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Mortgage - how long does it take??
rb80
Posts: 47 Forumite
We have had an absolute nightmare trying to get a mortgage and I thought I would share it if anyone else is in the same position.
Background:
Me – Self-employed two years of accounts averaging a salary of £24000
Partner – teacher, £29000
House - £250,000
Deposit – 15%
Lender - Halifax
21/01 – Initial contact with MA who researched on advised mortgages based on the fact I’m self employed.
04/03 – Offer accepted on house.
07/03 – Full mortgage application submitted to Halifax
27/03 – Chased mortgage application. Discovered that Halifax had denied it several days before but the system had not updated and we had not been informed. Denied on affordability due to self-employment. MA advised us to resubmit application with 2013 – 2014 SA302 from HMRC.
07/04 – Sent 2013 – 2014 self assessment to HMRC
30/04 – SA302 processed and faxed to MA.
01/05 – MA set Halifax my SA302 so they could reassess my income.
06/05 – Chased mortgage application. Discovered that Halifax had a problem with their systems and my whole application would need to be resubmitted.
07/05 – MA resubmitted application. DIP offered.
08/05 – Survey fee take from my bank account.
09/05 – Vender is under A LOT of pressure and stand to lose the property she is buying if we don’t complete ASAP. Asked mortgage adviser if Halifax could escalate our case. Halifax advised that they would only do this is they had a letter from the solicitors confirming our exchange date.
09/05 – Solicitors faxed letter to Halifax confirming and exchange date of 14/05 to escalate our case.
12/05 – MA informed me that the underwriters our looking as our application.
12/05 – Underwriters asked to see the projected self employed income for 2014 – 2015 which needs to be signed off by accountant.
12/05 – My accountant put the projection figures together (cost me a small fortune at such short notice), I emailed them to my MA.
13/05 – MA adviser submitted projection figures to the underwriters at Halifax and we’re waiting to hear back. Assuming they’ve ignored the solicitors letter informing them of the 14/05 exchange date as that’s TOMORROW!! Still no survey booked in.
During the period I have kept in regular communication with the vendor and she’s been lovely and very patient. But now she is getting really stressed and she needs to move in the next week or so as she will lose her house she is buying!!
The whole experience now is making me feel quite ill and we still don’t know if we’re going to get accepted!
Background:
Me – Self-employed two years of accounts averaging a salary of £24000
Partner – teacher, £29000
House - £250,000
Deposit – 15%
Lender - Halifax
21/01 – Initial contact with MA who researched on advised mortgages based on the fact I’m self employed.
04/03 – Offer accepted on house.
07/03 – Full mortgage application submitted to Halifax
27/03 – Chased mortgage application. Discovered that Halifax had denied it several days before but the system had not updated and we had not been informed. Denied on affordability due to self-employment. MA advised us to resubmit application with 2013 – 2014 SA302 from HMRC.
07/04 – Sent 2013 – 2014 self assessment to HMRC
30/04 – SA302 processed and faxed to MA.
01/05 – MA set Halifax my SA302 so they could reassess my income.
06/05 – Chased mortgage application. Discovered that Halifax had a problem with their systems and my whole application would need to be resubmitted.
07/05 – MA resubmitted application. DIP offered.
08/05 – Survey fee take from my bank account.
09/05 – Vender is under A LOT of pressure and stand to lose the property she is buying if we don’t complete ASAP. Asked mortgage adviser if Halifax could escalate our case. Halifax advised that they would only do this is they had a letter from the solicitors confirming our exchange date.
09/05 – Solicitors faxed letter to Halifax confirming and exchange date of 14/05 to escalate our case.
12/05 – MA informed me that the underwriters our looking as our application.
12/05 – Underwriters asked to see the projected self employed income for 2014 – 2015 which needs to be signed off by accountant.
12/05 – My accountant put the projection figures together (cost me a small fortune at such short notice), I emailed them to my MA.
13/05 – MA adviser submitted projection figures to the underwriters at Halifax and we’re waiting to hear back. Assuming they’ve ignored the solicitors letter informing them of the 14/05 exchange date as that’s TOMORROW!! Still no survey booked in.
During the period I have kept in regular communication with the vendor and she’s been lovely and very patient. But now she is getting really stressed and she needs to move in the next week or so as she will lose her house she is buying!!
The whole experience now is making me feel quite ill and we still don’t know if we’re going to get accepted!
0
Comments
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How can you exchange if the valuation has not even been carried out?
Your not going to complete in the next week.
Valuation still needs to be instructed, then booked in. It then needs to be sent back to halifax and your solicitor im assuming still needs to do all of the searches etc. You are looking at best about 4 weeks, thats assuming your solicitor and the vendors are both on the ball.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How can you exchange if the valuation has not even been carried out?
Your not going to complete in the next week.
Valuation still needs to be instructed, then booked in. It then needs to be sent back to halifax and your solicitor im assuming still needs to do all of the searches etc. You are looking at best about 4 weeks, thats assuming your solicitor and the vendors are both on the ball.
Yes, I thought that would be the case. I'm not sure if I can do anything else to speed it along. I assume that they will only instruct the valuation once they are satisfied with the income.0 -
How can you exchange if the valuation has not even been carried out?
Your not going to complete in the next week.
Valuation still needs to be instructed, then booked in. It then needs to be sent back to halifax and your solicitor im assuming still needs to do all of the searches etc. You are looking at best about 4 weeks, thats assuming your solicitor and the vendors are both on the ball.
Wow... 4 weeks? That just threw me because our valuation was instructed yesterday, so you are saying we won't get an actual offer sooner than 4 weeks?0 -
You will get an offer within 24-48 hours of the valuation being carried out.
But the offer goes off to your solicitor, your solicitor then has to do searches, look through the contracts send it back to the vendors solicitor with any questions, wait for responses etc etc.
So from offer to completion, it could be a month it could be slightly less but it could be longer.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will get an offer within 24-48 hours of the valuation being carried out.
But the offer goes off to your solicitor, your solicitor then has to do searches, look through the contracts send it back to the vendors solicitor with any questions, wait for responses etc etc.
So from offer to completion, it could be a month it could be slightly less but it could be longer.
My solicitor has been great and the searches have already been carried out. All we are waiting for it the valuation and mortgage offer. Hopefully this should mean that it wouldn't take quite as long.0 -
In that case you are probably looking at around a week or so from when you get the offer.
Bare in mind your solicitor may have to check any conditions imposed as part of the offer, he will have to request the funds (which can take a week).
I would say you are looking at between 1 and 3 weeks from now.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
In that case you are probably looking at around a week or so from when you get the offer.
Bare in mind your solicitor may have to check any conditions imposed as part of the offer, he will have to request the funds (which can take a week).
I would say you are looking at between 1 and 3 weeks from now.
Thank you - that's slightly more promising. In your experience how long does it usually take the lender to process an application and instruct the survey?0 -
Thank you - that's slightly more promising. In your experience how long does it usually take the lender to process an application and instruct the survey?
can only go on our experience but we instructed our mortgage broker to put in application with halifax on monday, we had a phonecall today saying valuation has been booked in for friday this week.0 -
Rmphotography wrote: »can only go on our experience but we instructed our mortgage broker to put in application with halifax on monday, we had a phonecall today saying valuation has been booked in for friday this week.
Wow that's quick. Good luck for your application
0 -
I know that this has been an ongoing saga for you, but in the lenders eyes - they gave you a DIP a week ago.
Has your solicitor done searches already? That can take up to 3 weeks!0
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