Vida Homeloans return to market?

emmabricksandmortar

Yes that’s exactly what we did too! The MA didn’t request the gifted deposit letter we had to enquire about that and sent it in. We were told our application had been accepted last Wednesday after submitting it on Monday - Vida took fees on Tuesday. My brain is a ticking clock right now. Hope we all hear soon. 

bell2020

Our broker is using a packager because she doesn't have direct access to the lender. Our packager was only £99. And from what I gather, they do some of the underwriting work and package everything correctly to save time for the Lenders underwriter 🤷‍♀️

Our application hasn't been put through yet but so far these are the documents we have provided -
•3 month Bank statements 
•3 month savings statements showing proof of deposit as they have asked for a 5% cash deposit aswell as the gifted equity deposit!
•3 months payslips
•p60
•our passports
•proof of address for both of us 
•proof of state benefits like tax credits 
•ID for person gifting deposit and form filled in
• Proof of life insurance 
• proof of DMP and a letter from Stepchange showing payments for the past 12 months. And then a filtered statement from our bank showing payments made to Stepchange for the last 12 months. 

I think that's everything we have given so far. Waiting to hear if the packager requires anything else before submitting it. 

Resnik001

bell2020 said:

Good luck guys!!

Our Dip was submitted last Wednesday and we heard back Yesterday! We are now about to go in with full application, just getting all the documents to our broker so she can send them to the packager!! 🤞

So really it takes more than 2 days for a DIP! 

bell2020

@Resnik001 yes pretty much 😂 although it could of taken the 48hours stated.... that would of taken it to Friday evening... and we heard back Monday morning 9am!

periwinkleperkins

Just had the phone call we've been waiting for since Friday... we have our mortgage offer! 
My advice to everyone is keep the faith... when things stalled last week I started to panic but I trusted the broker and we now have our offer, 17 working days from full application to offer! Now the real fun begins because we've just found out that our solicitor ordered personal searches through an agency but the lender stipulates local authority searches are required so we're waiting 3-4 weeks now before we can even talk about exchanging!

jmilne

periwinkleperkins said:

Just had the phone call we've been waiting for since Friday... we have our mortgage offer! 
My advice to everyone is keep the faith... when things stalled last week I started to panic but I trusted the broker and we now have our offer, 17 working days from full application to offer! Now the real fun begins because we've just found out that our solicitor ordered personal searches through an agency but the lender stipulates local authority searches are required so we're waiting 3-4 weeks now before we can even talk about exchanging!

Congratulations!! So it should come in the post soon also? So you were offered about a week after valuation? 

periwinkleperkins

jmilne said:

periwinkleperkins said:

Just had the phone call we've been waiting for since Friday... we have our mortgage offer! 
My advice to everyone is keep the faith... when things stalled last week I started to panic but I trusted the broker and we now have our offer, 17 working days from full application to offer! Now the real fun begins because we've just found out that our solicitor ordered personal searches through an agency but the lender stipulates local authority searches are required so we're waiting 3-4 weeks now before we can even talk about exchanging!

Congratulations!! So it should come in the post soon also? So you were offered about a week after valuation? 

Yes, a week after valuation (even though they kept saying 48 hours 😉)

bell2020

@periwinkleperkins thats amazing!!! Congratulations!! 

Our broker said once our full application has been submitted she will also instruct the solicitor too? Was that how yours was done? I assumed a solicitor was instructed after a mortgage offer!? 

jmilne

bell2020 said:

@periwinkleperkins thats amazing!!! Congratulations!! 

Our broker said once our full application has been submitted she will also instruct the solicitor too? Was that how yours was done? I assumed a solicitor was instructed after a mortgage offer!? 

Vida have had our full application for 20 days....our valuation has been delayed due to another document they needed. Should hear tomorrow apparently when our valuation is booked in. We instructed a solicitor on 10th August and paid them a couple hundred quid to get the searches underway and they are already back.....so when we have offer we should be able to exchange. On a side note, I read somewhere during first lockdown Vida stopped all applications pre valuation stage and we’re heading towards a second lockdown. You reckon that will happen again? I’m pushing my MOrtgage advisor everyday to chase Vida!! 

bell2020

@jmilne 20 working days? Or just 20 days? Oh really... I'm hoping ours won't take that long!! Are you using a packager? 

Yes Vida removed themselves from the market. I don't think we will have a full blown lockdown again. Just local lockdowns. There is very little cases where I am in Wales so it wouldn't make sense for us to go into lockdown. I'm hoping little lockdowns will happen instead 🤞🤞 good luck!