Accord mortgages - December application

Heam2005

DIP - 15th Dec
Broker went through full application and asked us for full docs - 16th Dec
Full application - 20th Dec
Hard Search - 20th Dec
Requested more information - 21st Dec
and now it’s the Christmas break and the waiting continues 😭😭😭😭

Anyone let me know if they are in the same position of applying for a mortgage in December is not fun!

Heam2005

Anyone else in this position?

zAndy1

Application went in 22/12 , hard search 23/12 , mortgage offer received today 28/12. Very smooth and fast process so far all things considered

Heam2005

@zAndy1 was this with accord?
were you asked any additional info? 

zAndy1

Heam2005 said:

@zAndy1 was this with accord?
were you asked any additional info? 

Yes with accord and no we weren't asked for any additional info. What deal have you got btw if you don't mind me asking?

Heam2005

We have 2 year fixed for 5.3%

What about you? Is your valuation booked? 

zAndy1

Heam2005 said:

We have 2 year fixed for 5.3%

What about you? Is your valuation booked? 

2yr fixed, 5.03%. Valuation has been done, nobody came round , I estimated value at £240k (going by prices of similar houses for sale locally), value came through as £284k. There's no way it's worth that but I'm not going to argue. I'm guessing they've taken a zoopla valuation or something. 

Heam2005

Oh wow that’s good.
We have offered 15k over valuation and having to pay that out so would be good if they valued ours more haha! 

Parisian

My application went in on 29th November, and waiting for an offer! The website today says 11 days from application to offer. Just before Christmas, they did request most recent payslip (as when I spoke to broker way back I only had October) and so I then gave them November and also December that had just come through. 

I had a valuation on 2nd December, and not sure what they valued at. 

I wonder why it's taking longer than others?

zAndy1

I'm actually beginning to question the wisdom of signing up to a 2yr fixed deal at 5.03%. I mean it's not bad but if they've valued our house at £284k that means our LTV is < 60% and I can't help thinking we should perhaps be able to get a better deal. Having said that it's a damn sight better than the 7.14% variable I'm on now (that is probably going to increase to at least 7.5% shortly as it doesn't include the recent .5% base rate rise). 

Parisian

I know what you mean, zAndy1. 

I am applying for a fixed offset product - when I first applied back in November the rate was 5.86%. The next day after I appleid it dropped to 5.51% and I switched! I just checked and now it is 5.33 - so I will ask my broker to switch to this product. I hope it isn't too much hassle for them. Offset products seems quite expensive at the moment!