Vida Homeloans return to market?

periwinkleperkins

Our broker had to re-register with Vida which took a day, but we got our AIP in 3 days overall. 

Now waiting to hear on our full application, the broker submitted it through a packager which took a few days to get all the documents they wanted. 

On Tuesday they said it had been verbally accepted and asked us to pay the application fee.  Broker says we should now hear something within a week... but everything I read says it takes 3-4 weeks so I’m not holding my breath.

jmilne

periwinkleperkins said:

Our broker had to re-register with Vida which took a day, but we got our AIP in 3 days overall. 

Now waiting to hear on our full application, the broker submitted it through a packager which took a few days to get all the documents they wanted. 

On Tuesday they said it had been verbally accepted and asked us to pay the application fee.  Broker says we should now hear something within a week... but everything I read says it takes 3-4 weeks so I’m not holding my breath.

Hi there, verbally accepted and then they took the fee?

We had to pay the £180 application fee over the phone as we were having our mortgage appointment. I thought our mortgage application had been sent off last Thursday/Friday when we spoke to our mortgage advisor but we’ve just had an email now saying your mortgage application has been sent off to Vida for review....1 week later! Frustrating ha 

periwinkleperkins

jmilne said:

Hi there, verbally accepted and then they took the fee?

We had to pay the £180 application fee over the phone as we were having our mortgage appointment. I thought our mortgage application had been sent off last Thursday/Friday when we spoke to our mortgage advisor but we’ve just had an email now saying your mortgage application has been sent off to Vida for review....1 week later! Frustrating ha 

We filled in paperwork for TFC and paid their Packager fee on submission to them, and I’m told they submitted to Vida and waited for verbal accept before taking the application fee as that’s the 1st hurdle where applications are culled. Now been told it’s verbally approved but doesn’t make sense to me - and is there a difference between accepted and approved or is it just an interchangeable phrase at an early stage? Who knows? 

It’s the waiting around with no updates that kills me... checking my phone for emails and missed calls is becoming an obsession. 

bell2020

So jealous of you's that are progressing 😔 8 working days and we are still waiting for our DIP response?? I questioned it with the broker yesterday and she said she can't chase within their specified time frame... that its a manual review and not a system like mainstream lenders and that they'd only had it for 2 days. Whilst I do understand they take a while..... i don't understand why it takes so long to do a basic check?? DIPs don't really mean much so I have read so there can't be much "searching" involved surely? Soft search etc..... I'm sick of waiting and this isn't even the full application!!! She said the full application should take 30 days worst case scenario but she thinks Vida will be alot quicker. She has also gone through a packager.

Losing the plot checking my emails ten million times a day!!!! Ahhhhhhhh!

periwinkleperkins

bell2020 said:

So jealous of you's that are progressing 😔 8 working days and we are still waiting for our DIP response?? I questioned it with the broker yesterday and she said she can't chase within their specified time frame... that its a manual review and not a system like mainstream lenders and that they'd only had it for 2 days. Whilst I do understand they take a while..... i don't understand why it takes so long to do a basic check?? DIPs don't really mean much so I have read so there can't be much "searching" involved surely? Soft search etc..... I'm sick of waiting and this isn't even the full application!!! She said the full application should take 30 days worst case scenario but she thinks Vida will be alot quicker. She has also gone through a packager.

Losing the plot checking my emails ten million times a day!!!! Ahhhhhhhh!

From what I was told, the packager basically does the job of the underwriter for them to make sure it meets criteria so whilst it takes more time, the rejection rates are lower. Fingers crossed you hear back soon. 

I hope it doesn’t take a month like you’ve been told as we’ve got a 21 day clause for exchange in the reservation for HTB... Luckily the developer has had a few small delays with getting contracts to our solicitor so the clock isn’t ticking yet! 

bell2020

oh really!?? Thats interesting to hear. Our broker is using a packager. 

2 weeks tomorrow since our DIP form was sent in and we still haven't heard. Praying its TOMORROW!!!!!

She said the 30 days was worst case scenario. Not sure if thats 30 working days though!!!! Fingers crossed it isnt that long for you. Horrible waiting isn't it!

LMJ10

Wow, everyone waiting so long,
Our broker has put in a DIP request on Friday, said it will take 2 days!  I wonder if it will

periwinkleperkins

Ours took 3 days but broker blamed that on having to re-register. 

We were then told a week for underwriters and at 5pm got the news a valuation survey had been requested... so far they’re pretty much on the ball (though I’ve heard that the broker using a packager really helps as they dot the i’s and cross the t’s pre-application). 

bell2020

Well we still haven't heard anything, so frustrating. I really don't understand how it can take atleast 14 days :-(

periwinkleperkins

bell2020 said:

Well we still haven't heard anything, so frustrating. I really don't understand how it can take atleast 14 days :-(

Hope you hear something soon, might be worth checking your broker re-registered as that was our initial holdup as nobody told him he needed to!