Nervous first time buyer!

KcEliMa

TWIGLET1234 said:

TWIGLET1234 says

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I am signed up to checkmyfile which shows all of the CRA's. It's free for 30 days I am checking ALL the time. I've also messaged my broker who hasn't replied to the hard search query yet. I cannot get my mind off of it. I even asked my broker yesterday if she has a Plan B lined up as have convinced myself it's a decline. You are most certainly not alone. Need to remember though that Lenders want to lend. They don't look into an application to try and decline it, they'd rather have the business. Keep positive, I know it's very hard.

My goodness. We sound exactly the same, it’s scary! I’ve messaged my broker this morning too and had no response!! I’m convinced ours is a decline too; I shouldn’t be, there’s no reason really to not lend to us. But I know at the same time, lenders will only lend if they know they’ll get their money back. My broker said the umbrella thing lenders are concerned with is if they lend and need to repossess, will they get their money back. Our house is slightly undervalued. It was priced for a quick sale. And we were quick! The circumstances around our viewing/ offer were bizarre in the most wonderful way! I’m convinced our luck will run out 😢 

kjelyse

I've got my fingers crossed for all of you guys! Hopefully you'll get the green light soon.

TWIGLET1234

KcEliMa said:

TWIGLET1234 said:

TWIGLET1234 says

. 

I am signed up to checkmyfile which shows all of the CRA's. It's free for 30 days I am checking ALL the time. I've also messaged my broker who hasn't replied to the hard search query yet. I cannot get my mind off of it. I even asked my broker yesterday if she has a Plan B lined up as have convinced myself it's a decline. You are most certainly not alone. Need to remember though that Lenders want to lend. They don't look into an application to try and decline it, they'd rather have the business. Keep positive, I know it's very hard.

My goodness. We sound exactly the same, it’s scary! I’ve messaged my broker this morning too and had no response!! I’m convinced ours is a decline too; I shouldn’t be, there’s no reason really to not lend to us. But I know at the same time, lenders will only lend if they know they’ll get their money back. My broker said the umbrella thing lenders are concerned with is if they lend and need to repossess, will they get their money back. Our house is slightly undervalued. It was priced for a quick sale. And we were quick! The circumstances around our viewing/ offer were bizarre in the most wonderful way! I’m convinced our luck will run out 😢 

So I have a default on one of the CRA's but that CRA was searched on soft check so I assume they are ok with it. BUT, I now keep telling myself they might change their mind. We are also going for max affordibility, but since application has been submitted, we have filed husband's latest tax return which shows a greater income, so wish we'd have done that before application....not that we want to borrow any more, but it would make our disposable income better! And we have 16% deposit so shouldn't be too risky I should think....Let  me know when you hear back from your broker, and I will do the same

KcEliMa

Stop!!
We’re going for (almost) full affordability (£155,000 out of max £157,000)
We also have 16.7% deposit! (Our LTV is 84. [something]% as we’re adding a product fee onto the Loan) 
My fear is, because hubby’s overtime is inconsistent (it’s every 6weeks and is different amounts) that gives  65% of value, so they may not lend us the full amount now with that knowledge. Or they just don’t like our paperwork. How can anyone go through this relaxed?! 

TWIGLET1234

KcEliMa said:

Stop!!
We’re going for (almost) full affordability (£155,000 out of max £157,000)
We also have 16.7% deposit! (Our LTV is 84. [something]% as we’re adding a product fee onto the Loan) 
My fear is, because hubby’s overtime is inconsistent (it’s every 6weeks and is different amounts) that gives  65% of value, so they may not lend us the full amount now with that knowledge. Or they just don’t like our paperwork. How can anyone go through this relaxed?! 

What has helped me, is researching Plan B. I've looked at my default being the "sticking point" and the only reason for potential decline. I've then looked up other lenders criteria and found some that will lend with defaults, as we meet all of the criteria. My broker would probably find even more. In my worse case scenario, the lender will not be high street and the rates will be higher. But I will go without EVERYTHING else if I have to have a larger mortgage payment for a few years. This purchase is absolutely everything to us as a family.
We are off for a second viewing later today, as the kids haven't seen it yet, How nice it would have been to have had an offer, but I need to remain positive and tell myself that we WILL get this house!
Surely nobody can go through this in a chilled manner.....although my husband is pretty relaxed, I must admit

KcEliMa

TWIGLET1234 said:

What has helped me, is researching Plan B. I've looked at my default being the "sticking point" and the only reason for potential decline. I've then looked up other lenders criteria and found some that will lend with defaults, as we meet all of the criteria. Please excuse my ignorance, I don’t know what a default is, or what that means? My broker would probably find even more. In my worse case scenario, the lender will not be high street and the rates will be higher. But I will go without EVERYTHING else if I have to have a larger mortgage payment for a few years. Snap! Me too, this house has to be ours, come what may. I kinda regret not going for our original plan (our first DIP was with Nationwide; if we’d have gone through with that application, I’d have control & know what was happening!) At least this is our bank up plan.  This purchase is absolutely everything to us as a family. I can empathise with you 110%. It’s what we’ve worked hard for for so long. I ache for this to happen. 
We are off for a second viewing later today, as the kids haven't seen it yet, How nice it would have been to have had an offer, but I need to remain positive and tell myself that we WILL get this house! That’s great! Least it’s something to look forward to! 
Surely nobody can go through this in a chilled manner.....although my husband is pretty relaxed, I must admit Mine too. I know he’s as desperate as me, but he just keeps telling me to calm down. He very much lives in the “when” where as I’m completely “if”.

TWIGLET1234

KcEliMa said:

TWIGLET1234 said:

What has helped me, is researching Plan B. I've looked at my default being the "sticking point" and the only reason for potential decline. I've then looked up other lenders criteria and found some that will lend with defaults, as we meet all of the criteria. Please excuse my ignorance, I don’t know what a default is, or what that means? My broker would probably find even more. In my worse case scenario, the lender will not be high street and the rates will be higher. But I will go without EVERYTHING else if I have to have a larger mortgage payment for a few years. Snap! Me too, this house has to be ours, come what may. I kinda regret not going for our original plan (our first DIP was with Nationwide; if we’d have gone through with that application, I’d have control & know what was happening!) At least this is our bank up plan.  This purchase is absolutely everything to us as a family. I can empathise with you 110%. It’s what we’ve worked hard for for so long. I ache for this to happen. 
We are off for a second viewing later today, as the kids haven't seen it yet, How nice it would have been to have had an offer, but I need to remain positive and tell myself that we WILL get this house! That’s great! Least it’s something to look forward to! 
Surely nobody can go through this in a chilled manner.....although my husband is pretty relaxed, I must admit Mine too. I know he’s as desperate as me, but he just keeps telling me to calm down. He very much lives in the “when” where as I’m completely “if”.

Default is basically missed payments. In my case, I had signed up for paypal credit at some point. I had inadvertently set paypal to default all my spend on ebay etc to that credit account. I stupidly didn't realise and thought the money was just coming out of my bank as usual. Got no letters etc from paypal until months later saying I owed them money. I paid it straight away, but it's now sitting on credit file showing me having missed the payments. Very small amount and very annoying. It was 18 months ago and my credit history has been impeccable with everything else before, during and after the paypal "mistake", so I hope that they focus on the good rather than the bad!
I'm keeping everything crossed for us both, it's a race to see who hears first! Good Luck!!

KcEliMa

Oh gosh, no, don’t want no race! Ours is out of sync anyway, with them waiting for my paperwork, so we’ve probably gone to the bottom of the pile again 😔 

You’re now at 7 days, aren’t you? We’re at 9, but 6 of them lost to this bloomin’ paperwork, everything else went through fine between submitting Tuesday and hearing from the broker Friday. I’m sure you’ll be hearing something soon! Our broker told us he thinks we’ll hear by tomorrow (Friday) but I now wonder if that’s false hope 😢 

TWIGLET1234

KcEliMa said:

Oh gosh, no, don’t want no race! Ours is out of sync anyway, with them waiting for my paperwork, so we’ve probably gone to the bottom of the pile again 😔 

You’re now at 7 days, aren’t you? We’re at 9, but 6 of them lost to this bloomin’ paperwork, everything else went through fine between submitting Tuesday and hearing from the broker Friday. I’m sure you’ll be hearing something soon! Our broker told us he thinks we’ll hear by tomorrow (Friday) but I now wonder if that’s false hope 😢 

Yes we are 7 days in. My broker told me yesterday that she hopes we'd hear in a day or two! Be so nice to hear before the weekend. I know that there has been no valuation as I asked the EA to let me know if one was booked. I am hoping it means a desktop one is going to be used as I got an update on the day of the application to say it had been instructed and would be booked in 3 working days if physical was required. No booking= desktop (hopes)

KcEliMa

Our valuation was done by an AVM, was one of the first things completed by the sounds! So hopefully yours has already been done too 🤞🏻