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

KING5TON

I'm currently in the limbo stage where there's not much I can do but wait.

07/11 First viewing
11/11 Second viewing
12/11 Offer made and accepted
13/11 Documents provided to Mortgage Broker ready to submit application
13/11-18/11 Drama with estate agent recommended conveyancer
18/11 Estate agent recommended conveyancer cancelled and local solicitor instructed
19/11 Requested broker submit mortgage application now we know who is doing the conveyancing
20/11 Bunf from Solicitor received and signed.
21/11 Returned solicitor documents, provided ID and money paid for searches
21/11 Mortgage Declaration & Direct Debit form filled in and signed and sent to Broker.
25/11 Mortgage broker asked for missing payslip (I accidentally sent the same one twice).
27/11 Chased solicitor to ensure they have everything (yes) and see if they need me to do anything (no, they are waiting on seller's solicitor to send draft contract).
27/11 Chased Estate agent to see if they need me to do anything, was told valuation request from lender came in just now so arranging with seller. Told them to ask seller's solicitor to get a wriggle on RE draft contract as mine is waiting on it.

B3C

Thought I would join while I am waiting for a mortgage decision!

16/11 - Reserved new build (exchange and completion in December)
18/11 - Instructed solicitors
22/11 - Met with MA
25/11 - MA submitted mortgage application with Santander
25/11 - Valuation booked
26/11 - Valuation complete
27/11 - MA called - Santander requesting P60 and confirmation of names

Was hoping to hear back by Friday (29/11), but I'm not convinced!

Gemma3378

Offer on house accepted on 13/11/19
Mortgage application completed on 19/11/19
Extra bank statements requested on 21/11/19
Valuation instructed on 22/11/19
More extra info regarding self employed accounts requested on 25/11/19
Valuation booked for 29/11/19

TheJackah

I've done my application via Habito and currently waiting for a decision - fingers crossed!

Stressed80

I am struggling at the moment and wondered if anyone else has been in the same boat? We were given an AIP from Kent Reliance, instructed to make an offer on a property and once we had done so (and it was accepted) to get the ball rolling. We have found out today that KR have declined our full application, even though we want to borrow £8k less than they agreed the AIP on. It has already been seen by underwriters in the initial stage, and our mortgage advisor has been in touch with them from the beginning. This decision has come completely out of left field. Our MA has escalated our case as he does not feel that this decision is justified, so now we are awaiting the outcome of this. What is the likelihood of such a decision being overturned? They have declined on the fact that 2 credit cards are near their limit, but have had this in for from the beginning with our credit reports submitted before the AIP. I’m feeling extremely anxious and stressed about this.

Elle83

Got our offer today! Over the moon.
Santander wanted a letter from my husband's employer regarding his commission and bonus scheme, we got that to them on Monday, and got the firm offer today.

Valuation has already been done so it's time to shimmy the solicitors on now.

KING5TON

Stressed80 wrote: »

I am struggling at the moment and wondered if anyone else has been in the same boat? We were given an AIP from Kent Reliance, instructed to make an offer on a property and once we had done so (and it was accepted) to get the ball rolling. We have found out today that KR have declined our full application, even though we want to borrow £8k less than they agreed the AIP on. It has already been seen by underwriters in the initial stage, and our mortgage advisor has been in touch with them from the beginning. This decision has come completely out of left field. Our MA has escalated our case as he does not feel that this decision is justified, so now we are awaiting the outcome of this. What is the likelihood of such a decision being overturned? They have declined on the fact that 2 credit cards are near their limit, but have had this in for from the beginning with our credit reports submitted before the AIP. I’m feeling extremely anxious and stressed about this.

Your MA should have factored in the percentage of debt to limit as I have heard that some lenders can be iffy if your overall debt vs limit is higher than 50%.

I guess your choice is either to pay down that debt if you can and reapply or get your MA to recommend a lender that's more relaxed about debit to limit ratio (which they should have done in the first place) or change MA to one that can recommend the right mortgage.

Stressed80

We’ve been completely upfront with our MA and submitted our credit reports before the AIP was applied for. It has come completely out of the blue given that the AIP was underwritten and that we have been declined based on information KR were given to produce the AIP - we were even told we could borrow double what we were asking for based on salary multiples! Absolutely nothing negative has changed financially, and in fact we have paid off an account that flagged at AIP stage. The stress of this is unbearable to say the least. I hope we will be successful with the appeal that our MA has submitted but I’m not hopeful as we’re a faceless statistic to a lender.

KING5TON

Stressed80 wrote: »

We’ve been completely upfront with our MA and submitted our credit reports before the AIP was applied for. It has come completely out of the blue given that the AIP was underwritten and that we have been declined based on information KR were given to produce the AIP - we were even told we could borrow double what we were asking for based on salary multiples! Absolutely nothing negative has changed financially, and in fact we have paid off an account that flagged at AIP stage. The stress of this is unbearable to say the least. I hope we will be successful with the appeal that our MA has submitted but I’m not hopeful as we’re a faceless statistic to a lender.

Most AIP's just do soft searches against your credit record while applications do a hard search. That's why they all stress an AIP is not a guarantee of a mortgage.

At a guess it will be that your credit score is good so you got the AIP but when reviewing the detail of your credit report your debt to limit (or even debt to income) is too high for that particular lender.

Without knowing your debt to income/limit ratios it's hard to say what the best thing to do would be if the appeal is refused.

If it's way north of 50% is there any way you can pay it down before you apply?

Again these would be things I'd expected your MA to know and have factored in when picking lenders so it might be that you can just apply with another lender who has different criteria for mortgages.



Good luck though. Hope your appeal is successful!

Paulio15

Paulio15 wrote: »

Hi all, currently in purgatory awaiting our fate!

24/10 - Viewed property
25/10 - DIP with Barclays issued
26/10 - Offer on property, accepted in the afternoon, solicitors instructed...

Then various delays between estate agent and MB in between until...

19/11 - Full mortgage application submitted to Barclays
22/11 - Mortgage application approved subject to valuation
25/11 - Valuation takes place
26/11 - We wait and see

I have all things crossed for an answer soon!

Update today: Mortgage Offer received by post, dated 26/1 :j solicitors also received their copies today.

Not heard anything from the MB since them telling us that the valuation was booked - is that the norm?