in branch on Friday grrrr. Time to phone up and get it faxed again I think. I would send it by post or online but it keeps coming up with errors online so I can't get a coversheet.
I hope I get my offer soon.

del88

Good luck everyone we are same boat help to buy scotland! Been through everything you all have over xmas so waited forever only to be accepted then re flagged and declined?!? Currently appealing another long process where we feel lost and run risk of losing the new build we are trying to buy due to time wasting!!! Dont believe everything the brokers say as they have been telling us wrong info for the most part

JasonBrown83

chris344 wrote: »

A matter of 15 minutes or so!

The wait is killing me, I don't think I have been so nervous and stressed for a long time. I'm so worried that our application will be rejected for some reason.

Vampgirl

Have to join in here with our journey so far....

Spring 2013 - First viewed the development but we weren't in a position to buy and decided that our local area is too expensive anyway
19/01/14 - Spent a day looking at various new developments in nearby towns, before finally "popping in" to the local development "just to have another look" and fell in love with one of their houses
20/01/14 - Worked out that with HTB actually it wasn't too expensive after all
21 & 22/01/14 - Viewed a couple of potential non-new build houses but decided that townhouses don't do it for us, and that the new build is the right decision
22/01/14 - Spoke to mortgage broker and got a Decision In Principle from Nationwide
23/01/14 - Developer calls to say our plot has just been released and that they will hold it for us until Saturday
25/01/14 - Reserved plot
28/01/14 - Applied for mortgage and HTB equity loan
28/01/14 - Instructed solicitor
03/02/14 - Received HTB Authority To Proceed
05/02/14 - Mortgage valuation booked
06/02/14 - Recieved mortgage offer :beer:

Now I can really let myself get excited

Exchange will be within the next 28 days or so, and completion will (hopefully!) be July or August. The main stress now will be whether the developer will be ready to complete before our mortgage offer expires. They have indicated that if we need to re-apply because the build runs over that they will pay for any fees....but I'd really rather not have to go through all that hassle.

gazfocus

Vampgirl wrote: »

Have to join in here with our journey so far....

Spring 2013 - First viewed the development but we weren't in a position to buy and decided that our local area is too expensive anyway
19/01/14 - Spent a day looking at various new developments in nearby towns, before finally "popping in" to the local development "just to have another look" and fell in love with one of their houses
20/01/14 - Worked out that with HTB actually it wasn't too expensive after all
21 & 22/01/14 - Viewed a couple of potential non-new build houses but decided that townhouses don't do it for us, and that the new build is the right decision
22/01/14 - Spoke to mortgage broker and got a Decision In Principle from Nationwide
23/01/14 - Developer calls to say our plot has just been released and that they will hold it for us until Saturday
25/01/14 - Reserved plot
28/01/14 - Applied for mortgage and HTB equity loan
28/01/14 - Instructed solicitor
03/02/14 - Received HTB Authority To Proceed
05/02/14 - Mortgage valuation booked
06/02/14 - Recieved mortgage offer :beer:

Now I can really let myself get excited

Exchange will be within the next 28 days or so, and completion will (hopefully!) be July or August. The main stress now will be whether the developer will be ready to complete before our mortgage offer expires. They have indicated that if we need to re-apply because the build runs over that they will pay for any fees....but I'd really rather not have to go through all that hassle.

Congrats on getting the mortgage offer but I would have major concerns about exchange and completion being so far apart (granted, I don't know if this is 'the norm').

My concern would be that anything can happen in 4-6 months, you could end up on a reduced income, the mortgage market could change and you could end up having the mortgage offer pulled...absolutely anything could happen...once you've exchanged, you're legally obligated to complete whether you have a mortgage or not.

I would seek some advice from an independent solicitor before exchanging contracts (assuming you've opted to use the developers recommended solicitor).

Hitchy7

I believe it's standard for exchange to happen within 28 days of reservation on a new build.
We are buying from plan and the valuation takes place today.. We were told yesterday that we won't exchange in time but that's the builders fault so we won't have any penalties.

I'm not entirely but I'd imagine even if we receive our offer tomorrow or Monday we will probably be credit checked again before release if funds... Hoping to complete june

right_track

chris344 wrote: »

Major update: 5/2/14 - OFFER!!!!! We are over the moon!!!! :T:rotfl::beer::beer::j:j:j:j:j

Congrats My broker says my docs are with the underwriters at the moment.