Progress i think???

TakeItAsRed

So yesterday i received my KFI from the TSB.

Over the past 10 days i have had a DIP from TSB, following a visit to the branch. The bank had asked for multiple documents, which i provided. The bank even contacted my employer for a reference and proof of earnings.

After all was submitted to the bank, i noticed there have been 4 searches carried on CreditExpert. 2 x ID check, 2 x Mortgage Quotations.

At this point, the bank wanted to instruct valuation, which will happen on Thursday. They have taken the fee, and they tell me the offer is subject to the valuation.

The LTV is 75%, as i have a 5% Deposit and will be using the HTB Scheme.

Is the finishing line sight here?

kingstreet

Why TSB?

There are much better rates out there for HTB Equity Loan.

2 year fixed 1.89% with £499 fee.

2 year tracker 1.44% with £499 fee.

Then there are longer term fixes, with and without fees.

TakeItAsRed

TSB are who i bank with plus i will in about 18 months time to 2 years establish my own business, and the fixed deal for the 10 years which i can get out of after 5 really suits my future circumstances also.

I looked at other banks, but i didn't meet some of the criteria due to having 2 defaults in 2010. Both satisfied in the same year, for a measly grand total 448 pounds.

Since 2010, i haven't missed a payment on a single thing, such as a personal loan.

The bank tell me that they have done everything they need to do now. Just awaiting for valuation.

Is it after this valuation, the underwriter will look at it, are all of the credit searches now completed? Like i said in earlier post, there are 4 searches on my credit file from TSB.

kingstreet

The LTV is 75%, as i have a 5% Deposit and will be using the HTB Scheme.

So, you're buying a newbuild on HTB - Equity Loan?

Ten year fixed? TSB doesn't offer a ten year fixed on HTB Equity Loan. It's two years fixed at 3.14% with £995 fee, or 3.54% with no fee.

Are you confusing the two schemes?

TakeItAsRed

That is the deal the adviser offered me, knowing full well i am using the HTB - Equity Loan.

The KFI, even refers to the Help To Buy Scheme.

I am all for getting a better deal if it is the case that the product will have to change, although i would prefer a longer period fixed than 2 years.

Is it he case then at the full offer stage, if this product does not match what i am doing, the solicitor will flag this up and amend. Is it possible to change a product?

Thanks

kingstreet

AFAIK TSB is offering HTB - Mortgage Guarantee on a ten year fix, but when I try to source TSB HTB - Equity Loan products on Mortgage Brain it comes up with what I said.

What's the product code on the KFI? It starts AAD for direct products and INT for intermediary deals.

TakeItAsRed

The product code is AAD-472

I really appreciate your swift reply BTW.

kingstreet

The 3.49% fixed until 30/04/2025 isn't available on the Help To Buy Equity Loan scheme according to Mortgage Brain.

It's possible MB has it wrong, but it's also possible the lender employee has made a mistake, so check.

Being part of LBG - Lloyds, Halifax and TSB would be consistent in only offering two year fixed products on shared equity and shared ownership.

TakeItAsRed

Thank you for the information on this, but i suppose the question now, is what will happen going forward, where will this flag up? with the solicitor? Underwriter? Could the application now fall down? Or is it a case of the bank changing the mortgage product from one to another?

I am only assuming that having got as far as the valuation, the likelihood of full offer is not far away.

amnblog

Sounds like the starting line is not yet in sight.

Kingstreet has done you a big favour here. Don't incur further cost until you resolve this.

TakeItAsRed

How can the starting line not even be in sight?

Seems a bit drastic, when the bank seem to have done there checks already. Like i said earlier they know about the HTB application also.

How can it not be the case that they cannot change the product?? I already passed affordability, they took references, they took statements, and the credit searches are visible on the credit file.

Whilst i do not doubt your knowledge, to say the starting line is not in sight is surely a bit over the top.