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Join our Property forum for renovation, DIY, and house selling advice.

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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Anyone else awaiting mortgage application decision? Come join me in the stressy corner...

76 replies

CherryFox · 26/02/2021 13:41

Broker submitted our application this morning and I feel sick with nerves!

No obvious reason why we'd be turned down but have read so many horror stories about strict/fussy/cautious lenders in these Covid times so know I'm going to spend the next few days and weeks consumed by my fretting!

Anyone else in the same boat who'd care to join me?

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Report

littleHen84 · 26/02/2021 16:31

Hi, we have recently been in the sane boat had too submit various extra bits of info, it took 9 weeks in total

Alansbiggestfan · 26/02/2021 17:28

We're booked in to sort it all out with our broker next week. How much financial information did you have to supply for the application? He's just asked for wage slips, bank statements and proof of deposit for now. Wondering if we'll need to do a full breakdown of all our outgoings.

CherryFox · 26/02/2021 18:52

@littleHen84

Hi, we have recently been in the sane boat had too submit various extra bits of info, it took 9 weeks in total

9 weeks?!

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CherryFox · 26/02/2021 18:56

@Alansbiggestfan

We're booked in to sort it all out with our broker next week. How much financial information did you have to supply for the application? He's just asked for wage slips, bank statements and proof of deposit for now. Wondering if we'll need to do a full breakdown of all our outgoings.

We needed 3 months bank statements (all accounts that we use), 3 months payslips, ID, proof of address, P60s, and proof of deposit I think. I don't think ALL of it has to go in the application but our broker wanted to be informed and have it all to hand.

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Youngatheart00 · 26/02/2021 18:57

@CherryFox have you both got copies of your credit reports? Plenty of places to get online for free, even the ones which are multiagency if you cancel before the end of a free trial.

I was stressing but found obtaining those and finding we both had a reasonably high score put my mind at rest. That said we haven’t applied for our home move yet

If you have a broker they are literally paid to place your mortgage somewhere so let them shoulder the stress, not you!

I know it’s easier said than done though.

CherryFox · 26/02/2021 19:08

Yes, credit reports are fine @Youngatheart00!

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CherryFox · 26/02/2021 19:10

*If you have a broker they are literally paid to place your mortgage somewhere so let them shoulder the stress, not you!
*
I need to heed this! It's so nerve wracking though!

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FenceSplinters · 26/02/2021 19:13

We’ve just been turned down by one lender over a debt from 11 years ago, which was paid off last month! We’re now looking at a broker to find us a deal instead.

CherryFox · 26/02/2021 19:40

@FenceSplinters

We’ve just been turned down by one lender over a debt from 11 years ago, which was paid off last month! We’re now looking at a broker to find us a deal instead.

What was the lenders concern about the debt, @FenceSplinters? Yikes, our finances were very different 11 years ago, I hope they aren't judging us on those!

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Sweetandawfulsour · 26/02/2021 20:15

Our broker submitted ours last Monday and we got our offer through this Wednesday just gone. Thought that was incredibly quick and painless so he’s deffo been worth the fee!

CherryFox · 26/02/2021 20:20

Congrats @Sweetandawfulsour! That is quick! Was it a desktop valuation or an in person one?

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Sweetandawfulsour · 26/02/2021 20:37

In person, seemed to take a while for him to submit the application (in reality it was 2 working days from saying hello to applying) and we were tempted to go straight to the lender.
All my fingers and toes are crossed for you!

CherryFox · 27/02/2021 09:46

@Sweetandawfulsour thank you! Waiting is torture!

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FenceSplinters · 27/02/2021 12:59

@CherryFox they said it would come up on checks. We then did a full credit search thing ourselves, and nothing was there. We’ve gone to a broker who said that particular lender is very strict, and we would also have struggled to find a solicitor who would have worked with them.

CherryFox · 27/02/2021 14:31

It's a minefield isn't it @FenceSplinters!

Putting the application in feels a bit like when you drive past a police car and even though you know you aren't speeding or doing anything wrong you suddenly feel anxious. Or maybe that's just me!

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Sanchez79 · 27/02/2021 22:55

We're just about to submit a fresh application, after our useless broker ballsed up our first application

CherryFox · 28/02/2021 07:53

Best of luck @Sanchez79!

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PrincessConsuela12 · 28/02/2021 08:36

We are & it's such an anxious time. Our valuation was last week so now we're waiting to hear.
This is our second application, first one declined due to how my DH payslip was worded so we're really hoping this one goes through.

Good luck!

CherryFox · 28/02/2021 08:49

Fingers crossed for you @PrincessConsuela12! The waiting is just grim!

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PrincessConsuela12 · 28/02/2021 09:30

Thank you @CherryFox. It really is.

We're FTB so it's been a complete minefield for us.

FenceSplinters · 28/02/2021 12:23

It’s so complicated, and I have no idea what I’m really doing.

CherryFox · 28/02/2021 12:46

I feel clueless too! I guess that's what brokers are for though.

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CherryFox · 01/03/2021 15:33

Anyone had any updates today?

Nothing here but only put application in on Friday so need to be patient

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PrincessConsuela12 · 01/03/2021 16:23

Our valuation report has come back, all as it should be so now it's a waiting game. MA has said we should know in the next couple of days.

CherryFox · 01/03/2021 17:24

Great news @PrincessConsuela12!

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