New build mortgage rejection

Anzhelka

so ours was even more weird, as they have spent their time doing valuation....

First_timer_newbie

I'm surprised our advisor has never heard of this issue before. Just playing the waiting game now.

kingstreet

Newbuild exposure limits are well-known to newbuild brokers.

A couple of lenders email us and let us know how many more cases they will take on a given development when they get close.

Others, we only find out when it's been hit and we find out the hard way. If it's a shared ownership development, a lot is going to go to Leeds and there will be people going direct as well as via other brokers, not just us so we have no way of knowing when the limit is looming...

Anzhelka

Broker came back to us yesterday, saying that documents are checked and they are not requested any additional documents (I think I heard this before already....) and now our application is in the queue to underwriters....oh Gosh this takes so long...and also valuation hasn't been done, as there was an issue with the system..it should have been done on 19th of April....this makes me mad...probably there wasn't any issues, just nobody has done nothing.....now valuation instructed once again. Not very positive news so far....

Anzhelka

have you found new options ?

Newbiebuyer2016

We are in the process of buying a new build S/O with Leeds. We are first on site so would imagine we would know by now if they rejected for any reason like this.

We had an FA with the mortgage broker, then got accepted to reserve the house from the HA.

Our AIP was done quickly. However the full application was delayed due the HA taking a week to send the memorandum of sale. MB emailed last Thurs to say application had been submitted to Leeds and another email Monday to ask for gift deposit form to be filled in and confirmation that all initial documents had been sent and received on Monday. MB said would chase tomorrow.

What should we be expecting next? A valuation to be done or maybe more documents to be asked for?

First_timer_newbie

we are now in process of trying to get another offer before we lose the house. Newbiebuyer I don't know what you should expect yet but it looks more positive than us since they asked for more documents rather than the flat out no we received. Good luck.

Anzhelka have you had any positive news?

Newbiebuyer2016

We've had a email back to say initial documents have been passed through and valuation needs to be booked by HA. They gave us a timeframe of 10days for outcome.