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

kep79 · 16 June 2015 at 10:08AM

22 Feb - pushed note through door expressing interest in buying house in area
4 Mar - vendor replied, arranged viewing
18 Mar - viewed house
25 Mar - agreed price
Sometime in April - vendor found house and agreed price
Beginning of May - searches started by solicitor
11 May - passed credit checks for mortgage, mortgage approved subject to underwriting checks and valuation
12 May - application fully packaged by broker
18 May - checks on zero credit card balance
22 May - valuation instructed
1 June - valuation carried out
2 June - confirmation that valuation acceptable
15 June - FINALLY mortgage offer issued!

Now waiting to exchange - should be this week as everything else (searches/contract queries) are all done and dusted! Won't complete until end of July though due to vendor's circumstances.

charliewocka · 16 June 2015 at 11:15AM

Appeal has been submitted to TMW to raise the mortgage offer on the let to buy. We have listed comparable properties in the area that have been let in the past 180 days, provided a written commentary (read: essay!) and submitted EA valuation letter and Zoopla statistics to back us up. They were basing lending on £1200pcm but we know the area and this is far too low.

In fact, EA have come back to us this morning and asked if we could have somebody start a tenancy on 14th July as they have a couple wanting to move into the area and like the look of the property and are prepared to pay £1400pcm so this was hastily added to the appeals form. Fingers crossed!

I asked our broker to review the appeals form and provide comment to ensure that we have a strong case. Their only feedback was 'I've never appealed before'

which doesn't fill me with confidence!

ETA: Just heard form broker to expect a decision in the next 7 days. We are both working overseas next week so argh!!!

RHYMESNME · 16 June 2015 at 3:32PM

Hi Mortgage waiting people,

I and partner applied through a broker for a 50% share 215,000 full value flat in late March and got an agreed DIP from Halifax next day which was great. The valuation was on the 21st April and offer 2 days later. Halifax added a middle name which did not existed so a search was done and correct name showing on 27th April.
Handover from Council to Developer done on 12th May which delayed things of course.
13th May searches ordered and all sorted just 4 days ago.
We received the lease again to sign in front of a witness on Saturday just gone and sent on Saturday which solicitors received yesterday.
Now this is the BLOODY annoying part, as the lease says we CANNOT buy further shares until after 2 years Halifax have to decide if they are happy with this, if they are not then the price of property may change to less or more which means they might not lend, if they are ok with this then they will agree to lend and then exchange of contracts and completion will start.
Bear in mind the lender can change their mind anytime up until completion, when exchange of contracts is done the buyer and or seller are in a legally binding contract, people.
It is a long process and I wish you all the best.

;o)

P.S

I have done my research on mortgages online several months ago, just before applying and whilst applying and still I continually do research.

Sedge123 · 16 June 2015 at 6:13PM

Application submitted to nationwide on Monday by broker and just had a text to say valuation booked for tomorrow. I wonder if this is just s drive by one or s proper one?
They have also requested my husbands P60 from April 2014 as he receives overtime and this can vary month to month. Hope this is just a formality......

freestyle_gus · 16 June 2015 at 6:17PM

Sedge123 wrote: »

Application submitted to nationwide on Monday by broker and just had a text to say valuation booked for tomorrow. I wonder if this is just s drive by one or s proper one?
They have also requested my husbands P60 from April 2014 as he receives overtime and this can vary month to month. Hope this is just a formality......

They booked ours in pretty quickly too, you'll get an update when the surveyor has submitted the report to Nationwide. For us it then went rather quiet for a while, which was disconcerting!

I think it depends upon what you have asked for. We paid for the homebuyers report so it was rather more involved.

Sedge123 · 16 June 2015 at 9:27PM

freestyle_gus wrote: »

They booked ours in pretty quickly too, you'll get an update when the surveyor has submitted the report to Nationwide. For us it then went rather quiet for a while, which was disconcerting!

I think it depends upon what you have asked for. We paid for the homebuyers report so it was rather more involved.

Thanks. It's just the basic valuation for the mortgage but they have contacted our sellers for access to the property. In assuming this means we have passed their initial checks?

csgohan4 · 16 June 2015 at 10:39PM

Used broker as partner has limited company but with 2 years accounts and SA302.

Viewed property on 6th June and made an offer

Offer accepted on 8th June for under asking price

Full application submitted on 11th June to Skipton Building society

Question asked on 12th June why company not at same address as residential- given reasons due to previous identity fraud.

Still awaiting decision, stressed over rejection as limited company, despite having all documentation. Credit historys nothing adverse noted and well within affordability with LTV 80%

Broker been great so far, updating when he can and thorough with application.

nic_c · 16 June 2015 at 10:55PM

Sedge123 wrote: »

Thanks. It's just the basic valuation for the mortgage but they have contacted our sellers for access to the property. In assuming this means we have passed their initial checks?

Is the property vacant? Wonder if changes the type of visit?

As I'm now waiting, will join in.

9/4 Offer accepted on a repossession
11/4 Apply for 95% LTV Halifax via L&C
16/4 Comes back failed on scoring
21/4 Apply for 85% LTV after gift
22/4 L&C advise we try a sub-prime lender
26/4 pull out of house buying and consider moving to another rental
1/5 after being shocked at rental prices on poor quality housing contact local brokers
2/5 find a broker we like, send across CRA
8/5 apply for DIP with Nationwide
11/5 case being referred need additional documents
15/5 the original repossession sells after a further price reduction

8/6 DIP granted, for vastly more than we asked :eek:
8/6 start looking at wider range of house prices.
10/6 have an offer accepted on a house, after some negotiation, but 6.6% below asking price and around the original amount we wanted to spend
11/6 Made full application
12/6 Informed viewing was booked

So now waiting

MarkT1 · 17 June 2015 at 12:23AM

MarkT1 wrote: »

Valuation done today along with home buyers report, all seemed to go well, how long does it normally take after the valuation has been done?

Update - I had my mortgage offer issued on the 9th June. This was sent over to my solicitor and everything was progressing nicely, and they were about to submit the searches.

I then received a call from the seller saying they were expecting me to pay half of their costs of selling (ERC and EA fees) should I wish for the sale to proceed. Not heard of the buyer paying the sellers fees before!

Now found a new property, offer accepted and mortgage re-application going in tomorrow. Fingers crossed (again!). Means I have lost the original valuation fee, however the new property needs a lot less work, is nicer and only 10k more.

csgohan4 · 17 June 2015 at 9:17AM

MarkT1 wrote: »

Update - I had my mortgage offer issued on the 9th June. This was sent over to my solicitor and everything was progressing nicely, and they were about to submit the searches.

I then received a call from the seller saying they were expecting me to pay half of their costs of selling (ERC and EA fees) should I wish for the sale to proceed. Not heard of the buyer paying the sellers fees before!

Now found a new property, offer accepted and mortgage re-application going in tomorrow. Fingers crossed (again!). Means I have lost the original valuation fee, however the new property needs a lot less work, is nicer and only 10k more.

that's a bit cheeky, I hope you told them where to put it

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

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