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

[CherryFox]

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?

It is @CherryFox although I've been reading that lots of people got an offer the next day so it's making me nervous that we haven't.

It's right after the weekend, I don't think you need to worry yet! Easier said than done though! Fingers tightly crossed for you.

Very true @CherryFox. Thank you. I hope you get some information soon

Progress here- mortgage approved subject to valuation!

Great news @CherryFox

We've just received a letter to say our application has been turned down due to a £1000 cash back / incentive however we removed this & did not accept the cash back as we were told our lender doesn't like these. I've spoke to our MA & just waiting for an update

That's harsh @PrincessConsuela12!

Hopefully you can get it sorted!

I don’t understand @PrincessConsuela12 what was the cash back incentive? Part of the mortgage??

@Youngatheart00 We're buying a new build so we negotiated on some extras, £1000 cash back once completed was part of that.

That’s absolutely ridiculous that a mortgage lender would object to that!

Can you pay the mortgage and is the property suitable for security - should be the only considerations!

I agree it's a crazy reason to reject.

@Youngatheart00 I agree. It's pretty frustrating, it would've helped with buying a few new things when we (hopefully) move in but they were offering a good rate & after being declined initially we wanted to get it sorted ASAP.

I honestly don’t see HOW they can object to that though. How does it affect their risk in any way whatsoever?

@Youngatheart00 I'm really not sure, when we got the letter today it says something about it going against their lending guidelines. We're hoping to hear back from our MA tomorrow, apparently they were given the old reservation form that had old information on. It's been almost 7 weeks & throughout this process we've been told 'it'll take a week... max'

I got my mortgage accepted by lender and sent through today. I've been waiting 7 weeks...

Congratulations @whatacarryon2018 !! We're almost at 7 weeks, I'm hoping we get the same result soon

We got ours a couple of weeks ago, took 8 weeks! Banks are just being super slow.

I'm on 4 complaints now, a valuation not scanned in, it being overlooked to be sent to the underwriters and then not sent to the underwriters, then they forgot to a tick a box to say valuation has been received and still "24 hours" every day as the new deadline. Now we've had a letter sent to them to say chain collapses if we don't hear this week

I'm horrified by some of the timescales here!

Congrats @whatacarryon2018!

That sounds so stressful @lulabelleread, I hope you get an answer soon

Me too. Mortgage advisor is on phone with them now and I've spent 7 hours yesterday and today on the phone too (mostly on hold). At least I now know their hold music off by heart So don't want to lose the house! ☹️

Everyone else on here who is finally getting sorted gives me hope though! Congrats

Fingers tightly crossed for you @lulabelleread. Sounds like a nightmare.

Thanks @PrincessConsuela12 and @CherryFox it's such a relief!
HOWEVER.
Our sellers have just been refused a mortgage on what they wanted to buy. (Barn conversion)
The chaos continues....
Hope you all get some mortgage news soon!!

We got a call from our MA yesterday, apparently it was just a paperwork error so we should hopefully hear by tomorrow. Our problem now is that when we negotiated one of the things we asked for was our stamp duty to be paid, this was agreed as we weren't due to move until April (earliest), now the SD holiday has been extended the lender probably won't allow this which means we've paid the full asking price with no incentives (new build home, they wouldn't accept an offer under asking price)

Just got our offer! Less than a week after putting the application in- I realise how lucky we are given the awful stress and delays others are experiencing.

Keeping my fingers crossed that everyone gets good news soon x