Too soon to ask for an update?

JustJane101

Good morning all! This question is mostly for your brokers!
I had a DIP on the 03/03 through a broker with Kensington. Full application on 05/05. Further docs requested on 06/06 and these were provided first thing on the 9th. Valuation was yesterday (10th). I've had radio silence since monday, and fairly stressed. I know they expected the valuation to come back same day, so is it too early to ring my broker for an update? 

I don't want to annoy anyone (more than I already have with my 100000 stupid questions). But I really am going mad 🤣. I am paying them a decent amount, and they will also get commission if it all goes through, which is 100% fine to me if they get me the mortgage Haha. 

MovingForwards

Give it a week from yesterday, if no update contact your broker.

NewShadow

The surveyor carrying out the valuation report has some time to type it up, then it goes to the bank to consider, then your broker gets a copy and they send you a copy... it can take a few days  

My broker got an electronic copy after, I think 4(?), days. He dropped me an email to let me know and said to tell him when mine arrived - halifax sent it by second class post so I had it two/three days later. Once I'd had chance to look at it I called him and we talked through what it meant/why it was the recommended option for me.

While it seems my broker was a bit slack in a couple of areas, I assume the above process is about the same for everyone who's going via a broker...  

Mortgagehold

NewShadow said:

The surveyor carrying out the valuation report has some time to type it up, then it goes to the bank to consider, then your broker gets a copy and they send you a copy... it can take a few days  

My broker got an electronic copy after, I think 4(?), days. He dropped me an email to let me know and said to tell him when mine arrived - halifax sent it by second class post so I had it two/three days later. Once I'd had chance to look at it I called him and we talked through what it meant/why it was the recommended option for me.

While it seems my broker was a bit slack in a couple of areas, I assume the above process is about the same for everyone who's going via a broker...  

I dont think 4 days are standard for Halifax - I got my mortgage offer electronically from Halifax the next day after valuation and hard copy the following day. 

NewShadow

Mortgagehold said:

NewShadow said:

The surveyor carrying out the valuation report has some time to type it up, then it goes to the bank to consider, then your broker gets a copy and they send you a copy... it can take a few days  

My broker got an electronic copy after, I think 4(?), days. He dropped me an email to let me know and said to tell him when mine arrived - halifax sent it by second class post so I had it two/three days later. Once I'd had chance to look at it I called him and we talked through what it meant/why it was the recommended option for me.

While it seems my broker was a bit slack in a couple of areas, I assume the above process is about the same for everyone who's going via a broker...  

I dont think 4 days are standard for Halifax - I got my mortgage offer electronically from Halifax the next day after valuation and hard copy the following day. 

It might depend on who they get to do the valuation and what they find/put in the report? Mine's an older property and apparently the guy was there for a few hours. 

When I phoned the broker the day after the valuation was carried out they said the surveyor had 4 days to type and submit their report to halifax. 

JustJane101

The whole thing sounds agonising! Kensington (the lender i have applied too) say on their Twitter that average time to review new documents is less than 24 hours...so I would like to hope my docs were assessed yesterday. Doesn't say anything about valuation  time scales though. 

The property is 30 years old and has been newly redecorated throughout. Homebuyers report less than 3 weeks ago valued it at similar to what I've offered. 

Mortgagehold

I don't think delay is anything to worry about in my experience having gone through two mortgages. When they are taking their times that usually means they are considering giving you a mortgage. 

JustJane101

Had an update from broker. Lender isn't happy with my deposit source. I've used StepLadder deposit saving scheme, which they have viewed as a loan. All this information on how my deposit was sourced was provided to my broker before application went in, so I'm really upset and angry. 3k of that money is money I have already paid into the scheme, and they won't even accept that. StepLadder are going to see if they can speak to the mortgage company and see what they can sort. But I'm currently waving goodbye to my dream house over a technicality.

Thrugelmir

Trouble with such schemes is that part of the deposit is effectively a loan with an ongoing committment. Depending on the level of committment this could have a detrimental impact in affordability. In the current circumstances underwriting criteria may well be tightened up. As there's huge uncertainty as to the extent of the financial impact of the virus. 

JustJane101

Thrugelmir said:

Trouble with such schemes is that part of the deposit is effectively a loan with an ongoing committment. Depending on the level of committment this could have a detrimental impact in affordability. In the current circumstances underwriting criteria may well be tightened up. As there's huge uncertainty as to the extent of the financial impact of the virus. 

But the fact is I have enough for the deposit with the 3k I've already saved which I can walk away with with no financial implications. They won't even accept it if it gets deposit in my bank account. Frustrated, hurt, devastated  

amnblog

I can see what Kensington would have a problem with this. There would appear to be a risk that the borrower using such a scheme would be committed to further payments to the scheme.