Vida Homeloans return to market?

Joleen23

Your not kidding!! So stressful 

jmilne

alanastill12 said:

i've done the bank statements, wage slips, the car loans and marriage certs are strange though! 
nothing is easy  

we uploaded payslips for 3 months, proof of ID and address, proof of deposit, gifted deposit letter and 4 months bank statements with full application sent on 3rd September. They have only asked for my partners drivers license and explanation of adverse credit.....so far ( I say so far ha) but our application has been underwritten apparently and signed off 

periwinkleperkins

Joleen23 said:

@periwinkleperkins did you have to submit other documents in between this process? Did they ask you for anything else, also did you pay a fee and at what stage, thankyou in advance 😊

Paid two fees... the packager took their fee when they asked for all the documents (bank statements, pay slips, proof of ID etc) and agreed I met the criteria, they called 24 hours later and said there was a "verbal accept" and asked me to pay the lender application fee at that point. Since then the only thing they asked for was an explanation of financial history and to tell me the valuation had been booked and then received. 

bell2020

periwinkleperkins said:

bell2020 said:

There are timescales on their website. Initial underwriting is currently 4 days apparently 

Where did you find that? The updated website seems a nightmare to navigate!
In other news, had a message from the broker saying case updated and decision expected today. I’ve got everything crossed 🤞 

When you go onto the website it asks if you want to view the site as a customer or intermediary. If you click intermediary it says on the home page what their current time frames are. Initial underwrite was 72 hours but they changed it a couple of days ago to 4 days.

Resnik001

periwinkleperkins said:

Joleen23 said:

@periwinkleperkins did you have to submit other documents in between this process? Did they ask you for anything else, also did you pay a fee and at what stage, thankyou in advance 😊

Paid two fees... the packager took their fee when they asked for all the documents (bank statements, pay slips, proof of ID etc) and agreed I met the criteria, they called 24 hours later and said there was a "verbal accept" and asked me to pay the lender application fee at that point. Since then the only thing they asked for was an explanation of financial history and to tell me the valuation had been booked and then received. 

Thanks for that information, what was you’re timeline. Speaking with MA was it a quick turnaround for DIP. 

Been waiting a week, look at quite patient have to be, as totally outwith my control & reading some brokers are working flat out in.... But an estimation would be good, so it gives me some reassurance. 

bell2020

@Resnik001 our DIP was submitted Thursday morning and our broker said its usually a 48 hour turnaround so I'm hoping to hear Monday. On their website though it says 24 hours for DIP referral. Good luck! 

Joleen23

Can anyone tell me do all mortgage advisors use a packager as mine hasn’t. What’s the difference please? 

MortgageWonders

Joleen23 said:

Can anyone tell me do all mortgage advisors use a packager as mine hasn’t. What’s the difference please? 

No vida dont require a packager, some brokers use them as it saves them some work, other brokers hate packagers as it adds another middle man 

Resnik001

bell2020 said:

@Resnik001 our DIP was submitted Thursday morning and our broker said its usually a 48 hour turnaround so I'm hoping to hear Monday. On their website though it says 24 hours for DIP referral. Good luck! 

Thanks, hope you hear some news. We are one week down the line, so just still waiting 😊 

periwinkleperkins

Joleen23 said:

Can anyone tell me do all mortgage advisors use a packager as mine hasn’t. What’s the difference please? 

Sometimes lenders want to try a new product (rates / fees / ltv) and use a packager to reduce the number of applications rather than being overwhelmed, plus the packagers know the lenders rules inside-out so everything submitted “should be” right first time and reduce delays.