95% mortgages

Thrugelmir

JustJane101 said:

https://www.precisemortgages.co.uk/  

Read their decleration. That's a pretty bad move on their part.

Seems perfectly reasonable given the current situation.  Using available staff resources on processing payment holidays etc should be their priority. 

Thrugelmir

JustJane101 said:

I'm REALLY not dealing with the anxiety.

Go for a good long walk everyday. There's nothing you can do to influence anything. 

JustJane101

Thrugelmir said:

JustJane101 said:

https://www.precisemortgages.co.uk/  

Read their decleration. That's a pretty bad move on their part.

Seems perfectly reasonable given the current situation.  Using available staff resources on processing payment holidays etc should be their priority. 

I agree with you there, however many people who are in the process will have already incurred legal fees, survey fees etc. If people are passed the survey stage, I don't understand why they can't continue with the application. As far as I am aware (I may be wrong) Underwritters are different to phone staff granting mortgage holidays? Even if they are down on underwritters, remaining ones are able to work from home.

I have been exercising every day, which helps. Keeping up to date with my degree and also still working, so that helps with the anxiety, but knowing my job is secure and being told by about every source going that my mortgage is now going to be rejected because of factors outside my control really hurts and sucks.

Emzlyz

JustJane101 said:

Emzlyz said:

Just an update. My application has been frozen by the lender until lockdown is over. My broker offered to look at others but I decided to wait it out. I don't think another lender would make any difference in the current situation. Just hoping I don't lose the house!

frozen?! Did they say why?!

Have they valued the property yet? I was expecting a response yes or no from Kensington this week, however they came back asking for more information that they already had. I hate the fact the waiting game keeps resetting. Last docs uploaded on wednesday, and they've been really slow at looking into things (understandable right now). My valuation has taken place.

My broker just said they have frozen the application, so once they start to approve mortgages again they will just pick it up from its current point. As far as I'm aware no valuation had taken place, the lender offered a free one so I hadn't paid anything. However I have paid my solicitor to do searches which they have started. 
As hard as this is I think we just need to wait this out @ju@JustJane101 because maybe after all this they will just pick up where things left off. I have a back up plan. It's not ideal but needs must. 

Thrugelmir

JustJane101 said:

Thrugelmir said:

JustJane101 said:

https://www.precisemortgages.co.uk/  

Read their decleration. That's a pretty bad move on their part.

Seems perfectly reasonable given the current situation.  Using available staff resources on processing payment holidays etc should be their priority. 

I agree with you there, however many people who are in the process will have already incurred legal fees, survey fees etc. If people are passed the survey stage, I don't understand why they can't continue with the application. As far as I am aware (I may be wrong) Underwritters are different to phone staff granting mortgage holidays? Even if they are down on underwritters, remaining ones are able to work from home.

Financial pain will be universal. Loss of job, loss of income, reduction in pension the list goes on. Unfortunately that's the roll of the dice which life rolls as individuals. Underwriters will be approving payment holidays. Working from home in itself won't be as efficient. 

JustJane101

Financial pain will be universal. Loss of job, loss of income, reduction in pension the list goes on. Unfortunately that's the roll of the dice which life rolls as individuals. Underwriters will be approving payment holidays. Working from home in itself won't be as efficient. 

I didn't realise underwritters did payment holidays too. My mistake.

I've never worked from home, so i wouldn't know. Can't take my job home lol

freedom010

Lenders are stopping any borrowing as the market is very uncertain. They are afraid of 2008s' financial problems. Also, people who work and receive income are still asking for repayment holidays because many of them think that it will result in 3 months' worth of repayment being written off. They are in big mistake as this will generate further interest and even more money to pay back to the lender. This is also draining lenders so they cannot borrow any more to new customers.

We have been a step away from valuation and exchange. At the moment our solicitor had to put everything on hold, our mortgage broker is keeping me updated if there is any lender who will accept us and proceed with the application. The developer promised us to wait as mortgages hold means they won't be able to sell at all unless cash buyers will come forward (unlikely). 

It is a very stressful time and can affect anxiety, however, I think it's reasonable to expect two or three months hold until lenders will start to reconsider new applications. Lenders have no choice and position of government who advised everyone "not to move" and "not to borrow" doesn't help us .... I personally feel very sorry for guys who were about to complete. Many lenders also put so-called "freeze" on many completions.  We have to wait and see what happens. Your seller or developer should understand and allow you time to get things in place once the market starts again. It's the same for us. We have already started to plan the move and I have even ordered boxes!