Lender asking for information I can't provide. Help!

JaneyLouWho

Oh no, nightmare! I'm almost resigned to this not working out already to be honest, I feel a bit like the repossession will haunt us forever. This is such a stressful process even when you do tick all the boxes, its doubly hard when you are a square peg in a round hole!
Keep us posted please, and good luck!

JaneyLouWho

ambc - have you looked at the Skipton's online mortgage tracker for your case? Mine says today that the minimum submission was recieved yesterday, that a valuation has been instructed and is expected on 3rd August. It has a note saying 'additional information required' next to Date Underwritten. Does this sound similar to your experience? I'm really clutching at straws that the fact it says a valuation has been instructed might mean they are willing to lend based on my credit history, affordability etc and are just waiting for confirmation on the property value.
Any advice?

ambc

I think I'm hitting refresh on that screen around 10 times a minute right now.

Ours currently says:

Date Decision In Principle received 20/06/2017 1
Date application received 10/07/2017 Action Completed
Date Minimum Submission received 10/07/2017 Action Completed
Date case underwritten 19/07/2017 2

And that's as far as it goes - the rest is still all marked 'pending', and that note marked with a 2 refers to 'Pending Decision - Information Required'.

Our broker reckons they'll only instruct the valuation once they've received all the documents they need - my problem is that I can't seem to pin anyone down on exactly what it is they need.

JaneyLouWho

So they are probably waiting for this ambiguous additional info from you before instructing a valuation? I'm so sorry to be using your possibly more complicated case as a guide to whether ours is proceeding well, but you'd think if they wanted additional info from me they'd not have instructed the valuation yet? This is such a fraught process! Thanks for taking the time to respond

ambc

you'd think if they wanted additional info from me they'd not have instructed the valuation yet

Yip, that's how it appears, from what our broker says. And my guess is that (no idea how valid this is, so don't quote me!) they wouldn't instruct a valuation at all if the other numbers didn't add up.

Don't worry - I'm also using your case as a guide to ours, too!

JaneyLouWho

27th July, 2.22pm - no further news ��

Honestly, this wait is sending me loopy! I'm trying not to second guess anything, whilst constantly second guessing!!

Current thinking is - they instructed valuation yesterday, I've heard nothing from underwriters in terms of needing any further info today, so no news is good news and we might sail through if the property is valued ok.

Have you had any joy getting your paperwork sorted yet ambc?

ambc

I'm a little further forward in that I've now gotten a better idea of the issue the lender was having with the documentation from our accountant (basically, it's to do with financial reporting standards, and the fact that they don't seem to like the new reporting standard, FRS105, that was introduced recently). I've now had to instruct my accountant to produce full mortgage references, which they say could take them another 10 days.

I'm trying to put it out of my head as it's driving me nuts, too.

Hopefully you'll get your offer on, or soon after, the 3rd August though?

JaneyLouWho

Well, current obsession is that the estate agent said they'd let me know when a valuation had been arranged, but they've heard nothing yet. So it's a theoretical date really. More thumb twiddling. Will keep you posted.

JaneyLouWho

Oh, and I'm glad the issue seems to be over the accountants stuff for you, not the BR or repo! Sounds like once your accountant can get it sorted you'll be on your way?

ambc

Yeah, that's how I'm trying to look at it... for all I know, they could've already decided that the BR and repo are too big of an issue for them to lend to me, and are just making me jump through all these other hoops for their own entertainment!

Keep us posted on your app!