FTB and LEEDS BUILDING SOCIETY MORTGAGE

MD2096

Hi All, 

My partner and I have recently applied for a mortgage with Leeds Building Society. 

We are both first time buyers and are using the Help to Buy equity loan. 

I earn £19k/year and he earns 47.5k/year and were originally going to do a traditional 90% LTV however the way funding works at the min our broker was struggling and we are set to move Mid-October so wanted to get the ball rolling - hence HTB.

It has been over a week since putting the full application in, however we have heard absolutely nothing? We are aware of 0 questions, extra document requests etc. 

Is this normal? We are worried as there are a couple of questionable things on our bank statements so would have thought we’d have a question at least by now. 

If anyone could help, that would be amazing. 

Thank you! 

Inituptomyeyes

Hi, we recently applied for a mortgage with Leeds BS, here is our timeline
5 June - DIP, soft search done on Equifax.
15 June - full application submitted.
17 June - hard credit search done on Equifax.
22 June - Soft check on Equifax to check additional addresses.
23 June - our broker heard from the underwriter with a  question that was  answered and documents submitted on the same day.
29 June - update from our broker, the valuation had been completed and passed.
3 July - Mortgage offer received woohoo 😃
28 July exchanged contracts, completion date set for tomorrow 31 July, cannot wait!!

good luck with your application, I hope you hear something soon because the wait is excruciating!

haras_n0sirrah

All lenders are very delayed 
Leeds currently about 7 working days 

MD2096

Inituptomyeyes said:

Hi, we recently applied for a mortgage with Leeds BS, here is our timeline
5 June - DIP, soft search done on Equifax.
15 June - full application submitted.
17 June - hard credit search done on Equifax.
22 June - Soft check on Equifax to check additional addresses.
23 June - our broker heard from the underwriter with a  question that was  answered and documents submitted on the same day.
29 June - update from our broker, the valuation had been completed and passed.
3 July - Mortgage offer received woohoo 😃
28 July exchanged contracts, completion date set for tomorrow 31 July, cannot wait!!

good luck with your application, I hope you hear something soon because the wait is excruciating!

Thank you so much for your response. 

Wow congratulations!! Good luck for your completion tomorrow. 

Yes I am just very nervous as a FTB but sounds very much like it’s just a waiting game! 

Thank you xx

stampystamp

Hello! We are in a similar situation..

Got a DIP on 17th July after a soft credit search from Leeds on the same day.
Full application submitted 22nd July
Hard credit check done on 24th July
27th July Our Broker contacted us to sign a declaration for the application and request one further bank statement that I must have missed out by accident. 

Ours is shared ownership/new build and the exchange needs to be done within 28 days so slightly starting to freak out! The Broker says she assumes it’s with the underwriter now but it’s nerve wracking waiting and I can’t do anything but worry it’s going to be rejected.

MD2096

stampystamp said:

Hello! We are in a similar situation..

Got a DIP on 17th July after a soft credit search from Leeds on the same day.
Full application submitted 22nd July
Hard credit check done on 24th July
27th July Our Broker contacted us to sign a declaration for the application and request one further bank statement that I must have missed out by accident. 

Ours is shared ownership/new build and the exchange needs to be done within 28 days so slightly starting to freak out! The Broker says she assumes it’s with the underwriter now but it’s nerve wracking waiting and I can’t do anything but worry it’s going to be rejected.

Hey! 

Thanks for your reply. 

Your timeline is very similar to mine however yours seems to be moving faster! We submitted our application on 20th July, and only yesterday we were hard searched? We have already signed our declaration from Leeds BS but just worried as our application isn’t even with the underwriters yet. 

I believe because of COVID most developers are being slightly more lenient on exchanging as ours is now allowing us to exchange and complete on the same day 😁 I think if you tell them it’s taking a long time they should understand! 

Xxx

muhammad_minar

So nice to hear about the successful mortgage offer for some - gives hope to some of us still waiting. In with Santander - timeline;

July 9 - DIP and Full application with documents attached
July 10 - documents accepted and application passed to underwriters
July 21st - request for additional documents
July 22nd - documents sent and accepted and passed back to underwriter
July 24 - physical survey completed
July 27 - request for additional info. Sent same day and accepted. Passed back to underwriter
July 29 - survey report recieved

now waiting for decision... so frustrating

stampystamp

MD2096 said:

stampystamp said:

Hello! We are in a similar situation..

Got a DIP on 17th July after a soft credit search from Leeds on the same day.
Full application submitted 22nd July
Hard credit check done on 24th July
27th July Our Broker contacted us to sign a declaration for the application and request one further bank statement that I must have missed out by accident. 

Ours is shared ownership/new build and the exchange needs to be done within 28 days so slightly starting to freak out! The Broker says she assumes it’s with the underwriter now but it’s nerve wracking waiting and I can’t do anything but worry it’s going to be rejected.

Hey! 

Thanks for your reply. 

Your timeline is very similar to mine however yours seems to be moving faster! We submitted our application on 20th July, and only yesterday we were hard searched? We have already signed our declaration from Leeds BS but just worried as our application isn’t even with the underwriters yet. 

I believe because of COVID most developers are being slightly more lenient on exchanging as ours is now allowing us to exchange and complete on the same day 😁 I think if you tell them it’s taking a long time they should understand! 

Xxx

If you’ve had a hard search yesterday I guess it should be going to the underwriters now and it’s a good sign you’ve not been contacted for any further details like I was with the payslip. Their timescales are definitely odd though and makes no sense why mine seems to be progressing faster than yours!!

The housing association who we are buying from seem really helpful and they are actually our current landlords (in local authority accommodation at the moment) so hoping they will be accommodating if mortgage takes longer than expected! Pretty sure they would let us complete the day after exchange if we asked them as the house is ready and obviously no chain.

It’s all very scary though isn’t it? I hate the not knowing! 

MD2096

@muhammad_minar
That is very frustrating - seems we are all in a similar boat at the min! I understand their cautious lending during COVID however seems like people are waiting well beyond a month for a decision.

Best of luck to you - hope you get your decision soon! 

JRG_4

Judging from your other thread your application is on hold because you dont have authority to proceed from HTB yet. Im in the same boat. Leeds won’t progress with my full app until we get this.

MD2096

JRG_4 said:

Judging from your other thread your application is on hold because you dont have authority to proceed from HTB yet. Im in the same boat. Leeds won’t progress with my full app until we get this.

Thank you so much for your reply. 

Yes it seems we probably have done things the wrong way round hence our halted mortgage application! We are FTB so honestly quite clueless about how it all worked. 

We have applied for the loan so fingers crossed it comes through soon. How long have you been waiting for your equity loan to be approved? 

Thanks, 
M