FTB finally done it

JJB223

So after a lot of deliberation over the past few years we have finally done it and found a house, had offer accepted and started ball rolling.

We think we should be in a good position, 65k joint annual income, after a mortgage of 140k on property at 160k. One dependent, financial commitments of 343 pm which will continue after completion , and a total of 700 on credit cards which will be cleared long before completion. Mortgage is only 2.2x wages and we have been offered nearly double the amount with hsbc and Halifax

Both parties credit records are spotless with all 3 cra's

Gone with post office for 5 year fixed with 1k cash back, dip requested and received yesterday, full application submitted and payment for valuation taken, all fingers crossed it goes through.

Thanks for all your help to forum posters

liamwba

Congratulations, I am also in the process with Post Office and so far it has been extremely efficient. We posted our full application off last Friday, valuation paid for Monday, valuation completed yesterday and all of our evidence was posted on Thursday.

Hoping for a final decision Monday/Tuesday providing the valuation/home buyers report comes back ok!

Good luck!

Thrugelmir

Keep us posted.

JJB223

We have done ours all online (execution only), they took the £200 for the Home Buyers report straight after application submission. I guess the survey will be booked this week coming, do they do this before or after initial underwriting, credit check?

Liamwba,, what evidence did they ask for (if you don't mind me asking)?

Thrugelmir,, will of course keep u informed, am very nervous as we really really love the house, and kinda a worried that my outstanding loan my cause in issue, though like i said, hsbc/halifax said around £270K on affordability inc the loan, and we only want £140k.

fingers crossed.

dave2

Congratulations! Any tips/experience you'd like to pass on?

JJB223

Had call today from what i guess was the underwriters, they had a question about child care costs (which are very low now child is in school) and a slight difference between commitments on the DIP and full app which was easily explained.

They said all looks fine and are happy for it to proceed and have instructed the valuation.

The only information they have asked for from us, is 3 months payslip, was expecting they would need more like bank statements etc but seems not.

JJB223

so things are progressing nicely,, Valuation was undertaken yesterday and had a conversation with PO who informed me that as long as the valuation was ok and my wage slips matched my declared income then the mortgage would be offered shortly. (they said it had been accepted pending those 2 things).

Must say the PO have been very quick and helpful, 3 working days from dip - full app - valuation - provisional accept.

Hopefully they will review the valuation and wage slips quickly and we should have a formal offer early next week, then we just got to wait for the solicitors to do their bit (which they said will take 3 weeks) and we can exchange yay.

martinsurrey

JJB223 wrote: »

so things are progressing nicely,, Valuation was undertaken yesterday and had a conversation with PO who informed me that as long as the valuation was ok and my wage slips matched my declared income then the mortgage would be offered shortly. (they said it had been accepted pending those 2 things).

Must say the PO have been very quick and helpful, 3 working days from dip - full app - valuation - provisional accept.

Hopefully they will review the valuation and wage slips quickly and we should have a formal offer early next week, then we just got to wait for the solicitors to do their bit (which they said will take 3 weeks) and we can exchange yay.

Mirrors my experience with the Post Office exactly. They could not have made it any easier.

good luck on the rest of the process!