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

ftbwannabe wrote: »

Update: no firm news, just fuel for worry:
Had a copy of the valuation report direct from the surveyors, & they are recommending a small-but-unaffordable retention. We won't be able to afford this place unless we get the full 95% mortgage up front. Need to wait to hear what the lender actually offers, which I guess will still be a week or more. Feels like the time-frame should move up now I am expecting bad news, but I suppose the underwriting process will take as long as it would if the valuation was 100% positive?
Have been pretty good at not being stressed up until this point, but it's caught up with me now. Really want this place, & hope the seller will be helpful if there are any retentions in final mortgage offer.

Question about credit card borrowing after mortgage offer received: I'm so trained to not use credit in advance of applying for mortgage, but I guess it won't affect the offer on the table if we spend afterwards?
I'm thinking worst-case, need-cash-now scenario, if due to a mortgage retention we end up 4k short of the house price & sellers won't accept a lower offer, we could use a money-transfer from a credit card to get that 4k. Then we complete on the house, complete the works, get the 4k back from retention, pay credit card. We'd be out of pocket for the money-transfer fee, but not out of the game as far as completing on the house. Not my ideal scenario, but do-able? Any obvious 'that's a stupid idea' risks you guys can see?
I guess I'm just killing time thinking up new ways to get in debt...

ftbwannabe wrote: »

Question about credit card borrowing after mortgage offer received: I'm so trained to not use credit in advance of applying for mortgage, but I guess it won't affect the offer on the table if we spend afterwards?
I'm thinking worst-case, need-cash-now scenario, if due to a mortgage retention we end up 4k short of the house price & sellers won't accept a lower offer, we could use a money-transfer from a credit card to get that 4k. Then we complete on the house, complete the works, get the 4k back from retention, pay credit card. We'd be out of pocket for the money-transfer fee, but not out of the game as far as completing on the house. Not my ideal scenario, but do-able? Any obvious 'that's a stupid idea' risks you guys can see?
I guess I'm just killing time thinking up new ways to get in debt...

So lender does a credit check just before completion, notices you've borrowed the 4k and pulls the mortgage as a result. Happens a lot and then you loose the deposit you put down for exchange as well.

ritz55 wrote: »

So lender does a credit check just before completion, notices you've borrowed the 4k and pulls the mortgage as a result. Happens a lot and then you loose the deposit you put down for exchange as well.

Exactly what I needed to know, thank you.

~shoozy~ wrote: »

My timeline so far

25/07 DIP received from Nationwide
28/07 Reservation fee paid to builder
31/07 Full application submitted to Nationwide
01/08 Help to Buy application submitted
08/08 HTB declined due to my DIP being for more than the price of the house, therefore I can afford the house without the need for HTB.
13/08 Full application submitted to Clydesdale
14/08 Proof of deposit requested and sent
15/08 Valuation fee paid to Clydesdale
06/09 Valuation done and sent to Clydesdale
10/09 Confirmation of valuation sent to me, amounts all tie in and match what was offered
14/09 Formal offer received

Purchase fell through so back to square one.

01/10 Verbal offer accepted
01/10 New details given to Clydesdale for reassessment
08/10 Broker confirmed that Clydesdale will be instructing a new valuation

I was under the impression that a valuation isn't required in Scotland if there's a valid home report? My home report is dated 13th Sept and I offered the home report value on 1st Oct?

Hoping for a move in date in 6 weeks so fingers crossed Clydesdale hurry up!

Woohoo mortgage offer (take 2!) has been received!

31/08 - AIP received and we started looking at properties
(Found house, put in offer, withdrew offer due to overage clause. Found another property, put in offer, offer took forever to be accepted)
25/09 Mortgage application submitted
4/10 Informed that mortgage has been approved subject to valuation
5/10 Informed that lender (Ha...) will not lend on property as it was flooded and timber frame. Request more information from broker and to check other lenders only to be told property is not mortgageable.
6/10 Approach another mortgage broker
8/10 Second mortgage broker also gives up due to 'all timber' construction
9/10 Receive details about construction of property. It is all timber but done in 2002
10/10 Bank comes back to say they might be willing to lend on property if we get seller's solicitor to confirm that all flood damage has been repaired and to confirm exact construction. Query send to my solicitors.
16/10 - Vendor has sent the responses to his solicitor (we have a direct line of communication with them) it now just needs to make its slow way to our solicitor and then bank.

The property itself has not flooded, just the garden (and not since they have built the denver relief channel). Things are looking up again and I am a tiny bit more positive.

I still can't belief that the timber frame of the house is causing so much issues