Awaiting decision

Roxannas

Sooooo stressful!!

My full mortgage app went in to nationwide on the 24th may...credit check has been done all wage slips, bank statements, proof of deposit etc been sent...how long till I should hear something?

We have submitted through a IFA but we can never get hold of them! Should we have a mortgage ref for our application or as we have done it through an advisor do we not have any contact we them at all?

How do you find out if and when a valuation has been done? We are awaiting to instruct solicitors but don't want to give the go ahead till we have a mortgage offer, but I worry the seller may pull out as at present we have no information to give them. . Is this normal practice?

Any advice/info would be greatly appreciated

AnotherJoe

Did the IFA go on holiday last week?

no it's not normal practice to not be able to contact your IFA

Roxannas

Not as far as I'm aware did he go on holiday, just very rarely answers phonecalls or returns them.

Getting rather frustrated

Roxannas

Well we finally got a text from our mortgage advisor yesterday to say our application had been declined...they want 85% LTV. Absolutely gutted!

Any advice right now would be VERY much appreciated...our advisor isn't very good at all...as I have previously said nor returning calls etc, even after he text to say it had been declined we tried ringing him straight back and he didn't answer any calls!

So......is it worth the risk of applying with anyone else or should we try and save up more of a deposit?!

Bit of history :
No current outstanding debt
CCJ of £200 which was satisfied in 2013
In past 2 years had a loan and car finance which is paid in full with no missed payments
Income of £38,000 (joint £49,000)
Have deposit of £17,500

Mummyto4kids

He text you to tell you it was a decline? No offence but I would expect to be told that either in person if practical or over the phone at least so you could look at different options. Was it a whole of market broker?


I'd possibly look for another broker and get copies of all your credit files so they can see them, this means they can look at where best to apply, last thing you want to do is make loads of applications and get refused.


A good broker is worth their weight in gold - that's been our experience
lots of luck

Newbiebuyer2016

I rung London and Country and just asked for a second opinion on what my MB said.

As it goes L&C didn't return my call after he said 5 mins so we went back to original MB.

But L&C did give us some good advice which we then did and so we could get a better rate.

Did you not know you needed a 15% deposit when they applied for you?

How much are you looking to borrow? Is is more that you can afford hence the decline?

Roxannas

We was shocked at the text aswell...would of thought it warrented at least a phonecall so he could explain in a bit more detail why!

My husband has just made a appointment with a new mortgage broker...hoping for a better service this time! Worried we may lose house as time it all appears to be taking?! As it's been a month now since we put in offer!

He told us originally that 10% deposit was fine couldn't see no issues with it and again told us affordability definitely wasn't an issue?! Querying his judgement in everything he has said now though!

We are looking to borrow £155,000 have a joint income of £49,000 per year, no debts or credit cards etc...outgoings are just usual rent, council tax, water, gas electric etc...

amnblog

All sounds do-able - with the right Lender - and service from the right Broker.

Welshbigman

I'd say you had a poor broker, based on the above I would have thought no issue, is the house a standard build, are you both employed or self employed