Anyone want to join me? Awaiting Mortgage decision...
Comments
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Hi all,
I'm a FTB in the process of buying a new build using Help to Buy.
25/07: DIP received from broker for Nationwide
28/07: Reservation fee paid to builder
31/07: Full application submitted by broker
01/08: Help to Buy application completed.
Now it's just a waiting game... the worst bit!0 -
FTB with HTB London here, a bit cold water with L&C.
09/06 Offer made
12/06 Offer accepted and started to gather all the paperwork to MA
13/06 Mortgage application sent to L&C and from here every day we had to submit different paperwork to them.
21/06 All paperwork been sent finally to Halifax
22/06 ATP Issued (with wrong names)
22/06 Valuation booked in
28/06 Second ATP issued with correct names
29/06 Valuation date
02/07 Valuation rejected, down-valued the flat with an unrealistic price
06/07 More information needed
13/07 More information needed again
16/07 More information needed again
21/07 Text from Barclays, valuation booked for Wednesday.
25/07 Valuation done
27/07 Down-valued again. Tried to speak with the developer to revise the price but they have suggested to apply for a different lender. Tried to speak with Barclays to see if the valuation is correct and everything included, they had 48hr to reply.
01/08 Appeal rejected, applied to a different lender (Santander)0 -
See this is what scares me about valuations.
Excuse my ignorance but how can it be down valued if the properties are all being sold at the same price?0 -
That's what I was questioning as well. Apparently it can happen even with same lender someone might went ahead fine and someone got down-valued (they use different surveyors..), in my case, all the other flats now sold in the building (72 flats overall), i was one of the last buyer, when i made an offer there was 6 flats was available and all sold now, most on mortgage.
The builder EA said, if this one also comes back down-valued, they will discus if they can do anything with the price as the variance is really just about 4.5% against list price.0 -
After a long wait we finally have been issued our mortgage offer :j
Will be moving very soon now as all solicitor was waiting on to exchange is our mortgage offer - Cannot wait!
Heres our timeline with Santander...
Applied to Santander though broker
19th June - Full application submitted and accepted, hard credit check done (showing on Experian)
20th June - Survey booked, further documents requested from underwriters
22nd June - Submitted all documents they have requested
26th June - Survey completed (haven't heard if any issues)
26th June - Found out not passed to underwritters as broker not uploaded all the docs
27th June - Chasing broker - resubmitted docs
28th June - Docs still outstanding - santander final chase - Complained to broker, doc sent
29th June - Finally passed to underwritting
4th July - Application declined (broker called me said its because of a missing document that we had already supplied that wasn't attached to case file. Spoken to senior underwriter who has agreed application can go ahead and we are back in underwriting queue.
6th July - Back in underwriting queue
12th July - heard nothing so chased broker for response. Told it will be looked at in due course.
16th July - Still heard nothing so complained to L & C and they said they will look into and call me back. Had an email later that day saying it has fallen out of santanders accpetable timescales and they will fast track it and will have answer by morning on the 17th July.
17th July - Request for further documents from lender - some they already had and are requesting again as saying not received. We sent them in with the full application and they accepted them, more lost documents the broker has had to submit.
19th July - All documents provided and back in underwritting queue.
25th July - Further document request to confirm salary with employer
25th July - Back in underwriting queue - will be another weeks wait now!!!
01 August - Text and email from Santander to confirm mortgage offer issued :j0 -
After a long wait we finally have been issued our mortgage offer :j
Will be moving very soon now as all solicitor was waiting on to exchange is our mortgage offer - Cannot wait!
Heres our timeline with Santander...
Applied to Santander though broker
19th June - Full application submitted and accepted, hard credit check done (showing on Experian)
20th June - Survey booked, further documents requested from underwriters
22nd June - Submitted all documents they have requested
26th June - Survey completed (haven't heard if any issues)
26th June - Found out not passed to underwritters as broker not uploaded all the docs
27th June - Chasing broker - resubmitted docs
28th June - Docs still outstanding - santander final chase - Complained to broker, doc sent
29th June - Finally passed to underwritting
4th July - Application declined (broker called me said its because of a missing document that we had already supplied that wasn't attached to case file. Spoken to senior underwriter who has agreed application can go ahead and we are back in underwriting queue.
6th July - Back in underwriting queue
12th July - heard nothing so chased broker for response. Told it will be looked at in due course.
16th July - Still heard nothing so complained to L & C and they said they will look into and call me back. Had an email later that day saying it has fallen out of santanders accpetable timescales and they will fast track it and will have answer by morning on the 17th July.
17th July - Request for further documents from lender - some they already had and are requesting again as saying not received. We sent them in with the full application and they accepted them, more lost documents the broker has had to submit.
19th July - All documents provided and back in underwritting queue.
25th July - Further document request to confirm salary with employer
25th July - Back in underwriting queue - will be another weeks wait now!!!
01 August - Text and email from Santander to confirm mortgage offer issued :j
Well done and happy for you, got their in the end. :beer: Good luck with the rest of the transaction.0 -
FTB with HTB London
09/06 Offer made
12/06 Offer accepted and started to gather all the paperwork to MA
13/06 Mortgage application sent to L&C and from here every day we had to submit different paperwork to them.
21/06 All paperwork been sent finally to Halifax
22/06 ATP Issued (with wrong names)
22/06 Valuation booked in
28/06 Second ATP issued with correct names
29/06 Valuation date
02/07 Valuation rejected, down-valued the flat with an unrealistic price
06/07 More information needed
13/07 More information needed again
16/07 More information needed again
21/07 Text from Barclays, valuation booked for Wednesday.
25/07 Valuation done
27/07 Down-valued again. Tried to speak with the developer to revise the price but they have suggested to apply for a different lender. Tried to speak with Barclays to see if the valuation is correct and everything included, they had 48hr to reply.
01/08 Appeal rejected, applied to a different lender (Santander)
02/08 Valuation booked for 08/080 -
FTB with HTB London
09/06 Offer made
12/06 Offer accepted and started to gather all the paperwork to MA
13/06 Mortgage application sent to L&C and from here every day we had to submit different paperwork to them.
21/06 All paperwork been sent finally to Halifax
22/06 ATP Issued (with wrong names)
22/06 Valuation booked in
28/06 Second ATP issued with correct names
29/06 Valuation date
02/07 Valuation rejected, down-valued the flat with an unrealistic price
06/07 More information needed
13/07 More information needed again
16/07 More information needed again
21/07 Text from Barclays, valuation booked for Wednesday.
25/07 Valuation done
27/07 Down-valued again. Tried to speak with the developer to revise the price but they have suggested to apply for a different lender. Tried to speak with Barclays to see if the valuation is correct and everything included, they had 48hr to reply.
01/08 Appeal rejected, applied to a different lender (Santander)
02/08 Valuation booked for 08/08
Oh wow! 3 app in a space of 2 months?
Personally if two lenders has under-value the house then i wont even bother with the 3rd app. clearly the house is over priced. Why you want to buy an over priced house is what I find hard to understand? :eek:0 -
“
Hi all,
FTB here, using L&C and lender is HSBC. Going for 90% LTV with no financial issues, thankfully. It’s a chain-free purchase.
Week 1
-Friday 06/07: Offer accepted (already had DIP)
-Monday 09/07: Solicitor instructed
-Tuesday 10/07: Full application submitted by L&C
-Wednesday 11/07: Documents submitted to L&C branch. Valuation booked for 16/07.
-Friday 13/07: I send L&C updated online statement showing proof of deposit in the a.m.
Week 2
-Monday 16/07: Valuation done. L&C chased me for proof of deposit because case handler didn’t see my email from Friday. I resend, but we’ve now lost 2 working days.
-Tuesday 17/07: L&C Confirm there are no outstanding queries. Told to expect response by COB Wednesday......
Week 3
- Monday 23/07: Chased L&C to find out progress. They confirm valuation is fine. But HSBC want to see July payslip with my increased salary (got a raise July 1), even though they initially said letter from employer was ok. Now the wait continues until end of July, when I get paid. Still no draft contract from vendor.:( EA said he’s chasing...
Week 4
- Thursday 02/07: Success! :j:j:j Mortgage offer was emailed to me today. I submitted my July payslip on July 31st and received the offer within 48 hours.
So total of 23 days from submission of full application to offer (including a week of waiting for my payslip). Overall, it was a smooth process with HSBC and L&C were great in being responsive and following up the underwriters.
Good luck to everyone who's waiting!0 -
Because i know how much the other flats went for in the development. Also the first valuation was unrealistic, based on comparing the prices to lower spec flats in about 1.5 mile away (1 or 2 zone further out..).
If this valuation comes out downvalued, the developer agreed to review the price, and the second and 3rd application had free valuation, didnt loose too much other than time, however i know there is no way to find a similar spec flat not even second hand anywhere within zone 1-3, as i am searching for it a year ago.0
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