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

JustJane101

goldilocks0507 said:

JustJane101 said:

goldilocks0507 said:

So it seems like they have reviewed my documents, just checked the NatWest tracker and everything seems to be ticked off but it says “We need you to call us to discuss your client's mortgage application. Please call us on NatWest 03459 001110”  Does that mean it’s declined? Broker can’t get through anyways as they are so busy so waiting on email updates. This anxiety will be the end of me

I know it is difficult but try to remain positive until you know for sure. I'm sure it would be easier for them to just write "computer says no" than speak to someone on the phone to reject it. Maybe they just want clarification on a bank transaction or something really minor. 

If it helps, I know what you are going through. Still anxiously waiting on Kensington to say yes or no. I'm convinced they'll say no even though I meet all their criteria and the broker thinks it will all go through. 

I’m glad I’m not the only one stressing over this. Just want to know if it’s a yes or a no now I can’t help but think of the worst too. Do they usually reject over the phone? 

I applied on 05/03. I've had so many issues to this point already. I was convinced I would know by last friday if it was yes or no. Got told on wednessay they wanted more info that they already had. Barely slept or ate. It's horrible, it really is. But trying to keep myself distracted with work and degree stuff. 

I highly doubt it - I'm sure it'll come over email if they reject you. Imagine being the one to make that phone call all the time? No thanks lol. 

Chavy89

https://www.lbc.co.uk/hot-topics/coronavirus/confused-business-secretary-moving-house/

annetheman

Hi all...
Offer finally received - and it's not good, sadly! LBS have offered me £9,000 less than the AiP and also less than what I offered on my HTB new build.

My broker is adamant he can negotiate a higher offer and they have asked for some other bits and pieces to be re-sent but I don't understand why he wouldn't immediately go to another lender, as I know other people have when they've not been given the amount they needed as per their offer?

Is it to do with commission or to stop me doing through another hard search or another reason? Anyone have any advice in this situation, I feel like sticking with LBS is a waste of time, especially as more and more lenders are tightening up their coffers...

My situation:
Buying alone, £55K p/a
Full property price is £355K
HTB Shared Ownership, mortgage requested at 95% LTV

A bit gutted and relieved at the same time, COVID-19 has made me think I should just abandon the whole thing. I'll lose the flat I love but worse things have happened.... Feeling hopeless kind of!

JustJane101

annetheman said:

Hi all...
Offer finally received - and it's not good, sadly! LBS have offered me £9,000 less than the AiP and also less than what I offered on my HTB new build.

My broker is adamant he can negotiate a higher offer and they have asked for some other bits and pieces to be re-sent but I don't understand why he wouldn't immediately go to another lender, as I know other people have when they've not been given the amount they needed as per their offer?

Is it to do with commission or to stop me doing through another hard search or another reason? Anyone have any advice in this situation, I feel like sticking with LBS is a waste of time, especially as more and more lenders are tightening up their coffers...

My situation:
Buying alone, £55K p/a
Full property price is £355K
HTB Shared Ownership, mortgage requested at 95% LTV

A bit gutted and relieved at the same time, COVID-19 has made me think I should just abandon the whole thing. I'll lose the flat I love but worse things have happened.... Feeling hopeless kind of!

£355k for a FLAT??! Jeepers, where do you live?

What with the current financial situation with Covid-19, I am fully expecting that's probably why they've offered less. A LOT of people have been telling me to lower my offer. £9k works out to be about 3% of the purchase price. I know it would be cheaky, but if you've had contact with your vendor, maybe put all the cards on the table and let them know that because of this Covid situ they've offered you 9k less, and would they concider taking 9k less for the property. I guess it depends on how you feel about haggling at this point.

Kensington have told me they're only willing to lend me 96700 on my affordability although I needed 99500. i'm able to meet the difference, so it's not too bad but I'll be living on a blow up bed IF I finally get my offer. Which I really hope is coming soon

goldilocks0507

I managed to get through to NatWest through the online chat. Apparently the underwriter wanted to know if I’m currently renting or living with my family? I moved back in with my dad to save towards my deposit. Apparently the information will be passed on and reviewed on Monday so fingers crossed 🤞🏻

annetheman

JustJane101 said:

annetheman said:

Hi all...
Offer finally received - and it's not good, sadly! LBS have offered me £9,000 less than the AiP and also less than what I offered on my HTB new build.

My broker is adamant he can negotiate a higher offer and they have asked for some other bits and pieces to be re-sent but I don't understand why he wouldn't immediately go to another lender, as I know other people have when they've not been given the amount they needed as per their offer?

Is it to do with commission or to stop me doing through another hard search or another reason? Anyone have any advice in this situation, I feel like sticking with LBS is a waste of time, especially as more and more lenders are tightening up their coffers...

My situation:
Buying alone, £55K p/a
Full property price is £355K
HTB Shared Ownership, mortgage requested at 95% LTV

A bit gutted and relieved at the same time, COVID-19 has made me think I should just abandon the whole thing. I'll lose the flat I love but worse things have happened.... Feeling hopeless kind of!

£355k for a FLAT??! Jeepers, where do you live?

What with the current financial situation with Covid-19, I am fully expecting that's probably why they've offered less. A LOT of people have been telling me to lower my offer. £9k works out to be about 3% of the purchase price. I know it would be cheaky, but if you've had contact with your vendor, maybe put all the cards on the table and let them know that because of this Covid situ they've offered you 9k less, and would they concider taking 9k less for the property. I guess it depends on how you feel about haggling at this point.

Kensington have told me they're only willing to lend me 96700 on my affordability although I needed 99500. i'm able to meet the difference, so it's not too bad but I'll be living on a blow up bed IF I finally get my offer. Which I really hope is coming soon

First things first, congratulations!!!! Very happy for you! Definitely a few thousand, £2/3,000 I could also do but not £9,000, not without the offer expiring.

I definitely want to haggle and I'm letting my broker do the haggling -- but he insists he will do it with the LENDER not the seller (see thread...)

Really confused about this strategy!

It seems nonsensical to me given the value of the flat WILL go down. Anyone else experienced similar, or had a lender offer more after "haggling"?

£355K isn't even that much where I am just outside of London, around my dad's in Greenwich, it's £800k for the cheapest 2-bed flat I've seen! 

Maybe a massive price crash isn't such a bad thing for the South East lol

JustJane101

First things first, congratulations!!!! Very happy for you! Definitely a few thousand, £2/3,000 I could also do but not £9,000, not without the offer expiring.

I definitely want to haggle and I'm letting my broker do the haggling -- but he insists he will do it with the LENDER not the seller (see thread...)

Really confused about this strategy!

It seems nonsensical to me given the value of the flat WILL go down. Anyone else experienced similar, or had a lender offer more after "haggling"?

£355K isn't even that much where I am just outside of London, around my dad's in Greenwich, it's £800k for the cheapest 2-bed flat I've seen! 

Maybe a massive price crash isn't such a bad thing for the South East lol

Thank you, although they've not given me the firm offer yet :l AHHH. I was hoping to hear by tonight, but it'll be at least monday now. They requested new payslips, lol. At least there is nothing they can dispute on my payslips!!! lol.

That is a confusing strategy. Maybe lenders and brokers are nervous of a 2008 style crash, although the Govt are making steps to stop that. Maybe it's so scary because it is happening all over the world. It is a horrible time to try and be buying a house. I'm pretty certain that's why they've said they'll offer less. my DIP was for 102500, so they've cut that by 5700 since beginning of March, so it's probably to try and ensure they get their cash back if we stop paying.

How secure is your job? I assume you work in central London on that wage?

My partner has just remortgaged his house to remove his brother in Oxfordshire, he earns 50k per year, property valued at 336k mortgage required 150k ish. I'm so jealous that he spent an hour on the phone to his bank and it was all done and dusted and offer sent out in the post! lol.

If it makes you feel any better, you can get this for your money in the North https://www.rightmove.co.uk/property-for-sale/property-70322560.html

I love comparing properties across the UK, mostly because I know I'd never get on the property ladder without my parner if I livedin the South East!

apau77

apau77 said:

Timeline:
16/03/2020 - New build reserved and part exchange agreed
17/03/2020 - My current mortgage is with Natwest so asked broker to approach Natwest to port  and borrow additional funds for new building
20/03/2020 - Broker tried agreement in principle online application and NatWest declined because of adverse data (D439). 
20/03/2020 - Broker has requested for my credit report. I have one satisfied default which was requested on my file in 2018.
I am very worried I will lose the house I have I have reserved if I am unable to find lender.
I need help !!

21/03/20 - I applied for AIP direct. I need to borrow £341000 for new house but they NatWest approved £215000.
23/03/20 - I applied for AIP from YBS and they approved for full amount £341000.
26/03/20 - Telephone appointment to apply for mortgage.
YBS have sent application forms in the post. 
Has anybody got experience with YBS that you can share with me?

goldilocks0507

goldilocks0507 said:

Good evening,
Hope you are all safe and well. 
What a time to be buying a house eh? FTB 95% applying with NatWest. 

This is my timeline so far:
20/02-1st Viewing
22/02-2nd Viewing and Proposed an offer
22/02-Offer accepted 
28/02-Mortgage appointment and solicitor appointed
06/03-Mortgage application submitted
12/03-Valuation instructed 
17/03-Valuation
18/03-Valuation received and my submitted documents are under review

Feeling a mixture of emotions, excited to potentially be buying a property but also worried with everything else going on in the world at the moment. Just wanted to know I’m not alone. I’m a nurse wanting to buy her first house and I’m going out of my mind, anxiously checking my emails every hour.

Update: 
I HAVE RECEIVED AN OFFER 😁 Today is my first day back in hospital after two weeks of annual leave, and with everything happening right now, I really needed some good news! 

anerise

Heard from mortgage advisor today that NatWest have approved our mortgage subject to valuation. That was a nice piece of good news. We’re 95% LTV so have to wait until lockdown is over for a valuation and the formal offer.

updated timeline
First time buyers, 95% mortgage (5 year fix)
29/2- house viewing
2/3- put in first offer
4/3- final offer accepted after 2 days of back and forth
5/3- chain complete, solicitor instructed
6/3- first chat with mortgage broker
16/3- AIP with NatWest
18/3- full application submitted through broker
23/3- valuation booked
24/3- Lockdown! Valuation now on hold
27/3- underwriters asked for some more info
31/3- mortgage approved subject to valuation...now we wait!