Vida Homeloans return to market?

Julietkmc

Hello,
We are waiting in limbo, I am not sleeping waiting for THAT day when we find out if we have our mortgage.
As VIDA were pulling the product we wanted to apply for, we had to do get a DIP, full mortgage application and reserve our new build all within 48 hours! It was stressful but our application was submitted (and £520 paid in fees to Vida) on 27th November 2020. The valuation was done on the property in mid December and has been waiting to be passed to underwriters ever since. Our reservation deadline was 31st December. Luckily, we have used solicitors and mortgage brokers that were recommended by our builders so they do communicate with each other and have extended the reservation deadline but I am concerned that any day now they will put it back on the market.
Every week I chase it with my MB, they say escalations are being refused on applications submitted after 24th November.
I read on the Vida website that cases only progress to valuation once the initial check have passed so I am taking that as a positive....
Does anybody have a similar experience they could share or have any advise? Our house will be built before we get an offer at this rate! And I just want to start properly planning without the 'what ifs'.

SarahMayhtb

Julietkmc said:

Hello,
We are waiting in limbo, I am not sleeping waiting for THAT day when we find out if we have our mortgage.
As VIDA were pulling the product we wanted to apply for, we had to do get a DIP, full mortgage application and reserve our new build all within 48 hours! It was stressful but our application was submitted (and £520 paid in fees to Vida) on 27th November 2020. The valuation was done on the property in mid December and has been waiting to be passed to underwriters ever since. Our reservation deadline was 31st December. Luckily, we have used solicitors and mortgage brokers that were recommended by our builders so they do communicate with each other and have extended the reservation deadline but I am concerned that any day now they will put it back on the market.
Every week I chase it with my MB, they say escalations are being refused on applications submitted after 24th November.
I read on the Vida website that cases only progress to valuation once the initial check have passed so I am taking that as a positive....
Does anybody have a similar experience they could share or have any advise? Our house will be built before we get an offer at this rate! And I just want to start properly planning without the 'what ifs'.

Going by their website you have 10 working days until initial underwriting. Then you will go back in the queue for final approval (this part is getting quicker everyday but expect a couple of weeks at least) we escalated on the 27th Jan and got our offer yesterday. We submitted October 16th so nearly 17 LONG weeks from application to offer! You’ll get there in the end 🤞🏻 

Ismaimran

Julietkmc said:

Hello,
We are waiting in limbo, I am not sleeping waiting for THAT day when we find out if we have our mortgage.
As VIDA were pulling the product we wanted to apply for, we had to do get a DIP, full mortgage application and reserve our new build all within 48 hours! It was stressful but our application was submitted (and £520 paid in fees to Vida) on 27th November 2020. The valuation was done on the property in mid December and has been waiting to be passed to underwriters ever since. Our reservation deadline was 31st December. Luckily, we have used solicitors and mortgage brokers that were recommended by our builders so they do communicate with each other and have extended the reservation deadline but I am concerned that any day now they will put it back on the market.
Every week I chase it with my MB, they say escalations are being refused on applications submitted after 24th November.
I read on the Vida website that cases only progress to valuation once the initial check have passed so I am taking that as a positive....
Does anybody have a similar experience they could share or have any advise? Our house will be built before we get an offer at this rate! And I just want to start properly planning without the 'what ifs'.

Hiya we are in the similar situation to urs too. We put in full application first week of November...valuation 27th November. Got the valuation report back just before Christmas. After new year after chasing vida numerous times we were told that we would have an update first week of February however no update at all. Broker has put in a complaint as it's taking far too long. Our offer on the house was accepted in September so it's been a long time. The sellers were going to put the house back on to the market in January but after alot of persuasion there didnt. 
Its soo stressful waiting..

Julietkmc

SarahMayhtb said:

Going by their website you have 10 working days until initial underwriting. Then you will go back in the queue for final approval (this part is getting quicker everyday but expect a couple of weeks at least) we escalated on the 27th Jan and got our offer yesterday. We submitted October 16th so nearly 17 LONG weeks from application to offer! You’ll get there in the end 🤞🏻 

That is great news, congratulations. The majority seem to get an offer in the end, its just the waiting and not knowing that is the pattern . I think if Vida communicated updates to us that would help us be more understanding.

Julietkmc

Ismaimran said:

Hiya we are in the similar situation to urs too. We put in full application first week of November...valuation 27th November. Got the valuation report back just before Christmas. After new year after chasing vida numerous times we were told that we would have an update first week of February however no update at all. Broker has put in a complaint as it's taking far too long. Our offer on the house was accepted in September so it's been a long time. The sellers were going to put the house back on to the market in January but after alot of persuasion there didnt. 
Its soo stressful waiting..

So you are 3 weeks ahead of us and still no offer...... I was advised that Vida have stopped taking new applications so things should speed up a bit. Good luck!

SarahMayhtb

Julietkmc said:

Ismaimran said:

Hiya we are in the similar situation to urs too. We put in full application first week of November...valuation 27th November. Got the valuation report back just before Christmas. After new year after chasing vida numerous times we were told that we would have an update first week of February however no update at all. Broker has put in a complaint as it's taking far too long. Our offer on the house was accepted in September so it's been a long time. The sellers were going to put the house back on to the market in January but after alot of persuasion there didnt. 
Its soo stressful waiting..

So you are 3 weeks ahead of us and still no offer...... I was advised that Vida have stopped taking new applications so things should speed up a bit. Good luck!

Vida removed a lot of their products beginning of November and then stopped all new purchases end of November. They had a huge influx of applications in October which now they have nearly cleared, things are speeding up. The waiting is the worst, I’ve hardly slept for months, I hope you get an update soon but don’t lose the faith it’ll get there in the end. 

Ismaimran

Julietkmc said:

Ismaimran said:

Hiya we are in the similar situation to urs too. We put in full application first week of November...valuation 27th November. Got the valuation report back just before Christmas. After new year after chasing vida numerous times we were told that we would have an update first week of February however no update at all. Broker has put in a complaint as it's taking far too long. Our offer on the house was accepted in September so it's been a long time. The sellers were going to put the house back on to the market in January but after alot of persuasion there didnt. 
Its soo stressful waiting..

So you are 3 weeks ahead of us and still no offer...... I was advised that Vida have stopped taking new applications so things should speed up a bit. Good luck!

Hopefully we should hear something soon 
The sleepless nights are getting too much know. Fingers crossed for both of us

elliew95

SarahMayhtb said:

elliew95 said:

We’ve been told that the underwriter is happy to give us an offer today!! Do we get it emailed over or have we got to wait for it in the post? I know post is very delayed so wondering how long people have waited to receive sign and return thank you 

How long after hearing this did it take to receive your offer? 

We received our offer next morning after being told by our broker they were happy. We then got all documents in the post about 48 hours after

Miraclehome2020

Finally completed and have now moved in our Dream home.Guess the wait was all worth it in the end.

Amy32

Miraclehome2020 said:

Finally completed and have now moved in our Dream home.Guess the wait was all worth it in the end.

Congratulations! We got declined by Vida but got an offer by Aldermore and due to exchange tomorrow and complete next week! So exciting