Vida Homeloans return to market?

MortgageWonders

PTaylor87 said:

MortgageWonders said:

Good luck if anyone has had to apply for an offer extension, they have changed there criteria since September on affordablity, so even if you had an offer in September, October, if you need an extension be surprised for a massive shock even if your finances are the same or better. 

What’s changed on affordability? 

Before November they didn't take any defaults or ccjs in to account for affordability, now they are taking then all as a 3% monthly commitment.. So you've got £10000 worth of defaults, ccjs etc they will say irs £300 monthly commitment which naturally hammers your affordablity 

PTaylor87

MortgageWonders said:

PTaylor87 said:

MortgageWonders said:

Good luck if anyone has had to apply for an offer extension, they have changed there criteria since September on affordablity, so even if you had an offer in September, October, if you need an extension be surprised for a massive shock even if your finances are the same or better. 

What’s changed on affordability? 

Before November they didn't take any defaults or ccjs in to account for affordability, now they are taking then all as a 3% monthly commitment.. So you've got £10000 worth of defaults, ccjs etc they will say irs £300 monthly commitment which naturally hammers your affordablity 

What a joke! Is that on the website anywhere? I wondered why they flagged up a default from 5 years ago which was for 5k. Fingers crossed we’ll be ok though as between myself and my partner we earn around 80k and need a mortgage for £240,000

MortgageWonders

PTaylor87 said:

MortgageWonders said:

PTaylor87 said:

MortgageWonders said:

Good luck if anyone has had to apply for an offer extension, they have changed there criteria since September on affordablity, so even if you had an offer in September, October, if you need an extension be surprised for a massive shock even if your finances are the same or better. 

What’s changed on affordability? 

Before November they didn't take any defaults or ccjs in to account for affordability, now they are taking then all as a 3% monthly commitment.. So you've got £10000 worth of defaults, ccjs etc they will say irs £300 monthly commitment which naturally hammers your affordablity 

What a joke! Is that on the website anywhere? I wondered why they flagged up a default from 5 years ago which was for 5k. Fingers crossed we’ll be ok though as between myself and my partner we earn around 80k and need a mortgage for £240,000

You should be fine as you'd not close to affordablity, our max lending amount in September was 232k and we needed 221k..now with there new affordable scale our max is 202k unless we pay off 3k worth of defaults.. Baffling.. As we jumped through hoops already with them. 

PTaylor87

MortgageWonders said:

PTaylor87 said:

MortgageWonders said:

PTaylor87 said:

MortgageWonders said:

Good luck if anyone has had to apply for an offer extension, they have changed there criteria since September on affordablity, so even if you had an offer in September, October, if you need an extension be surprised for a massive shock even if your finances are the same or better. 

What’s changed on affordability? 

Before November they didn't take any defaults or ccjs in to account for affordability, now they are taking then all as a 3% monthly commitment.. So you've got £10000 worth of defaults, ccjs etc they will say irs £300 monthly commitment which naturally hammers your affordablity 

What a joke! Is that on the website anywhere? I wondered why they flagged up a default from 5 years ago which was for 5k. Fingers crossed we’ll be ok though as between myself and my partner we earn around 80k and need a mortgage for £240,000

You should be fine as you'd not close to affordablity, our max lending amount in September was 232k and we needed 221k..now with there new affordable scale our max is 202k unless we pay off 3k worth of defaults.. Baffling.. As we jumped through hoops already with them. 

That’s crazy and really hope I don’t end up in the same boat! We’ve sent them literally everything, they read 1 document at a time and then end up asking for more! Fingers crossed on affordability we’re ok as I don’t have any other outgoings and my partner doesn’t have much. Crazy how many hoops you have to jump through and all the while finding a 20% deposit! 

Julietkmc

Reading the recent posts makes me amazed. We all seem to be getting our applications dragged out in one way or another.
I was told this week that is we didnt receive an offer by 19th march, our builder would put the house back on the market. Our solicitors twice requested escalation which got refused du to us not having a completion date. I sent a long email trying to explain the situation as a whole. My case was then passed to the ops manager and looked at that day. yesterday we were asked a long list of questions about my mother who has gifted some of our deposit and currently lives with us. She will not move into the new home but they asked so many questions about why, where she is going etc. They also asked for statements on a 2nd charge on my husbands other mortgage with his ex as it went slightly into arrears a year ago. One day it feels like we are getting somewhere, the next if feels like we heading to a no. I would just like a decision either way. I do respect the fact that they are lending responsibly but cant help but think it is no wonder their time frames are so long with all the backwards and forwards! 

PTaylor87

Julietkmc said:

Reading the recent posts makes me amazed. We all seem to be getting our applications dragged out in one way or another.
I was told this week that is we didnt receive an offer by 19th march, our builder would put the house back on the market. Our solicitors twice requested escalation which got refused du to us not having a completion date. I sent a long email trying to explain the situation as a whole. My case was then passed to the ops manager and looked at that day. yesterday we were asked a long list of questions about my mother who has gifted some of our deposit and currently lives with us. She will not move into the new home but they asked so many questions about why, where she is going etc. They also asked for statements on a 2nd charge on my husbands other mortgage with his ex as it went slightly into arrears a year ago. One day it feels like we are getting somewhere, the next if feels like we heading to a no. I would just like a decision either way. I do respect the fact that they are lending responsibly but cant help but think it is no wonder their time frames are so long with all the backwards and forwards! 

If you don’t mind me asking, who did you email in order to escalate? We’ve went off payslips after we were told nothing else was needed and then got told we then needed P60s which we sent and then got told nothing else was needed and then got asked for a gifted deposit form and have been told nothing else will be needed. It just seems like their dragging their heels for no real reason and it’s so frustrating. We were told it would be looked at mid January but has only just started being looked at now!

Ismaimran

PTaylor87 said:

Julietkmc said:

Reading the recent posts makes me amazed. We all seem to be getting our applications dragged out in one way or another.
I was told this week that is we didnt receive an offer by 19th march, our builder would put the house back on the market. Our solicitors twice requested escalation which got refused du to us not having a completion date. I sent a long email trying to explain the situation as a whole. My case was then passed to the ops manager and looked at that day. yesterday we were asked a long list of questions about my mother who has gifted some of our deposit and currently lives with us. She will not move into the new home but they asked so many questions about why, where she is going etc. They also asked for statements on a 2nd charge on my husbands other mortgage with his ex as it went slightly into arrears a year ago. One day it feels like we are getting somewhere, the next if feels like we heading to a no. I would just like a decision either way. I do respect the fact that they are lending responsibly but cant help but think it is no wonder their time frames are so long with all the backwards and forwards! 

If you don’t mind me asking, who did you email in order to escalate? We’ve went off payslips after we were told nothing else was needed and then got told we then needed P60s which we sent and then got told nothing else was needed and then got asked for a gifted deposit form and have been told nothing else will be needed. It just seems like their dragging their heels for no real reason and it’s so frustrating. We were told it would be looked at mid January but has only just started being looked at now!

Hi 
I think u get ur solicitor to write a letter of escalation which states the date of completion....we are thinking to escalate if we dont hear anything in next few days.its soo frustrated when being told there dont need anything but then always come back asking for more documents. My broker said it was the last two questions there need answers too and then that its but to be honest I think there will be more. Fingers crossed for all of us.

PTaylor87

Apparently working on the 1st March cases at the moment and they received all our documents on the 9th so hopefully not too much longer 

Ismaimran

PTaylor87 said:

Apparently working on the 1st March cases at the moment and they received all our documents on the 9th so hopefully not too much longer 

Is that the documents u re submitted

PTaylor87

Ismaimran said:

PTaylor87 said:

Apparently working on the 1st March cases at the moment and they received all our documents on the 9th so hopefully not too much longer 

Is that the documents u re submitted

Yea we’ve had confirmation that nothing else is required so just waiting underwriters decision