Vida Homeloans return to market?

LBrentnall85

jmilne said:

Just had a call from our mortgage advisor - Vida have signed off our full application and valuation. They have one more person running their eyes over it now apparently and by end of play today or tomorrow she expects us to have our offer. I can finally see light at the end of the tunnel!! Hang in there guys.

After escalating they have come back this morning to say valuation has been instructed... are we getting close?!

bell2020

Getting closer id say yes... fingers crossed for you @LBrentnall85

13th working day today and still no update 😩 we were originally told 9 working days... then 11! Why do they keep moving the goal posts!!?

sirjp82

I see Vida have put their initial underwriting up to 15 working days.  Our application went in on the 06th oct. Not expecting to hear anything until November. They have raised the time 3 times in last 2 days now. They are gonna have some backlog I think. 

bell2020

@sirjp82 yeah I've seen they've put it up again. I spoke to my broker last night as we still haven't had an update and we are only 14th working day since application submitted. She said the time frame on their website is for new applicants not applications already in. They asked us for extra documents which we submitted so the 11 working days is from then, she thinks! Meaning we should have an update tomorrow or Friday with a bit of luck. Ridiculous why its taking so long!!

Rickydewitt

Quick question to all. We submitted our application on Monday 12th, checking my Experian report it seems VIDA have done a hard search already as it says 'Can impact your Experian Credit Score' 
Are they known to do a hard search that quick? When I expand it tells me that it's a First Mortgage and lists the amount we have applied for. 
Surely that means they've had an initial look right? 

bell2020

No idea. We haven't had a hard search done as far as i can see!

Rickydewitt

bell2020 said:

No idea. We haven't had a hard search done as far as i can see!

Hmm interesting for sure, I mean it seems it’s different strokes for different folks lol especially reading how some people’s timelines are different to others. 

Does anyone know if you can ask VIDA to instruct the valuation early ? We’ve been messed around by our first broker so we’ve been in this mess for 6 weeks bluestone and now we’ve gone with Vida 

bell2020

Not sure... their process online says they do initial underwriting which is currently 15 working days.. then valuation then final underwriting.. then hopefully mortgage offer! 

emmabricksandmortar

Soooo......anyone know what happens at final underwriting stage? 😁

kays69

I see that this is where we can share the frustration of waiting. At least it is good to know we are not the only ones who are seeking answers. It's also good to share.

Our full application was sent in on 12th September. We got a mortgage illustration and accepted it. We have since been asked three times to send evidence of reducing expenses. Our last update was two weeks ago. We do not know if the valuation has been requested as our developer also seems to be unavailable!!! Our broker has just got back to us saying we need to send proof of income (again). 

Grrrrrrr