Anyone applied to Principality as a FTB??

lacoste1985_2

hi all

myself and my partner are both first time buyers and have just applied for our first mortgage with principality.

the house we are looking to buy is 159, 995 new build. we have applied and been accepted by help to buy wales who will be funding 20% of the purchase price. we have 8000 as a deposit and are trying to get a mortgage of 119k.

we have used a broker recommended to us by a friend who has already gained an AIP that passed and said 135k!

mortgage application submitted 5pm tues eve. broker asked me to pay upfront £330 for the valuation which I thought was odd as thought this was only done once a mortgage offer has been made (subject to valuation).

I have instructed a solicitor to start doing searches etc for us today and paid them £200. they work on a no win no fee basis so would not charge us more if mortgage fell through.

i earn a salary of £19938 plus have additional part time regular work of around £2200 a year.

my partner works part time and earns around £8236 a year as his main job. he also has secondary jobs that probably give him extra income of £1000-1200 a year on top of this.

I am worried something may happen and we may not get this, partner had debts of 12k which have now been reduced to £5500 thanks to my mum who paid them off for him to enable us to be considered for this mortgage. he now only has a fixed loan left of £156 a month and I have a HP on a new sofa of £1000, that is it. we dont have any credit card debt and have closed down loads of old credit cards this year.

has anyone had any experience of applying to principality and what was the result? what timescales do they work towards before making you an offer?

as im buying a new property they want us to exchange a month from reserving it which is 17th oct, im panicking that we are not going to make this!

HELP NEEDED!

ACG

I took my first mortgage out through them 4 years ago. No issues.
I have used them a couple of times for clients and theyre not the easiest/quickest but there is nothing wrong with them.

You should not really be insturcting solicitors to start their searches until you have your offer unless time is important.

I think Principality take the valuation fee as part of the application process, I cant recall if they instruct the valuation before underwriting or not, but you could ask for them to delay the valuation until the underwriting is completed? Speak to your broker.

EJF87

Hello,

We are in a similar position to you. Me and my husband have applied for a mortgage with the Principlaity through our mortgage advisor. I am a first time buyer.

It has been a month since we had the valuation done and we are still waiting for an offer!! They have come back a couple of times with questions about my income and wanted to see my work contract. With Principlaity, they do the valuation before the application goes to the underwriters. Apparently ours is with the underwriters but we don't understand why it is taking so long! I keep thinking we are going to be rejected.

Such a stressful time!

EJF87

Hi,
How long did you wait from the valuation to the having an offer? Are Principality really fussy? We have been waiting a month since the valuation.
I keep thinking the worse!