Anyone want to join me? Awaiting Mortgage decision...
Comments
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Quick update on my situation.
Surveyors finally turned up on the 13th but no report has been submitted as of yet. MB is chasing it for us but we had been told we’d hear on the 21st so not getting our hopes up.
How’s everyone else getting on?0 -
Hello everyone. First time poster (and first time buyer!) I have been reading through this thread to help keep myself sane (its 3am on a Saturday morning and I have work at 9am, so I will let you judge how well that is working) so I thought I would post my story.
Unlike what feels like just about every other person in this thread, we are not using a mortgage broker. We attempted to buy a house a few months ago but this fell apart because we got some very bad advice from a broker. It was a real shame as the issues could have been very easily fixed if we were made away of them before applying. As a result we are deeply distrustful of Mortgage Brokers and decided to work directly with the bank.
Much to my surprise the bank ( we were very intimidated by the idea of going directly to the bank as first time buyers) have gone out of their way to support us so far and could not have been more pleasant. It has been a very smooth process up to this point. I understand that they are of course a huge business and that their primary priority is making money from us; but still, I appreciate how approachable they have been.
We are buying with the support of the Northern Ireland Co-Ownership scheme and are not contributing any deposit so our process will be a bit different to most of you.
-First stage was paying £100 to Co-Own to begin the process. We submitted all the same paperwork you would give the bank, had our finances reviewed in depth (Co-Own has extremely specific criteria and when it comes to lending they seem to be much more fussy than many banks) and eventually recieved a decision in principle.
-We then had to go out and find a property. We already knew exactly what we wanted. Co-Own approved us mid-afternoon and we viewed the house 9am the next morning and immediately agreed to purchase it.
- after agreeing a property we immediately submitted our application ( £500 fee, but this funded the survery and much of our final legal fees) to begin the second stage of Co-Own. Found out that a property survery had been booked almost immediatly. This resulted in a week of fretting but we eventually heard that Co-Own had approved the property and were willing to make a firm offer of support.
We had our meeting with an NI based Bank a couple of days later. I had all of the paperwork ready and felt that the meeting was very encouraging. They said a final decision could take up to two weeks, but will almost certainly come sooner. In the meantime we have started to make our turn-key selections.
I know that this is not an unreasonable timeframe but it feels like torture. To be honest I am pretty confident , but so much can go wrong....
We Couldn't do this without Co-Own's support. Several of my friends have already bought their home with the help of Co-Own and none have a bad word to say about the system. They stick to their rules and criteria to the letter and can be very fussy and inflexible, but it's a non-profit charity funded by the taxpayer so it is hard to blame them.0 -
Hello everyone. First time poster (and first time buyer!) I have been reading through this thread to help keep myself sane (its 3am on a Saturday morning and I have work at 9am, so I will let you judge how well that is working) so I thought I would post my story.
Unlike what feels like just about every other person in this thread, we are not using a mortgage broker. We attempted to buy a house a few months ago but this fell apart because we got some very bad advice from a broker. It was a real shame as the issues could have been very easily fixed if we were made away of them before applying. As a result we are deeply distrustful of Mortgage Brokers and decided to work directly with the bank.
Much to my surprise the bank ( we were very intimidated by the idea of going directly to the bank as first time buyers) have gone out of their way to support us so far and could not have been more pleasant. It has been a very smooth process up to this point. I understand that they are of course a huge business and that their primary priority is making money from us; but still, I appreciate how approachable they have been.
We are buying with the support of the Northern Ireland Co-Ownership scheme and are not contributing any deposit so our process will be a bit different to most of you.
-First stage was paying £100 to Co-Own to begin the process. We submitted all the same paperwork you would give the bank, had our finances reviewed in depth (Co-Own has extremely specific criteria and when it comes to lending they seem to be much more fussy than many banks) and eventually recieved a decision in principle.
-We then had to go out and find a property. We already knew exactly what we wanted. Co-Own approved us mid-afternoon and we viewed the house 9am the next morning and immediately agreed to purchase it.
- after agreeing a property we immediately submitted our application ( £500 fee, but this funded the survery and much of our final legal fees) to begin the second stage of Co-Own. Found out that a property survery had been booked almost immediatly. This resulted in a week of fretting but we eventually heard that Co-Own had approved the property and were willing to make a firm offer of support.
We had our meeting with an NI based Bank a couple of days later. I had all of the paperwork ready and felt that the meeting was very encouraging. They said a final decision could take up to two weeks, but will almost certainly come sooner. In the meantime we have started to make our turn-key selections.
I know that this is not an unreasonable timeframe but it feels like torture. To be honest I am pretty confident , but so much can go wrong....
We Couldn't do this without Co-Own's support. Several of my friends have already bought their home with the help of Co-Own and none have a bad word to say about the system. They stick to their rules and criteria to the letter and can be very fussy and inflexible, but it's a non-profit charity funded by the taxpayer so it is hard to blame them.
Absolutely delighted to be able to say that we got approved today
who knew that banks work on a Saturday?
Extremely excited to become a Danske Bank customer. We got our first choice mortgage with our first choice bank - it even comes with a considerable amount of Cashback.
I have had a really positive experience with Danske Bank so far and I fully recommend atleast having a conversation with then - well, as long as your in Northern Ireland anyway.0 -
Hi my names Anna I’m 21 . Me an my partner are doing the help to buy scheme and have just applied for a mortgage . We have been accepted for the mortgage in principle by principality . Does anyone know what the chances are of getting accepted for actual mortgage ? Thanks0
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Hi my names Anna I’m 21 . Me an my partner are doing the help to buy scheme and have just applied for a mortgage . We have been accepted for the mortgage in principle by principality . Does anyone know what the chances are of getting accepted for actual mortgage ? Thanks
You're better off starting your own thread.
However a DIP is usually a guarantee - it depends if they have ran full credit checks against you and completed income statements etc.0 -
FTB's here
Offer accepted - 5th August
Solicitor instructed - 6th August
AIP with the Halifax (gone through broker)- 6th August
Full Mortgage application with Halifax - 6th August
Valuation instructed - 9th August
Valuation booked - 14th August
No further update from MB yet.... have emailed today asking if they know if the Valuation report has been looked at / signed off - we are then booking an independent home buyers survey.
Then what - rest is in solicitors hands I guess??
Good luck everyone also waiting on offers! 0 -
First Time Buyers, definitely driving our Mortgage Adviser insane with questions!
Offer accepted - 15th August
Solicitor Instructed - 15th August
AIP with TSB (with broker) - 15th August
Full Mortgage Application with TSB - 19th August
Waiting for confirmation of valuation and survey booking, hopefully all goes through smoothly. We've been looking since last October so glad to finally find the house we want.
Good luck to everyone else! 0 -
Hi All,
Valuation has come in - undervalued by 8k
Really unsure why, house does need work doing but for the area it seems really low...
Broker is away until 27th also! Not going great.... the office lady says they are still 'reviewing documents so this is subject to change' - what could they be reviewing? is it likely to change? The owner isnt going to drop another 8k, we already had loads of back and forth with offer initially.
Nothing else in that area in our budget so feeling really disheartened
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First Time Buyers, definitely driving our Mortgage Adviser insane with questions!
Offer accepted - 15th August
Solicitor Instructed - 15th August
AIP with TSB (with broker) - 15th August
Full Mortgage Application with TSB - 19th August
Waiting for confirmation of valuation and survey booking, hopefully all goes through smoothly. We've been looking since last October so glad to finally find the house we want.
Good luck to everyone else!
Valuation booked for 22nd and TSB are happy with my income and employment as I started a new job 3 weeks ago!
Fingers crossed.:)0 -
To be honest, in my experience valuations rarely change (they generally go through some form of audit/quality check before the lender gets them).kelseyjohn3 wrote: »Hi All,
Valuation has come in - undervalued by 8k
Really unsure why, house does need work doing but for the area it seems really low...
Broker is away until 27th also! Not going great.... the office lady says they are still 'reviewing documents so this is subject to change' - what could they be reviewing? is it likely to change? The owner isnt going to drop another 8k, we already had loads of back and forth with offer initially.
Nothing else in that area in our budget so feeling really disheartened
I'm guessing you aren't able to make up the £8k unfortunately?
Are you at the top LTV/affordability offered for your circumstances?
You never know about getting the value changed - even if you could get £5k knocked off the purchase price, that's then £3k to make up which is potentially possible? With brexit etc, I'd hope sellers are more flexible.
Have you tried speaking to the lender directly to see if they have any valuers comments? That might help you understand, and you can then possibly take that back to the sellers.
Hopefully it'll all work out for you 0
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