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

RRS1999

I was surprised but my broker has said Precise is my only option and she is confidient - Just concerned as we have sold our house, bought a HTB house and now just waiting on Precise - We will be paying the CCJ off in full from the proceeds of the sale - Do you think they will take that into account

Determinedtobedebtfree

Hello,

We are so nervous waiting on our decision, our broker has said our application is with the underwriters now. We passed the credit scoring and affordability, so this is the final stage. My salary is £43k pa and my husband earns £23k pa, we have a 5% deposit and we both have a credit score of 999 with Experian but we do have outstanding debts of approx. £37k (including a loan and credit cards). We have never missed a payment and have zero CCJ's etc. but I'm worried they will reject us based on level of debt. The debt is easily manageable and all on low/0% APR but I can't help worrying. We received a DIP for £313k and are looking to borrow £213k. Our plan had been to buy next year, when we had a bit more savings and had paid more of our debt back, but then we saw this house. It's perfect and very likely our forever home so we really don't want to lose it. We are currently renting so the buyers liked that we can move quickly and our current DOE is in 5 weeks but this is only do-able if we can get our mortgage secured. I've not slept all week!

Our story so far is;

Story so far -
2/9 - Spotted the perfect house
3/9 - Viewed the house
4/9 - Submitted offer
5/9 - Offer accepted
5/9-8/9 - away for my birthday
9/9 - Full mortgage application submitted
10/9 - Just waiting
11/9 - Had to resubmit one bank statement as it wasn't in an acceptable format
12/9 - Valuation accepted (we're buying in Scotland, so the property already has a home report with valuation)

Jane.1963

VGeorge wrote: »

Thanks Somerset.

Jane, so have you gone back to Precise? Fingers cross it all goes well.

We put our application in Monday, valuation fee taken and already been asked a few basic questions which we’ve answered and submitted back to them.

No, my advisor recommended Aldermore, it’s a very slightly better interest rate and we’re in a better position.
ie: satisfied CCJ for £600 (12 months ago)
No payday loans for 9 months
DMP £100 per month but only got 7 months to clear.
Hope you hear something soon, the wait is painfull!!

Anxiousmama

I am new to this site and a FTB.
I am anxiously awaiting an outcome for my mortgage application.

I found out today the lenders where needing more to prove my employment, I provided all payslips but I think it's the 0hr contract bit they are wanting to check.

I am going to have no nails left after this!

Our story is.
Got an AIP on 20th Aug.
Saw a property 21st
Put offer in 22nd.
Offer accepted 23rd.

Completed full application through MA 2nd Sept.
Today 12th found out more info needed relating to my employment

Sucky part is I have been a relief worker for my employer for 2yrs. I have just been offered a permenant post but my employer hasnt put it all through yet to confirm perm post ��

dreamingofbuying

So Aldermore came back to us late on Friday, looking for explanation for past defaults. Replied with full explaination on Monday morning via MA. He has been chasing for an update all week. Today he spoke with the underwriter who said she is “happy with everything” however due to type of case it’s been passed to senior underwriter for approval.

Waiting patiently for a reply now ... who knows what it all means 😩😩😩😩 has anyone has similar before?

Determinedtobedebtfree

Hello,

Thought I'd update as we got our mortgage offer late yesterday afternoon, we are beyond delighted!

Our story so far is;

Story so far -
2/9 - Spotted the perfect house
3/9 - Viewed the house
4/9 - Submitted offer
5/9 - Offer accepted
5/9-8/9 - away for my birthday
9/9 - Full mortgage application submitted
10/9 - Just waiting
11/9 - Had to resubmit one bank statement as it wasn't in an acceptable format
12/9 - Valuation accepted (we're buying in Scotland, so the property already had a home report with valuation)
12/9 - Mortgage offer issued

We are due to settle 5 weeks today! Good luck to everyone else!

needtowinthelottery

Hi everyone I hope it’s OK to join you? This thread has been interesting and useful to read.

My husband (DH) and I put in a mortgage application with HSBC (via branch) on Thursday. My DH is self-employed so our mortgage application automatically got referred to underwriters (standard with HSBC). We are beyond nervous as we wait for the decision - we’re FTBs and ‘only’ putting down 10% deposit (£31,000 / house price £310,000). House is absolutely our dream house - needs some work but in an ideal location that we literally would live in for the rest of our lives. I can’t sleep and have a sick feeling in my stomach constantly! Wish there wasn’t a weekend in the way of the decision. I assume underwriters don’t work weekends??

I’m employed in a longterm job. Salary £33k. DH self-employed with average earnings £28,650 over last two years. We’re both 39. DH has no debt (one credit card but no balance). I have some outstanding debt unfortunately after many years of (failed) IVF treatment (not that the bank know the reason!) as follows:

Virgin 0% credit card - £5,850 (£58.57pcm)
Tesco 0% credit card - £2,600 (£28.66pcm)
Ratesetter loan - £2,129 (£313.73pcm) final payment 01.05.20)
Car PCP - £177.37pcm (will hand car back / not pay balloon payment 01.06.20)

We weren’t planning to buy until second half of 2020 once the loan and car PCP were gone but the perfect house went on the market now so we felt we had to give it a go. Timing isn’t great, we know but we had to try for this house.

Found out from EA yesterday that valuation was booked in a few hours after mortgage appointment Thursday and is taking place Monday, so that’s positive that things are moving along.

Mortgage advisor said branch credit checks “passed” (whatever that means) but showed up referral due to self-employment, which we knew already, and also a “correction” on a credit file. We’re rather bemused and worried about this as have checked both files and can’t see anything at all. Odd! The bank asked us to provide PDFs of our credit files (downloaded from the MSE Credit Club and emailed to mortgage advisor at HSBC immediately after appointment, which he said he then attached to our application. The Credit Club is Experian, which is the credit check that HSBC uses. Both look good - no negative factors as far as I can see and certainly can’t see any corrections.

Should we be worried? What does this mean? Why did we have to send copies of credit files, surely HSBC underwriter would have access to these anyway? The whole thing just seems odd and is adding to heightened stress levels!

Any advice, especially from anyone who has had personal experience of this or perhaps the knowledgable underwriters that frequent this thread? Many thanks

Timeline:

Viewed house on my own 31/8
DH and I house 2nd viewing 4/9
AIP HSBC online 4/9
Negotiations with seller via EA 5/9-6/9
Branch appointment with HSBC to confirm AIP (I’m super cautious and wanted to check my calculations were correct before agreeing price!) 10/9
Agreed price. House sold STC and removed from Rightmove etc 10/9
Instructed conveyancing solicitor 11/9
Mortgage submitted via branch appointment 12/9
Mortgage with underwriters pending decision 12/9

Halfie

needtowinthelottery wrote: »

Hi everyone I hope it’s OK to join you? This thread has been interesting and useful to read.

My husband (DH) and I put in a mortgage application with HSBC (via branch) on Thursday. My DH is self-employed so our mortgage application automatically got referred to underwriters (standard with HSBC). We are beyond nervous as we wait for the decision - we’re FTBs and ‘only’ putting down 10% deposit (£31,000 / house price £310,000). House is absolutely our dream house - needs some work but in an ideal location that we literally would live in for the rest of our lives. I can’t sleep and have a sick feeling in my stomach constantly! Wish there wasn’t a weekend in the way of the decision. I assume underwriters don’t work weekends??

I’m employed in a longterm job. Salary £33k. DH self-employed with average earnings £28,650 over last two years. We’re both 39. DH has no debt (one credit card but no balance). I have some outstanding debt unfortunately after many years of (failed) IVF treatment (not that the bank know the reason!) as follows:

Virgin 0% credit card - £5,850 (£58.57pcm)
Tesco 0% credit card - £2,600 (£28.66pcm)
Ratesetter loan - £2,129 (£313.73pcm) final payment 01.05.20)
Car PCP - £177.37pcm (will hand car back / not pay balloon payment 01.06.20)

We weren’t planning to buy until second half of 2020 once the loan and car PCP were gone but the perfect house went on the market now so we felt we had to give it a go. Timing isn’t great, we know but we had to try for this house.

Found out from EA yesterday that valuation was booked in a few hours after mortgage appointment Thursday and is taking place Monday, so that’s positive that things are moving along.

Mortgage advisor said branch credit checks “passed” (whatever that means) but showed up referral due to self-employment, which we knew already, and also a “correction” on a credit file. We’re rather bemused and worried about this as have checked both files and can’t see anything at all. Odd! The bank asked us to provide PDFs of our credit files (downloaded from the MSE Credit Club and emailed to mortgage advisor at HSBC immediately after appointment, which he said he then attached to our application. The Credit Club is Experian, which is the credit check that HSBC uses. Both look good - no negative factors as far as I can see and certainly can’t see any corrections.

Should we be worried? What does this mean? Why did we have to send copies of credit files, surely HSBC underwriter would have access to these anyway? The whole thing just seems odd and is adding to heightened stress levels!

Any advice, especially from anyone who has had personal experience of this or perhaps the knowledgable underwriters that frequent this thread? Many thanks

Timeline:

Viewed house on my own 31/8
DH and I house 2nd viewing 4/9
AIP HSBC online 4/9
Negotiations with seller via EA 5/9-6/9
Branch appointment with HSBC to confirm AIP (I’m super cautious and wanted to check my calculations were correct before agreeing price!) 10/9
Agreed price. House sold STC and removed from Rightmove etc 10/9
Instructed conveyancing solicitor 11/9
Mortgage submitted via branch appointment 12/9
Mortgage with underwriters pending decision 12/9

Did they do an affordablity check including your current existing commitments? Looking at the numbers it seems very tight and might even be the wrong way up. I know our affordability got dropped by about 20k with a £230 pcp and £100 pcm loan with First Direct when we were looking at what we could afford with just my partners salary (I have adverse credit).

Munro_dreaming

I'm intrigued to know the lender - that seems pretty efficient (and congratulations!)

Determinedtobedebtfree wrote: »

Hello,

Thought I'd update as we got our mortgage offer late yesterday afternoon, we are beyond delighted!

Our story so far is;

Story so far -
2/9 - Spotted the perfect house
3/9 - Viewed the house
4/9 - Submitted offer
5/9 - Offer accepted
5/9-8/9 - away for my birthday
9/9 - Full mortgage application submitted
10/9 - Just waiting
11/9 - Had to resubmit one bank statement as it wasn't in an acceptable format
12/9 - Valuation accepted (we're buying in Scotland, so the property already had a home report with valuation)
12/9 - Mortgage offer issued

We are due to settle 5 weeks today! Good luck to everyone else!

needtowinthelottery

Halfie wrote: »

Did they do an affordablity check including your current existing commitments? Looking at the numbers it seems very tight and might even be the wrong way up. I know our affordability got dropped by about 20k with a £230 pcp and £100 pcm loan with First Direct when we were looking at what we could afford with just my partners salary (I have adverse credit).

Hi Hallie and thanks for your reply. Yes, we got a AIP online and as I’m very cautious I wanted to double-check I’d got the figures correct before agreeing a price on the house so made an appointment in branch to go through the figures again and it confirmed AIP. On this basis, we put in full application. Advisor put additional notes to underwriter to explain that the loan and PCP both will end in the first half of next year so we’re hoping that will help. If the debt was due to end in six months it would be wiped from application with HSBC. Bad timing but we couldn’t control when the house came on the market. Just have to keep our fingers crossed I suppose. I swear I’ve seen an increase in grey hairs in the last couple of days!!