Waiting on mortgage

leila96

clarkeyalex said:

Hi all,
I'm very jealous of all those who've had quick responses. 
Nationwide so far have been extremely slow. I'm purchasing a new build through a brooker, he submitted my application on the 1st June, all accepted on the 3rd but a desktop valuation couldn't be arranged until today (19th)!!! The application has been approved subject to the valuation, crazy timings for a desktop valuation! 
I hope others are having more success with Nationwide!

We aren’t having much luck with them either! Application in on the 5th June and has to be a physical valuation.. which still hasn’t even been arranged so who knows when it will actually take place!

lizhd

Competsoph said:

Hi all, quick update. Broker said mortgage has been approved subject to valuation this AM. (HSBC) 
Awaiting date of valuation now. Things seem to be coming on nicely and as it was my birthday yesterday Which was difficult being away from home and unable to do anything, I feel a bit more positive today! 

Happy Birthday for yesterday! Hopefully the valuation won't be too long. I don't know when ours was instructed, but our application only went in last Wed, and they (HSBC) did a desktop valuation yesterday. But we've been told the application is still being looked at, so we should get our offer by next wed. 

joys1

Our application with Nationwide is waiting for review for the valuation. Phoned them up yesterday and they told that the property had been undervalued by approx 28k, however, on the case I can see that they've also done a new DIP for a higher LTV with the same mortgage amount. Not sure if this was a desktop valuation but suspect so. They also said that we should hear by Wednesday next week on the decision... I suspect it will be an offer for a different LTV ratio meaning we need to cover the rest ourselves from the deposit, but as we're planning it to be a forever home I'm not too concerned (looking at the deals they have, even the interest would remain same). 

leila96

joys1 said:

Our application with Nationwide is waiting for review for the valuation. Phoned them up yesterday and they told that the property had been undervalued by approx 28k, however, on the case I can see that they've also done a new DIP for a higher LTV with the same mortgage amount. Not sure if this was a desktop valuation but suspect so. They also said that we should hear by Wednesday next week on the decision... I suspect it will be an offer for a different LTV ratio meaning we need to cover the rest ourselves from the deposit, but as we're planning it to be a forever home I'm not too concerned (looking at the deals they have, even the interest would remain same). 

Oh that’s annoying and seems to be a common theme with desktop valuations! Our buyer had a desktop valuation and it was massively down valued so we’ve ended up having to accept a lower offer. I’m wondering if we will have the same issue with the one we are buying, it’s a physical valuation with Nationwide. 

Reece24

Hopping on here due to awaiting an offer, Application submitted 18th March required physical valuation so was on hold but that was carried out 5th June, now day 14 awaiting offer..

Competsoph

@joys1 oh goodness this has made me nervous. If our valuation came in less I think we’d struggle to put the rest towards it. Only because I’m buying alone and will potentially be supporting both of us so could do with things going to plan! 

@lizhd thank you! 

joys1

@Competsoph Don't stress too much, I'm sure it will be fine... We had this coming as we offered over the asking price (although the property was valued under the asking). However, due to having a big deposit, it hopefully gives us options. Will let you know what the lender decides next week!

ayvamummy

I have gone from mortgage application to offer in just 7 days! No broker. 

I applied for DIP with virgin money 10th June. - hard search- pass, complete full application online by the 15th they had pay slips and application form back signed. 

They called me 16th to take product fee and told me it will go to day one underwriting -
they called me again 17th June to say mortgage approved and offered subject to valuation - valuation instructed same day and booked in 22nd June - 85 ltv. 

Offer accepted on 250k house for under 215k so not expecting issues in valuation of property

Virgin money simple efficient process 👌🏼👍🏼

ftb2020mm

Reece24 said:

Hopping on here due to awaiting an offer, Application submitted 18th March required physical valuation so was on hold but that was carried out 5th June, now day 14 awaiting offer..

Hello, this must be so frustrating to have to wait so long after your valuation. Have you been chasing frequently? and if you don't mind me asking who is your lender please?

Thanks 

Reece24

ftb2020mm said:

Reece24 said:

Hopping on here due to awaiting an offer, Application submitted 18th March required physical valuation so was on hold but that was carried out 5th June, now day 14 awaiting offer..

Hello, this must be so frustrating to have to wait so long after your valuation. Have you been chasing frequently? and if you don't mind me asking who is your lender please?

Thanks 

Hiya,
Yeah it is but kind of expected it looking at numerous forums on here and Covid etc... Applied through a broker who matched us with Pepper due to credit issue some years ago. They asked some more info a few days ago yet to hear back.