Mortgage broker - ask me anything

powerful_Rogue

Hi,

Just a quick question!

Valuation was carried out for the Halifax on the 22nd September. Been advised that it's been received back and in the queue for assessment. Is that standard procedure?

ACG

powerful_Rogue said:

Hi,

Just a quick question!

Valuation was carried out for the Halifax on the 22nd September. Been advised that it's been received back and in the queue for assessment. Is that standard procedure?

Yes for all lenders. They need to check if the valuation came back as expected and if there were any issues raised (subsidence, damp etc).

xMeganCL

7 weeks in to an application with Nationwide and don't seem to be getting anywhere. They keep requesting documents, taking forever to look at them and then requesting more. 
My broker advised that the BDM sent the application for escalation yesterday. Once escalated, how much longer do you think it'll take? 

haras_n0sirrah

xMeganCL said:

7 weeks in to an application with Nationwide and don't seem to be getting anywhere. They keep requesting documents, taking forever to look at them and then requesting more. 
My broker advised that the BDM sent the application for escalation yesterday. Once escalated, how much longer do you think it'll take? 

Nationwide are very slow at the moment. I haven't tried to escalate anything so I dont know the escalation timescales if they are escalating at all at the moment 

My_cat_judges_me

Hi, FTB here. I’ve applied to Nationwide for a 85% LTV mortgage on a £215k house which has taken me a year to find. 

Valuation has been done. I keep worrying about the underwriting stage as there’s factors such as:
- 1 default on my credit report from 2016, which I fully satisfied this year.
- A couple of late CC payments over 12 months ago. 

- I’ve also started a new permanent job two months ago (probation period is 3 months) and had 1 month employment gap. I was in my last job for 7 years (made redundant in July). 

New salary is £65k so not worried about affordability. I have no debts, loans or ODs at all now and all my 15% deposit is all from savings. I have no big monthly outgoings apart from regular rent and bills.

Can someone tell me what the real likelihood is of me being accepted with the above? I’m a bundle of nerves right now.

haras_n0sirrah

My_cat_judges_me said:

Hi, FTB here. I’ve applied to Nationwide for a 85% LTV mortgage on a £215k house which has taken me a year to find. 

Valuation has been done. I keep worrying about the underwriting stage as there’s factors such as:
- 1 default on my credit report from 2016, which I fully satisfied this year.
- A couple of late CC payments over 12 months ago. 

- I’ve also started a new permanent job two months ago (probation period is 3 months) and had 1 month employment gap. I was in my last job for 7 years (made redundant in July). 

New salary is £65k so not worried about affordability. I have no debts, loans or ODs at all now and all my 15% deposit is all from savings. I have no big monthly outgoings apart from regular rent and bills.

Can someone tell me what the real likelihood is of me being accepted with the above? I’m a bundle of nerves right now.

Nationwide have no issues with probationary periods so that isnt a problem. If you have passed the credit check then I would assume they aren't too worried about the other items as well. 

My_cat_judges_me

haras_n0sirrah said:

My_cat_judges_me said:

Hi, FTB here. I’ve applied to Nationwide for a 85% LTV mortgage on a £215k house which has taken me a year to find. 

Valuation has been done. I keep worrying about the underwriting stage as there’s factors such as:
- 1 default on my credit report from 2016, which I fully satisfied this year.
- A couple of late CC payments over 12 months ago. 

- I’ve also started a new permanent job two months ago (probation period is 3 months) and had 1 month employment gap. I was in my last job for 7 years (made redundant in July). 

New salary is £65k so not worried about affordability. I have no debts, loans or ODs at all now and all my 15% deposit is all from savings. I have no big monthly outgoings apart from regular rent and bills.

Can someone tell me what the real likelihood is of me being accepted with the above? I’m a bundle of nerves right now.

Nationwide have no issues with probationary periods so that isnt a problem. If you have passed the credit check then I would assume they aren't too worried about the other items as well. 

I’ve passed the soft search at DIP stage. Now I’ve submitted the full mortgage application and I honestly don’t know when they do the hard search. They’ve done the valuation but still have a bad feeling they’re going to decline.

Toyo_86

Hi 

2 questions please

1. is it possible that the valuation from the lender comes out at a higher value than you are paying or is it a case where its what you are paying or less?

2. if its possible that valuation is higher than you are paying for the property, can you request for more money? If you can, will it go through UW again?

Thanks

haras_n0sirrah

Toyo_86 said:

Hi 

2 questions please

1. is it possible that the valuation from the lender comes out at a higher value than you are paying or is it a case where its what you are paying or less?

2. if its possible that valuation is higher than you are paying for the property, can you request for more money? If you can, will it go through UW again?

Thanks

It is rare it would happen. Normally the surveyor would see the purchase price and either agree or reduce 

Toyo_86

haras_n0sirrah said:

Toyo_86 said:

Hi 

2 questions please

1. is it possible that the valuation from the lender comes out at a higher value than you are paying or is it a case where its what you are paying or less?

2. if its possible that valuation is higher than you are paying for the property, can you request for more money? If you can, will it go through UW again?

Thanks

It is rare it would happen. Normally the surveyor would see the purchase price and either agree or reduce 

Thanks. Great job with this forum.