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

peytonx wrote: »

Hi, who advised you of 7-10 days?

My full app went to NatWest at 5:30pm yesterday via my IFA and he reckons I will have a offer subject yo valuation by Wednesday. He also says the valuation would be completed about a week after NatWest instructs it which is in stark contrast of what I have read on here, with a thread detailing delays due to backlogs.
I am started to question his experience with NatWest

My MA advised me of 7-10 days and that was last when it was submitted. I did find out yesterday that Natwest have not even looked at it yet.

kingstreet wrote: »

I would have advised you not to apply for the mortgage, nor paid any fees until your vendor had an onward purchase and the chain had formed up.

You are being a little unrealistic expecting confirmation of valuation the day after the application was submitted. The SLA between Countrywide and Nationwide is 48 hours.

You can safely instruct your solicitor at the point of agreeing the purchase. Simply ask them to do nothing until you confirm the purchase is proceeding by paying the search fees they normally request early on.

Our vendors have started looking at properties now that they have accepted our offer. They are looking for a bungalow in the same town and there are plenty on offer. I would expect that it shouldn't be too much of a problem with a long chain. Although, obviously, there are no guarantees. Anyway, too late now!

I wasn't necessarily expecting the valuation to be confirmed so quickly, just saying that that was what I waiting for right now. Incidentally, I got a text message earlier telling me the valuation has been booked for 24th July. :j

I don't know what SLA is...?

Thanks for the advice about the solicitor. I'll bear it in mind.

Has anyone else applied for their mortgage when the chain isn't fully worked up? Feeling worried now!

Strangely, I've just received two texts from Nationwide (even though it's a Sunday) telling me the valuation we had carried out was satisfactory and a revised mortgage offer is being sent out today! Cannot tell you how much of a relief it was to get that text message, as our first time buying experience has been particularly bumpy.

Here's our timeline:
April 24 - Receive Decision in Principle
April 24 - Put in offer on house we spotted. Inform seller that we can't proceed to full mortgage application, as we need to have been a customer of Nationwide's for 6 months (we applied through Save to Buy). Seller says fine with this.
May 24 - Full application submitted. Valuation instructed.
May 29 - Get told we have to wait three weeks for valuation. Seller starts to lose rag.
June 7 - Seller threatens to put house back on market, claiming valuation delay is our fault and sign we're not committed. *Sigh*
* For the record, he didn't put the house back on the market.
June 19 - Valuation carried out.
June 21 - Valuation results come back £20k lower than we offered. Try to renegotiate price with seller. He turns down two revised offers. House falls through. Have a bit of a cry. Deal with it. Move on.

***********************
July 3 - View other properties
July 5 - Offer accepted on new property.
July 6 - Tell Nationwide we've found somewhere new. They tell us that's fine, and we can continue on with previous application. Just need to amend property details and get a new valuation.
July 8 - New valuation instructed, booked for 17 July. No delays this time.
July 10 - Nice and confusing, we receive a text message from Nationwide confirming mortgage offer...for the property we're no longer buying. It reminds us of our past failures at house buying, but we dust ourselves off and get on with our day.
July 19 - Call Nationwide. Say all is well with new valuation. Crack open a lager shandy in celebration.
July 21 - Receive text message confirming valuation is satisfactory and revised mortgage offer has been received. Hooray.

All in all, I'm glad this bits over! It's been a very long three months.

Also, want to say a big thank you for everyone who has responded to my often fraught posts on here, and provided either a much needed reality check or some comforting and practical words of advice.

Submitted full application to Natwest on 3rd July. Rung them this morning to be told they haven't received our supporting documents so they've obviously been lost somewhere along the way

Going to have to wait for them to send a new mortgage pack for us to sign and resubmit our documents.

The waiting continues....

swanny78 wrote: »

oh dear did you go thru aN advisor?

Nope just did it over the phone and sent our documents through the post!