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

Ashers92

Ashers92 wrote: »

Time to join the mix on this after two years of hard saving!

My girlfriend and I, both FTBs, purchasing a new build 2 bed, as shared ownership.

August - Noticed some shared ownership properties popping up on a new development in the area so decided to check them out.
September - Contacted the Housing Association to make enquires and show interest
October - Working in India for a month. Not much happened. Kept pestering for viewings. Put back and back for 'safe access' to site.

06/11 - We finally had a formal viewing of the property. Having took it upon ourselves to visit the property numerous times beforehand, we had a pretty good idea of what to expect and how we wished to proceed. But it was good to actually get inside and see it properly. Offered first refusal to reserve at conclusion of viewing. 24hrs given to confirm.
07/11 - Reservation of the property with deposit payment
08/11 - Reservation forms returned
13/11 - Solicitors instructed
14/11 - Memorandum of Sale issued to all parties
20/11 - Informed draft contract papers will be received by end of week, latest
20/11 - PM - Second meeting with broker, docs handed over for full application with Nationwide
21/11 - AM - Mortgage application completed. Text received to confirm
21/11 - PM - Valuation instructed

Housing Association want exchange within 28 days, so I'm holding out hope that we can complete before Christmas!

23/11 - Text and email received stating valuation booked for 05/12.
Starting to think completion before Xmas is not going to happen.

Oddsocks21

Joining for the morale. I’m impatient and I hate it being out of my control 😂😂

First time buyer. Applying to Natwest through a MA
25/10 - AIP accepted
12/11 - house viewing
13/11 - offer made and accepted
17/11 - mortgage application meeting
19/11 - mortgage submitted
23/11 - MA says valuation has been requested, no other details given.

Katiedoula

Joining this because I am driving myself crazy....
Seen a property i love and offer accepted two weeks ago. I got my DIP from Skipton on 13 Nov after it going to referral for complex history.
Full application went in on 21 Nov and valuation was booked the following day, and done yesterday.
From what I can read on here and from my MA, it is standard for Skipton to do valuation before underwriting.
It's driving me mad through, due to my complex history, I just want to know whether I get my mortgage or not. I can deal with everything else being slow or stressful, but it's the not knowing whether the property is going to be a reality that I cannot deal with.

skintstudentcardiff

ironmanjason wrote: »

My timeline so far.. a frustrating one but I suppose cant do anything more!

17/09 DIP from halifax
21/09 first viewing
01/10 second viewing
06/10 third viewing
12/10 - 15/10 offer placed and negotiation and offer acceptance.
17/10 instructed solicitor and purchased home buyer protection
19/10 mortgage dip and application submitted to nationwide
20/10 Text received for survey to be done on 24/10
24/10 Get a call from Estate agent in the morning to say seller is pulling out! Scramble to cancel the survey etc. and back int he market.
27/10 More viewings (about 12 in total) and liked two
30/10 Second viewing on the two shortlisted properties
30/10 offer made on one property
31/10 offer accepted
05/11 Mortgage application submitted
09/11 Call from estate agent to confirm Valuation has been booked for 16/11 (no text received)
09/11 Call from MA to confirm underwriter wanted some more proof for the source of deposit. Duly submitted.
16/11 Call from MA to confirm underwriter wanted even more proof this time surrounding bank statements from my parents as they were gifting some funds.
17/11 Documents supplied to MA and uploaded to the case
20/11 Called Nationwide to complain about not receiving the text/email updates. Was assured technical issue will be fixed.
21/11 Received text and email to confirm valuation was completed and accepted (which means a pass i guess)

still waiting to hear if the underwriter is happy with the documents provided.. meanwhile the solicitors have got the draft contracts and applied and received results for the searches and all ok so far from that front..

Hey! I'm with Nationwide too! So it sounds like they do a lot of the checks prior to the valuation? We're so worried they're going to pull us up on our spending but nothing so far - our valuation is booked for tomorrow!

Heard nothing from our solicitors so I need to check that tomorrow!!

ironmanjason

skintstudentcardiff wrote: »

Hey! I'm with Nationwide too! So it sounds like they do a lot of the checks prior to the valuation? We're so worried they're going to pull us up on our spending but nothing so far - our valuation is booked for tomorrow!

Heard nothing from our solicitors so I need to check that tomorrow!!

I found them slow but then the total working days from application to offer was 14.. their sla day is 10.. have you gone with a broker or direct? I was very worried about valuation too especially after reading a lot of posts about how countrywide who do valuation on behalf of the bank usually down value.. ours came in at the price we offered which was lower than asking and was in SW London as well.. it took 3 working days after valuation too get the text but that could be just my case .. don't worry as long as nearby sold prices were similar to what you offered.. also use the nationwide valuation tool.. I put in last sold price for the property I am buying and the year.. it gave me a number very close to what I offered so that's might help you relax.. hope it goes well for you!!

As for spending.. they did not ask anything for my application.. I was bit worried as well if they would as too many questions.. but I made sure I always had a clue of grand in my current account over the last 4-5 months (changed jobs then got paid my bonus and holiday pay etc which really helped keep the balance up always)

skintstudentcardiff

ironmanjason wrote: »

I found them slow but then the total working days from application to offer was 14.. their sla day is 10.. have you gone with a broker or direct? I was very worried about valuation too especially after reading a lot of posts about how countrywide who do valuation on behalf of the bank usually down value.. ours came in at the price we offered which was lower than asking and was in SW London as well.. it took 3 working days after valuation too get the text but that could be just my case .. don't worry as long as nearby sold prices were similar to what you offered.. also use the nationwide valuation tool.. I put in last sold price for the property I am buying and the year.. it gave me a number very close to what I offered so that's might help you relax.. hope it goes well for you!!

As for spending.. they did not ask anything for my application.. I was bit worried as well if they would as too many questions.. but I made sure I always had a clue of grand in my current account over the last 4-5 months (changed jobs then got paid my bonus and holiday pay etc which really helped keep the balance up always)

Ah that sounds quite positive after valuation then. Ours is a new build and we're one of the first to buy which is quite tricky! I think our price is lower than the average so cross fingers it will all come out well.

Also good news that they didn't query any spending, but you sound like you're in pretty good control of your finances! I got married in the summer and the property has come about a lot sooner than we were expecting (early 2019 they initially said!), so our balances are still high following that. Crossing fingers thought that all will turn out well!

chunkytfg

My and the GF's current timeline

21/10 - AIP
7/11 - Offer accepted on House/ Landlord notified that our plans have changed and asking to be let off the lease(he agreed providing someone can be found)
20/11 - Mortgage application submitted
26/11 - House valuation survey completed

And thats where we are at so far. We are full on fingers crossed the valuation doesn't come back as lower than the sale price as we are at 90% LTV and the house needs a lot of work but is priced relatively low compared to others in the area. 385k for a doer-upper Vs OIEO 395k for similar places with less land/parking

All we can do is sit and wait now and see hoow long the valuation report takes to come back. We hope it take a while as we need to drag the purchase out as long as we can!

chunkytfg

My and the GF's current timeline

21/10 - AIP
7/11 - Offer accepted on House/ Landlord notified that our plans have changed and asking to be let off the lease(he agreed providing someone can be found)
20/11 - Mortgage application submitted
26/11 - House valuation survey completed
27/11 - Mortgage approved!

Can't believe they turned it round so fast! We expected a week at least from valuation to decision but it's been barely 24 hours! :beer:

So much for dragging the process out a bit!:rotfl::(

aliceSE

Joining you all!

FTB on a shared ownership property on my own.

Timeline so far:
16/10 - Viewing
19/10 - Offer made and accepted
30/10 - DIP from Halifax
02/11 - Mortgage application submitted
07/11 - Survey paid for and booked for 15/11
15/11 - Housing Association issued incorrect postcode on Memorandum of Sale so valuation doesn't go ahead
19/11 - Rebooked for 23/11
23/11 - Valuation takes place

Was hoping to have decision yesterday (26/11) but nothing.

My mortgage broker said Halifax are still waiting for the valuation report :think: but has said she expects I'll hear no later than close of business tomorrow...

Feels like it's been ages but I suppose it hasn't really. Eeek.

DottieDam

DottieDam wrote: »

OK, I'll join in as well as we haven't been having a straight-forward time and only just put in application! :eek:

28/7 - DIP from L&C
Aug - Started looking at properties in new city then decided to rent for now.
24/9 - First viewing of 'the' house.
28/9 - Second viewing.
1/10 - Verbal offer put in and accepted.
1/10 - Solicitor put in official offer & we tried to contact L&C but couldn't get through to them.
5/10 - Still couldn't get response from L&C so went to Trussle
12/10 - Realised Trussle completely wasted our time spending a week getting a DIP. Went back to L&C with tail between our legs!
15/10 - Then realise driving licence has wrong address on and apply for a new one.
16/10 - First missive received.
18/10 - Our case with L&C randomly audited, have to wait for that to finish.
22/10 - Application goes into TSB (still no driving licence yet though).

And the waiting game begins....

We initially had 12th November as date of entry and apparently solicitor thinks it may still be achievable :eek: Hope we know either way by 10th November, which is when we would have to give a months notice on rental!

DottieDam wrote: »

8/11 - TSB have all the documents including driving licence
9/11 - TSB request refreshed Home Report as current one more than 12 weeks old
13/11 - Surveyor going back out today/tomorrow


And more waiting....

21/11 - Got refreshed Home Report and sent to MA
22/11 - Request for payslip and Gifted Deposit form
27/11 - Apparently just waiting on underwriters now .....

Everything crossed for a decision soon as date to give one months notice is fast approaching.