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

Baronessgogo

We are FTB - at the ripe old age of 38 we decided to grow up and get a mortgage. We are in the wait, and I am currently so nervous.


Our timeline:


04/09/19 - DIP from Santander, and one from Natwest - keeping our options open
04/09/2019 - view our dream home and put in an offer
05/09 2019 - offer accepted!!!!!!
05/09/2019 - Full application in to Santander and documents submitted
06/09/2019 - Instructed solicitors
09/09/2019 - further documents submitted
09/09/2019 - EA inform us that sellers have had 2nd viewing on the property they wish to buy


So now we are just waiting. I think I will be happier when we have passed the credit score and personal part of the application. Until then, I shall carry on biting my nails!

CharlesD

We can echo all the FTB nervousness talked about here! The waiting to get through the whole process is killing us!!
We are securing a mortgage with HSBC and here is our timeline in case its helpful to anyone else going through this with HSBC at the moment.

27/07 - viewed house and put it offer (turned down two times as we got into a bidding war).
29/07 - final offer accepted (after rushing to natwest to check they would lend more).
30/07 - secured a mortgage in principle with HSBC instead through a broker.
05/08 - We received the application from broker with request for documents.
08/08 - Our broker received our physical application and documents
15/08 - Lender refuses my payslips as they don't have my (very large employers) logo or details.
21/08 - We received the formal offer pack (yey!)
22/08 - Asked our (brilliant)broker to ask HSBC to amend offer to reflect their reduced rates.
27/08 - We receive the improved offer!
09/08 (time of writing) - I asked the broker to yet again ask HSBC to amend our offer to reflect, yet again, reduced rates on the same product.

We are now waiting for the new mortgage offer while our solicitor is awaiting responses from their counterpart (and will continue to keep an eye on the mortgage rates in the meantime :P)

So far the broker, our solicitor and HSBC have all been great. Only cog that isn't oiled so well is Purplebricks own conveyancing service which are acting for our vendor. Hoping to complete around the end of October or sooner if we reach that stage earlier! Fingers crossed!

Edit: grammar

asm89

asm89 wrote: »

06/08 - DIP received from Virgin Money through Broker
13/08 - Found out VM wouldn't lend on new build SO flat I found as the block is over 10 floors and in the wrong part of London.
15/08 - Reserved another SO new build - which I actually preferred to my initial one, so blessing in disguise I couldn't go ahead with the previous one
16/08 - New DIP received from VM through broker as new flat is more expensive
21/08 - Approved for the property by Metro Finance and the HA
27/08 - Full application submitted
28/08 - Offer subject to valuation received
05/09 - valuation finally booked in for 12/09 after lots of back and forth

Virgin have been super quick, so hopefully everything is fine with the valuation and i get a formal offer asap after valuation.

I might have to exchange by 30/09 - so the clock is really ticking.

My exchange deadline is actually 25/09...lol

Baronessgogo

Anyone else finding the wait excruciating???

justjodes

Myself & my partner applied for our mortgage on the 1st Sept with nationwide after getting our offer accepted on a house (yay)!

Sent off all requested documents, survey was booked in for the 6th & went ahead, we had no updates from this point so I called today and have been advised our mortgage has been chosen for audit and is with the senior team, I am stressed!! They cannot tell me why, or when we will hear more!

Has anyone else had this issue?

Thanks!

MsGeorge88

Do mortgage providers (specifically Precise) tend to do credit checks before taking valuation fees?

[Deleted User]

My mortgage journey, it started so well, but for three weeks it has ground to a juddering halt.

14/08 - Offer Accepted
15/08 - AIP granted
19/08 - Mortgage agreed subject to valuation
19/08 - Valuation booked for 22/08
22/08 - Valuer doesn't turn up
23/08 - Valuation rebooked for 28/08
28/08 - Valuer doesn't turn up
29/08 - Valuation rebooked for 30/08
30/08 - Valuer finally turns up
02/09 - Valuer refuses to provide a valuation, citing leased solar panels on the development's roof
03/09 - Solicitors prove panels are purchased outright rather than leased
05/09 - Valuer refuses to provide a valuation, citing doubling ground rent clause in the leasehold
06/09 - Solicitors prove that there is no doubling ground rent clause in the leasehold (it's RPI capped)
09/09 - Valuer refuses to provide a valuation, citing the need to review the valuation
10/09 - Valuer refuses to provide a valuation, citing the need to review the valuation
11/09 - Valuer refuses to provide a valuation, citing the need to review the valuation
12/09 - Who knows...

Jane.1963

VGeorge wrote: »

Do mortgage providers (specifically Precise) tend to do credit checks before taking valuation fees?

We put in an application to Precice 6 months ago, I can’t remember if they done the credit check before we paid the valuation fee or not but my fee was refunded a couple of days later so I knew instantly there was a problem.

MsGeorge88

Thanks Jane. I take it your application didn't get approved if they refunded your money back?

[Deleted User]

VGeorge wrote: »

Do mortgage providers (specifically Precise) tend to do credit checks before taking valuation fees?

They all do the very basic checks (e.g. you've passed credit score & high level criteria) before instructing.

However, the full underwriting MAY come later.

Where I work, if a customer pays the fee we normally ask if they want us to assess everything first before instructing, so they aren't out of pocket if we later decline. If they want to proceed earlier (e.g. agents putting pressure on to see 'movement'!), it's their risk.

I know quite a few of the more specialist lenders will only instruct the valuation once the underwriting has been done (so they've looked at your documents and are happy with your income/bank statement conduct etc.), but can't say for sure with Precise.

Give them a call (or you broker) - they might be able to tell you whether it's "valuation only" or whether they have other things they're waiting for