To be a nervous wreck about a mortgage?

[Meggie2008]

Hi everyone.

I'm in the process of buying my first ever flat. Have had an offer accepted on a really lovely place for a decent price, I've got a 15% deposit, a steady income (not very high though) and a good credit score with no debt of any kind. All bills paid on time every month.
Got my DIP and submitted my full application on Monday through my mortgage advisor.

Am I being unreasonable to be really concerned that I haven't heard back about it yet? Its literally haunting my dreams every night thinking of worst case scenarios.
I've obviously never done this before so not sure how long these things take?

AIBU - it's was only submitted a week ago, chill out, it takes longer than this!
AINBU - continue to worry as there bust be something wrong

We’ve just waited 5 weeks for an offer! Some banks, HSBC in our case, are completely overwhelmed and are going at a snails pace. You need to chill and save your energy for later.

Applications for first time buyer are taking a wee while to get agreed at the moment. Some lenders taking longer than others.

The good news it you’ve a 15% deposit as 90% mortgages at the moment are like rocking horse shit.

Also. chill!!

I wouldn't stress yet. Mine took 2 weeks. I was pretty annoyed.

You can always give a call to your mortgage advisor for a peace of mind.

@limpingparrot arghhh 5 weeks?! I might not make it that long 😂 it's Nationwide I'm waiting for. I got a text on Tuesday to say they were doing a valuation that day, but when I asked my advisor if they'd done it, she said they'd just requested the home report and were using that.

Thanks folks, I'm honestly such a nightmare. I give myself a pep talk every night to chill and that they might have a backlog etc and that I'll hear in due course, and then by lunch time the next day I'm stressing again! 😂
The seller of the flat called me on Friday just to update me on some things hes going to leave in the flat for me, and he's so lovely, I don't want him to feel like I'm taking the Michael if it takes a while to come in!

Took a bit over a week for me (very recently) and came back positive!
My situation was similar to yours except that my deposit was just over 10%
If your application is rejected, it's not the end of it, your mortgage advisor will probably be able to suggest another one.

Tell us about that flat!
You're buying on your own?
I'm buying a flat on my own too, feel like I'm having a crash course of adulting for dummies 😂

Been about 4 weeks so far for us - although part if the delay was waiting for my next payslip to prove I was no longer in furlough.
Our mortgage advisor told me that all lenders have a massive backlog and are frequently taking up to a week to even read the information sent to them. Apparently many have put staff on furlough and now can't cope

It's incredibly frustrating so I feel your pain. I'll be on the phone to the mortgage advisor again tomorrow as it'll have been another week and a half since I last heard anything.

@FastFood oh yay! Yes I'm buying on my own, which is terrifying. I'm in a rented one bedroom flat right now about 7 miles outside my home town, and as much as it's alright, I don't like the area, it's too small and it's got damp. I can't keep any clothes in the front part of the house or they get mouldy :/

This is a 2 bedroom in a really pleasant area back in my home town, so only a 5 minute drive from my work and 10 mins away from my parents. Its not on a through road so the only traffic passing will be people visiting or living down that street, and at the bottom of the road is a massive park :)
It has a lovely little garden out the back too, it's just an upstairs downstairs block (im in a 4 in a block just now and the communal hallway drives me bonkers, doors banging at all times) It's sad how excited I am to have my own front door haha!

I'm glad yours was accepted, and pretty quickly! You've made me feel better 😂

@Flev Im on flexible furlough right now, so I get my full wage for 20 hours a week that I'm in, and then I get 80% of the other 20 hours as a furlough pay.
My mortgage advisor asked the lender about this before we applied and they told her that was fine, so fingers crossed

OP not sad at all, totally relate to that, I'm excited because I'm gonna have my own flight of stairs!

Given what you said, I see no reason why you wouldn't be approved, if not by NW, by another lender.

I'm sure you'll soon be able to start a Pinterest boarr with home decor (I literally opened mine 20 min after getting the offee 😂)

It sounds lovely. The feeling of jubilation when you move into the first property you own is wonderful.

I got my offer through fairly quickly in Jan/Feb from Nationwide. The guy dealing with everything after that though did it all piecemeal and it took weeks! So frustrating

Two texts from them this morning!
One saying they've received my valuation report and another saying they've reviewed and accepted the valuation and will be in touch soon 🤞

Good luck! How exciting!

Thank you for making me smile by using ‘taking the Michael’...it’s a phrase my DDad used to use and I hadn’t heard it for ages.

@Meggie2008

Two texts from them this morning! One saying they've received my valuation report and another saying they've reviewed and accepted the valuation and will be in touch soon 🤞

That's great. Good luck!