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

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  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
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    I don't know what the process is with NW, as we have applied with halifax.

    Keeping everything crossed for you though!
    :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:
  • fairyloveheart
    fairyloveheart Posts: 252 Forumite
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    Halifax is our back up plan but they would only lend us 207K (we wanted 220K) due to our existing debt, about 25K - though that will be settled from equity.

    Our Broker said our Halifax one was already approved at 207 and that would definitely go through so I would think yours is the same?
  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
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    Halifax gave us an AIP for almost 40k more than we want to borrow, so we were hoping that it would stand us in good stead for the much lesser amount (with my debt at just over £20000 at this point we want to be paying that down in the meantime, rather than over extending on a mortgage) however we don't seem to be able to get an update and the valuation was done a week ago :(

    I really really hope it's approved, and will keep everything crossed for you and hope nationwide get their backsides in gear for you soon!
    :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:
  • fairyloveheart
    fairyloveheart Posts: 252 Forumite
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    Will keep everything crossed..... I am trying to get our debt down in the meantime too. Ours looks similar to yours with the addition of another loan of 4k!

    On our AIP the broker said 330K for halifax and then with our debt of 25K it went down to 207k! Don't get it!!!!

    Fingers crossed yours comes though really soon xxx
  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
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    That's the part that worries me if I'm honest, I've paid off £5000 since July but it hasn't shown on my credit reports yet, so my experian report shows even more significant debts than I actually have - explained all this to advisor though so hopefully he passed that on!

    ouch 330k to 207k?! that's quite a jump, I don't know how their calculators work!

    Fingers crossed for both of us xx
    :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:
  • mrsh86
    mrsh86 Posts: 14 Forumite
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    Have you rang broker again kirts? Surely they must be wanting to chase it too?!
  • GrantySpurs
    GrantySpurs Posts: 3 Newbie
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    Hi, if you're waiting to hear from Nationwide, don't. Ring them ! They have a ridiculous policy whereby if they have an issue with your application they wont tell you, they will wait for you to call them.
  • kingstreet
    kingstreet Posts: 38,767 Forumite
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    fairyloveheart wrote: »
    Will keep everything crossed..... I am trying to get our debt down in the meantime too. Ours looks similar to yours with the addition of another loan of 4k!

    On our AIP the broker said 330K for halifax and then with our debt of 25K it went down to 207k! Don't get it!!!!

    Fingers crossed yours comes though really soon xxx
    Debt of £25k taking 5% as the monthly cost is £1,250 per month. If you assume a mortgage costs around £10 per month per £1,000 based on a rate of perhaps 7%, £1,250 per month is the cost of a £125,000 mortgage.

    £330k - £207k = £123k.

    You can't afford to spend it on a mortgage if you are spending it on another form of credit.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • DebtFree2012
    DebtFree2012 Posts: 3,573 Forumite
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    Our valuation is now booked for next week so fingers crossed that comes back ok. We rang them direct at Colley's for Halifax updates so I'd try that.

    Our solicitors have issued our searches today and they've sent back the title deeds and draft contract for the purchase already. There's a lot to digest in the covenants and titles, of which I really don't understand so I think I will have to spend time reading it over and over and putting it in to google. I know the solicitor will explain when we see her but I'd like to figure as much out before hand so I don't have to take it all in, in one short meeting with her.

    Does anyone know if there's anyone on here that's able to "translate" these types of documents?
    Debt - CCV £3792
    CCB £1383 (took a hit for a holiday)
    Loan 1 £1787
    Loan 2 £1683
    Total £8601 Was £39302
  • kirtsypoos
    kirtsypoos Posts: 3,824 Forumite
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    I've rung and left a message MrsH, so hopefully will hear back from him today.

    That does make sense kingstreet. Is it true the credit card and loan debts are looked at differently?
    :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:
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