Nervous first time buyer!

Squirrelz92

@Abbiejo I can completely relate to you there. I am a FTB myself and no amount of research can prepare you for the decisions you have to make when going through the buying process! My broker tells me to get disbursements underway with my solicitors but I don't want to throw away £300 when there is always that tiny chance your mortgage offer could be declined. So far so good though as my application got submitted this afternoon alongside all relevant documents needed. Received another email shortly after to tell me that the lender valuation has been booked for Monday! They don't hang about do they?!?!?! 

Abbiejo

KcEliMa said:

I’ve just made myself feel worse!! If possible?!! 

Just created my account with ClearScore and checked on any hard credit checks made on me.. none!! Hubby checked his too... nada!!

Worrying thing is, our lender doesn’t even appear to have done a soft credit check?? AIP/ Application through a broker. Surely a soft check should appear from the AIP? 

Oooh, it’s made me feel worse 😢 

My Experian updated the other day (I'm too cheap to pay the £15 a month haha) I had only had a soft search when our broker got us our AIP. Thats the only way I feel like I know it's moving on.

Abbiejo

gemmacampbell2019 said:

@Abbiejo I can completely relate to you there. I am a FTB myself and no amount of research can prepare you for the decisions you have to make when going through the buying process! My broker tells me to get disbursements underway with my solicitors but I don't want to throw away £300 when there is always that tiny chance your mortgage offer could be declined. So far so good though as my application got submitted this afternoon alongside all relevant documents needed. Received another email shortly after to tell me that the lender valuation has been booked for Monday! They don't hang about do they?!?!?! 

It really can't. We made our offer and had to wait a week to have the offer accepted at 11am, by 1pm we were bombarded with all the broker and solicitor information to get things moving such a whirlwind. I have to say our broker and estate agent are both brilliant. When our solicitor sent over their instruction forms they sent a link to pay £400. our broker said they'll send it over as soon as they can but just hold off paying it until your mortgage offer comes through. Our valuation has already been done too, We thought that was done a lot later but was booked on the Friday and done on the Wednesday. at least our applications will be getting done all at once rather than subject to valuation. 

KcEliMa

gemmacampbell2019 said:

Heyyyyy, I wouldn't worry too much even though its soooooo hard not to! The hard check from the lender will show for sure as I got an email telling me that I have been searched. I am also a FTB and using a mortgage broker. I had an AIP very early on with my broker and nothing cropped up (bonus as sometimes being searched more than once in a month by anyone can screw up your rating temporarily). 
Exciting times though!!! 

I don’t suppose you know how long it was between application and hard credit check??
Our broker has said he fully expects to hear something (he hopes the decision/ offer) by Friday. 

According to our broker, We’d already ticked all boxes by last Friday, they just needed an updated piece of paperwork that was received yesterday and submitted this morning. Broker said this piece of paperwork was simply just another ‘box ticking exercise’. I’d have thought they’d have completed the credit check before now?? Gaaaah, so nervous!! 😢 

Squirrelz92

Abbiejo said:

It really can't. We made our offer and had to wait a week to have the offer accepted at 11am, by 1pm we were bombarded with all the broker and solicitor information to get things moving such a whirlwind. I have to say our broker and estate agent are both brilliant. When our solicitor sent over their instruction forms they sent a link to pay £400. our broker said they'll send it over as soon as they can but just hold off paying it until your mortgage offer comes through. Our valuation has already been done too, We thought that was done a lot later but was booked on the Friday and done on the Wednesday. at least our applications will be getting done all at once rather than subject to valuation. 

Crikey, you had to wait a week for your offer to be accepted?!?! I would be tearing my hair out! Luckily I placed my offer at 5pm on the 28th and at 8.15am on the 29th the EA rang to say the vendors accepted my first offer. Must be worried about potentially not selling with everything going on at the moment. It really makes a difference when you know you have a great team (EA/broker/solicitor). I have two of those...shall find out what my solicitors are like soon enough! Yes I agree with your broker. Wouldn't want to potentially throw away money just in case. It's good to know that valuations are done at speed as I thought it would take lenders much longer to do their 'drive by'. 

Squirrelz92

KcEliMa said:

I don’t suppose you know how long it was between application and hard credit check??
Our broker has said he fully expects to hear something (he hopes the decision/ offer) by Friday. 

According to our broker, We’d already ticked all boxes by last Friday, they just needed an updated piece of paperwork that was received yesterday and submitted this morning. Broker said this piece of paperwork was simply just another ‘box ticking exercise’. I’d have thought they’d have completed the credit check before now?? Gaaaah, so nervous!! 😢 

My broker got the lender to do their hard check on me this afternoon which I passed. They then rang me up to take me £200 valuation fee for the lender and to submit my mortgage application. I am with Halifax so perhaps the process varies from lender to lender? Have my fingers crossed for you hearing good news by Friday! It is a bit bizarre that they didn't do the hard check on you prior to taking your money for valuation as potentially they could be wasting both their time and yours if you were to fail because of their lack of credit checks and something did arise (obviously I didn't mean that offensively, just as one of many scenarios!)
Aaah yes the 'box ticking exercise' phrase was also used by my broker to explain the application process to me. I may end up in the same boat as my Child Tax Credits are being used as part of my income but because I started a new job in May of last year (just after the new tax year started), my annual review is showing that I earned £1400 less than what I am stating I now earn in a year... my broker says that hopefully with my 6 months of consistent payslips, they will overlook the crossover in figures but worst case scenario, I will have to ring HMRC to get them to send another annual review letter with updated figures! Praying to the Gods that doesn't happen!

KcEliMa

I didn’t have to pay for the lenders valuation. Santander don’t charge (or, they don’t on the offer I’m applying for) so haven’t had to pay anything upfront. 

Even our product fee is being added to the loan. 

Application was submitted last Tuesday; by Friday they’d already done the valuation and, according to broker, ‘approved’ the rest of the paperwork. Was just the tax credits that they wanted a new notice for (even though my submitted one was new, issued 23 April, I’d changed hubby’s earnings and it made a difference of £3 a week to my payments). 

Gaaaaah! 

Our offer was accepted on May 22nd so this just feels like it’s going on forever!!
So, the hard credit checks are done pretty quickly then?? Sorry for all the questions! 

Squirrelz92

KcEliMa said:

I didn’t have to pay for the lenders valuation. Santander don’t charge (or, they don’t on the offer I’m applying for) so haven’t had to pay anything upfront. 

Even our product fee is being added to the loan. 

Application was submitted last Tuesday; by Friday they’d already done the valuation and, according to broker, ‘approved’ the rest of the paperwork. Was just the tax credits that they wanted a new notice for (even though my submitted one was new, issued 23 April, I’d changed hubby’s earnings and it made a difference of £3 a week to my payments). 

Gaaaaah! 

Our offer was accepted on May 22nd so this just feels like it’s going on forever!!
So, the hard credit checks are done pretty quickly then?? Sorry for all the questions! 

That's fortunate not having to pay the valuation fee! Lucky for me, I don't have any other product fees so just had to cough up the £200 today. 
Oh my goodness! What a naff having to ask for an updated tax credit statement all for £3 extra. Must have been incredibly stressful for you! Dreading my lender doing the same to me with mine. I am buying by myself so at least I don't have two sets of documents to worry about! The hard credit check is the easiest part from what I have gathered. Mine was done within a few hours. Had notice of it being carried out at 4.30pm and at 6pm my broker was on the phone telling me I had passed the check and my application had been submitted along with all documents required. You are either a low risk or a high risk to the bank...If you know your credit score is great and have very low credit, you will be fine! Is the phrase 'no news is good news' acceptable under these circumstances?! Excited for you!!! EEEKKKK!!

KcEliMa

@gemmacampbell2019 haha! I wish it was! No news is STRESSSSSSS!
My credit score is fine. The only thing preventing me from having a better credit score is the fact that I don’t have any credit to my name! Other than that, it’s a clean sheet! Hubbys only got our mobile phone bill to his (the amount for the loan purchase of the phones) so his is good too. We don’t do credit. If we can’t afford it, we go without (obviously owning a house will rock that statement! Haha!) 

Ooooh! I can’t tell you the stress in regards to tax credits. I’d already expressed concern with submitting the award notice I had with the broker. He thought it would be ok. Then it wasn’t. Que me in a panic Friday, knowing we were sooo close to a mortgage offer yet so far; when I rang for my newest award notice,I was told it wouldn’t be posted until Monday 1st June & id be waiting 2 weeks! Luckily, it came in a day! I don’t think I can cope if there’s any further issues 😢 
I do hope you don’t have to go through that, however, my advice would be if you are worried, get on the phone to HMRC ASAP. I’d had the idea of ringing them last Tuesday but broker made me think we’d be ok. I was kicking myself that I didn’t adhere to my own concerns & ring up sooner. If I were you, I’d be getting it ASAP just in case they do request it. Just in case my lovely! 

Abbiejo

gemmacampbell2019 said:

Abbiejo said:

It really can't. We made our offer and had to wait a week to have the offer accepted at 11am, by 1pm we were bombarded with all the broker and solicitor information to get things moving such a whirlwind. I have to say our broker and estate agent are both brilliant. When our solicitor sent over their instruction forms they sent a link to pay £400. our broker said they'll send it over as soon as they can but just hold off paying it until your mortgage offer comes through. Our valuation has already been done too, We thought that was done a lot later but was booked on the Friday and done on the Wednesday. at least our applications will be getting done all at once rather than subject to valuation. 

Crikey, you had to wait a week for your offer to be accepted?!?! I would be tearing my hair out! Luckily I placed my offer at 5pm on the 28th and at 8.15am on the 29th the EA rang to say the vendors accepted my first offer. Must be worried about potentially not selling with everything going on at the moment. It really makes a difference when you know you have a great team (EA/broker/solicitor). I have two of those...shall find out what my solicitors are like soon enough! Yes I agree with your broker. Wouldn't want to potentially throw away money just in case. It's good to know that valuations are done at speed as I thought it would take lenders much longer to do their 'drive by'. 

Yeah, we’re dealing with a government department with trustees so the offer has to go to so many people to be approved.  Our estate agent was forever filling out forms for them each day for our offer but was great and even when they could do viewings again wouldn’t let anyone view the house as he knew how badly we wanted it.  Our solicitor is the one I’m questioning too.  I’m hoping once we pay them they’ll get into gear as they don’t seem to great on replying right now. 

I was thinking there’d be a backlog after lockdown, but seems not to be the case.  Hopefully you won’t be waiting too long and driving yourself mad too!