Are there ever any completely straightforward mortgage applications?

JaneyLouWho

Just spoke to the Estate Agent who said the valuation will happen on August 7th. Seems aaaages away! But she was also very reassuring that they weren't going to send a valuer round if they weren't going to lend the money. So... thinking I might need to take up some kind of hobby for the next 10 days to take my mind off things. Or, you know, do my actual job instead of flitting between my mortgage application tracker and MSE.

Will let you know how we progress when we have more news! Thanks for all your helpful, anxiety reducing advice

ambc

In other news...

@kingstreet - I know you probably didn't enjoy writing all that, but I enjoyed reading it.

Mainly because it helps me realise that the three weeks we've been waiting already (and counting) for the lender to instruct a valuation probably isn't really something to worry about too much just yet. Easier said than done when you have an EA (and presumably the vendor) chasing for dates, though!

@JaneyLouWho - sounds like you're almost home and dry!

kingstreet

My colleague has just described this job as being asked to fit together the pieces of a 1,000 piece jigsaw without the picture.

He's not wrong. Thousands of potential routes becoming a dead-end due to some detail or other then a complete start from scratch when another unknown gets added to the mix.

JaneyLouWho

Just had a phone call from Skipton - it was underwritten today and mortgage approved subject to valuation!! So happy!!!!!!

ambc

Oh wow. That is amazing news. Congrats!

buttonmoon

Mine was straightforward and quick with Nationwide three years ago. However, we didn't have any adverse, both had full time permanent jobs, FTB with 90% LTV and we were not borrowing a massive multiple.

Friday - Saw broker explained wanted to buy the house we were renting as it was being put on the market and needed mortgage. Broker made AIP application.

Monday/Tues - AIP came back

Friday - Saw broker to do full mortgage app and brought all the paperwork requested.

Tues - call from Nationwide. They have a surveyor in my area today and is there any change I can let them in. Survey completed and sent to Nationwide.

Weds - text from Nationwide confirming mortgage offer in the post :j :j :j

ambc

We got an update today on our Skipton application tracker, after a total of around three weeks of chasing our accountant to do what turned out to be two incredibly simple tasks. Time for a new accountant, I think.

Anyway, Skipton have now instructed our valuation as of this morning, and they're expecting it on the 14th August.

That's a good sign, right? Right?

My gut says that they wouldn't instruct a valuation until they were sure everything else was in order, but I know different lenders have different processes. Can anyone confirm how Skipton works in terms of figuring out at which point the valuation lies in the application/offer process?

Also - back to the original topic re non-straightforward applications - here's a tip for anyone who's reading this and is self-employed and may need info from their accountant for a mortgage application: make sure to check your accountant's terms of service regarding the time it takes to produce accounts or mortgage references, etc. We learned the hard way that ours takes 10 days, and there were two things we needed from them, so we had a 20 day total delay. Depending on their terms, you might want to get some of this stuff done in advance of an application.

JaneyLouWho

I would say that's a good sign ambc! It's not a step backwards is it? In my case the valuation was booked on the 26th July when the initial document checks were done and they were happy the application was in order. Then it was underwritten on the 29th and I had a phone call that day to say that the application was approved subject to valuation. The valuation is happening on Monday 7th and I've heard nothing in the interim so it's just a case of waiting and hoping now. I've instructed our solicitors but will only pay for the searches once I have a cold hard offer in my hands, and they were fine with that!

ambc

Yeah, it's a step forward, I guess.

So with yours, they didn't do any underwriting until they'd instructed the valuation? Hmm.

Our application tracker says that the 'Date case underwritten' was the 19/07/2017. However, there's still a note that says 'Pending Decision - Information Required'.

I now wonder if that means they haven't even started to underwrite ours at all yet then, despite the tracker suggesting that it was done on the 19th.

Man, I'm spending waaay too much time thinking about this!

JaneyLouWho

Mine has said 'date case underwritten' 29/07/17 with a note to say information required since the day I was told it was actually underwritten and approved. The additional info needed is the valuation, so I'm told. You might get a call later to say you are approved subject to valuation. No harm in calling skipton to ask for a progress update, to reassure yourself?