Anyone want to join me? Awaiting Mortgage decision...

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Comments

  • mrsh86
    mrsh86 Posts: 14 Forumite
    Well we got a letter saying the valuation is fine but no mortgage offer. Broker's office said they would call before 5 - no phone call! Looks like I'll be having more wine tonight then!!!
  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
    First Anniversary First Post Combo Breaker Cashback Cashier
    Mrsh, that's pretty much where we were at this time last week and it took a lot of chasing and until Monday to get our offer confirmed, I know it's easier said than done but try not to stress!
    :j PAID VERY, Barclaycard x3, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID :j LBM 24/07/15 - Original Debt: £0/31010.23 (100% paid) :eek:
    Mortgage - £151.316.54 :eek:
  • mashmash90
    mashmash90 Posts: 80 Forumite
    First Anniversary First Post Combo Breaker
    This is my first post, I've been obsessively lurking on this forum since applying for a mortgage and thought I might as well get in on the action!

    We are FTBs doing shared ownership, found our dream home (pretty central in London) and can afford 40% share with 10% deposit. Have a 4 week exchange deadline- 21st October. Our mortgage brokers seem to be decent, have sent our docs and got us a valuation (happened today!) within 4 working days. Our lender will be Leeds BS and I've heard mixed reviews but their service standards seem to be pretty good (12 days from docs to offer?!). Had a couple of niggles so far- one being the price increased from when we offered to when we were allocated by 12.5K. Now I'm paranoid this will be down valued as this is what happened to us last year when we tried to buy and I don't see how they justify 12K increase in 3 months. We've spent about 1K in reservation, mortgage & solicitors fees already so will be heartbroken if this happens again. Anyone have any experience of down valuations in new builds for shared ownership? I asked NHHG and they said it has happened recently that they've had some down valuations on the development (I appreciate their honesty but really not what I wanted to hear!)

    Also just found out stamp duty is £800 more than what we thought because they also charge it on a share of rent? Not read this anywhere before despite lots of research on Shared ownership but we should have enough...

    I've been told I'll be updated in 48 hours re the valuation so just stressing until I know for sure!
  • mrsh86
    mrsh86 Posts: 14 Forumite
    Got a call at 5.30.... Mortgage has been offered!!!! Can't believe it!! So ridiculously excited!!!!
  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
    First Anniversary First Post Combo Breaker Cashback Cashier
    Fab news!!! Congratulations!
    :j PAID VERY, Barclaycard x3, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID :j LBM 24/07/15 - Original Debt: £0/31010.23 (100% paid) :eek:
    Mortgage - £151.316.54 :eek:
  • Anagran
    Anagran Posts: 178 Forumite
    First Anniversary First Post Combo Breaker
    Fantastic MrsH!
  • uncreative
    uncreative Posts: 384 Forumite
    Chutzpah Haggler Debt-free and Proud!
    mrsh86 wrote: »
    Got a call at 5.30.... Mortgage has been offered!!!! Can't believe it!! So ridiculously excited!!!!

    brilliant!!
    Total Credit Used...=........£9,000 / £52,700
    Mortgage..............=........£138,000 , 20 Years left.
    :starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
    :starmod:YNAB User & Mortgage Free Wannabe
    :starmod::A19/03/16
  • mrsh86
    mrsh86 Posts: 14 Forumite
    Thanks guys! I'll keep checking back to see how everyone is getting on! I'm sure you'll all be absolutely fine :)
  • 5557223
    5557223 Posts: 45 Forumite
    First Post Combo Breaker First Anniversary
    Just discovered this thread... I am a FTB and my timeline is:

    23/Sep Offer Accepted
    24/Sep AIP with Nationwide (through Brokers)
    01/Oct Text from Nationwide saying they have reserved mortgage
    01/Oct Valuation booked for tomorrow 2nd Oct

    Quite excited about my first purchase but at the same time unsure how things will unfold over the next few weeks... Im in 2 minds whether to have a survey booked or not.
  • Nymphadora
    Nymphadora Posts: 469 Forumite
    First Post First Anniversary Combo Breaker
    Hi all.


    Wanted to add our timeline on here.


    14/09/15 DIP received from Nationwide
    28/09/15 Full mortgage application made to Nationwide
    28/09/15 Text from Nationwide saying they have requested home report from surveyor (Scotland)
    29/09/15 Text from Nationwide to say valuation received.
    02/10/15 Text from Nationwide to say formal mortgage offer being issued.


    Really pleased with the speed of it all 5 days from application being made to offer. I think the fact the lender takes the valuation details from the home report rather than sending someone out really speeds it up.


    Now just need to get the solicitors to do their bit.
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