Awaiting mortgage offer - FTB Help

summer0304

Hi, I'm wondering if anyone can settle my anxiety. I'm a first time buyer and had a decision in principle accepted for a house I liked so put an offer in which was accepted. The MA put the mortgage application in on Friday and emailed on Saturday asking for another bank statement, not sure if this was him asking for the bank or not, thought it could be a bit quick for the bank coming back? Anyway I'm now waiting anxiously for the offer. I've read that although the DIP came back ok, that doesn't mean the application will. I love this house and worried I might not get the result I want. My credit rating is good and affordability was all checked so can't see any reasons why, apart from me going into my overdraft most months. Does anyone know if this would be a cause for concern? The MA didn't think it would be. Also does anyone have experience with Leeds building society and how long I am likely to wait? I'm excited but nervous and very impatient. Thanks in advance

amnblog

Patience Summer.

You wont get your offer overnight, particularly with LBS.

It sounds like matters are progressing.

Don't watch the kettle boil.

Expect to wait until the end of the month until your valuation is instructed and two to three weeks after that for formal offer.

UKTelecom

amnblog wrote: »

Expect to wait until the end of the month until your valuation is instructed and two to three weeks after that for formal offer.

Wow is it really that long a process? I am in the same boat as Summer - I know decisions are not made over night but did not know its a 2-3 week process for them to make a full offer post valuation!

HGW2012

You should get a response of the mortgage subject to valuation.

Then the valuation will be carried out and subject to that being ok, the full mortgage offer.

I am going through the same at the moment, full mortgage application put through Friday now just waiting for a response from HSBC.

Matt_L

Took Leeds BS two weeks to come back to us with full offer after submitting the application, we found them extremely easy to deal with....

benevs

My mortgage application went in on Thursday 10/08. With Halifax.

My mortgage adviser emailed me yesterday to say that there system is showing I passed initial credit checks and valuation has been instructed.

My mortgage adviser thinks I'll have an offer by the end of next week.... A lot more confident than I am!

SuboJvR

Try to relax.

It's very stressful, but try to trust in your mortgage advisor.

Buying a house is a long process, and this is just the start. Your mortgage offer may take a few weeks to come through so if you remain super anxious throughout you won't cope!

summer0304

Thanks everyone. It's very stressful especially when I'm so impatient. Also I received the solicitor letter today which is asking for money to start searches. It doesn't mention the survey, do I sort that myself? Il query it tomorrow anyway but just thought it was strange that it doesn't mention the survey in its list of fees

amnblog

Solicitors don't arrange the survey.


The Lender arranges the survey.


Presumably, your mortgage advisor recommended you took a Homebuyers Report on the property, rather than rely on the valuation for lending purposes?


RICS HomeBuyer Report

The most popular report for buyers. An economic but detailed report which is suitable for the majority of residential properties, it clearly presents all findings in an easy to read format.


RICS HomeBuyer Report (Survey)


This service includes:

• description of the condition of each element of the property
• colour-coded condition ratings
• comment on defects, and additional advice on repairs and maintenance an overall opinion and summary of condition ratings

alex_163163

Your solicitor will not arrange a homebuyers or buildings survey. You will need to do this.
Your lender will organise the valuation survey for the purpose of mortgage application.

summer0304

Thank you. Spoke to MA this morning who advised this is being organised through the lender.