The nervous wait to exchange....

  • Thread starter Thread starter noj
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It's great, Pregnant Mrs and my little boy are away at her parents and have been for the last 2 months, which has been hard.
Been visiting every two weeks, but getting us back and into a house again is just amazing :)
 
Malt_Vinegar said:
WE ARE DONE!! Exchanged today :D

YESYESYYEYSYEYSYYEYSYYEYSY!

Completion is 14th of August :D

So happy! SO MUCH relief!
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Good news! getting that exchange bit out the way is such a relief, especially for you as its going to get the family all back together :)

CaptainRAVE said:
Congrats :)

I know how you feel, moving day for us is tomorrow. They packed most of the stuff today, will be relieved to finally be in tomorrow!
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Good luck with the moving day :)
 
Had an almighty screw up with our mortgage application resulting in our mortgage offer likely to be rescinded...

As I only started my new company two years ago, our mortgage broker has obviously been keen to impress upon me how vital it is to have my first two years' accounts in order. This has been organised properly, however due to timing issues (we went away for the majority of last summer) I had to file my first year accounts 5 weeks early. The second year accounts are 1 year on from the first set.

Therefore, instead of my first two year accounts covering 104 weeks, they cover 99 instead. For this reason alone our lender (underwriter) will reject us, despite us having passed all necessary checks (credit, etc) by this point and our mortgage application having been accepted based upon our earnings. Eurgh :(

This is so frustrating as our property plan is for my girlfriend and I to buy out my friends' share of my property with him. JLL have indicated that they believe prices i Whitechapel will increase 54% by 2018 due to Crossrail, so we're very keen on remaining in this property.
 
We exchanged yesterday afternoon with a completion date of the 13th August :D

Good luck to all you guys waiting on this at the moment, hopefully it'll be worth the wait for you :)
 
More news from the solicitor, there is a rent charge due and its £5 a year. How easy is it to pay the thing off using the government route?
 
toshj said:
Had an almighty screw up with our mortgage application resulting in our mortgage offer likely to be rescinded...

As I only started my new company two years ago, our mortgage broker has obviously been keen to impress upon me how vital it is to have my first two years' accounts in order. This has been organised properly, however due to timing issues (we went away for the majority of last summer) I had to file my first year accounts 5 weeks early. The second year accounts are 1 year on from the first set.

Therefore, instead of my first two year accounts covering 104 weeks, they cover 99 instead. For this reason alone our lender (underwriter) will reject us, despite us having passed all necessary checks (credit, etc) by this point and our mortgage application having been accepted based upon our earnings. Eurgh :(

This is so frustrating as our property plan is for my girlfriend and I to buy out my friends' share of my property with him. JLL have indicated that they believe prices i Whitechapel will increase 54% by 2018 due to Crossrail, so we're very keen on remaining in this property.
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thats a bugger, i got my mortgage with 1 years accounts but they did want other info which was stressful, who was your mortgage with out of question
 
Regy53 said:
thats a bugger, i got my mortgage with 1 years accounts but they did want other info which was stressful, who was your mortgage with out of question
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koolpc said:
Can you not try to get your mortgage elsewhere?
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We're hoping to go back to them in a couple of weeks time to see if they'll change their mind. The mortgage broker had a chat with one of the underwriters and has seemed a little more optimistic of our chances the second time round.

We chose this specific lender as they required only a certain piece of confirmation from my accountant rather than requiring to go through accounts and receipts (the latter option taking quite a bit of time longer - we're on a bit of a time shortage as my flatmate. whom I'm buying off, is moving to Australia in a couple of weeks so we're trying to get as much done before he leaves as possible. The mortgage lender has also given us a pretty good rate.)

The accounts all check out fine and are totally legit, but were geared towards being approved by this particular lender.
 
I am so frustrated.
First time buying a house and everything is in place except for the mortgage.
Basically what has happened is out first attempt it got to the underwriters and was all fine until they decided they have too many mortgages at the postcode... I don't understand the logic but fine...

Second lender comes along... our broker is now taking a long time to do anything, after it goes to the underwriter they comeback and ask for really basic information, which we provided our broker a long time ago and is still valid. Fine, resent. Now today my broker contacts me saying the underwriter has received the lease and will not accept it with our deposit as it's a 'old style' lease and there is too much risk with our deposit amount (5% Help to buy)... The property is only 4-5 years old.

This has been going on since 12/06/2015... now we are looking for another lender but I think i'm going to end up losing the property because of the time this is taking. Everything on my side is completely fine, finances in check, credit rating good etc.
 
tidusjar said:
I am so frustrated.
First time buying a house and everything is in place except for the mortgage.
Basically what has happened is out first attempt it got to the underwriters and was all fine until they decided they have too many mortgages at the postcode... I don't understand the logic but fine...

Second lender comes along... our broker is now taking a long time to do anything, after it goes to the underwriter they comeback and ask for really basic information, which we provided our broker a long time ago and is still valid. Fine, resent. Now today my broker contacts me saying the underwriter has received the lease and will not accept it with our deposit as it's a 'old style' lease and there is too much risk with our deposit amount (5% Help to buy)... The property is only 4-5 years old.

This has been going on since 12/06/2015... now we are looking for another lender but I think i'm going to end up losing the property because of the time this is taking. Everything on my side is completely fine, finances in check, credit rating good etc.
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Hmmm - I used HTB in 2014 and it sailed through - I used the broker for our development who was superb however and also the solicitors recommended by the developers as they were used to the HTB process. Best decisions I made. Beware - the VAST majority of brokers have little or no actual experience of HTB and despite their initial optimism im sure, will soon realise its a different beasty to the usual residential loan process.

If I were you, I would seek a broker who specialises or at least advertises that they do.
 
Ok, what has happened is that my application went to the lender's branch, they seen the lease etc. said it's all ok. Ends up with the Underwriter and they decided they didn't like the lease because it's before 2010 and is an 'old' style lease (House was built in 2008).

Ended up with an internal investigation and they have finally accepted our application and are now prepping the survey!

That's a relief.
 
Amazing what you find when you move in. 3 year old new build house - apparently the previous owners never received an electricity bill. Not surprising when they don't seem to be registered with anyone and the meter box has had the serial numbers gouged out! The previous owners also seem to have disappeared.
 
Just need to sort out some buildings insurance not looking forward to that, apparently some don't like adding the mortgage company on as a noted interest which ours require. Liverpool Victoria seem to be amongst the cheapest quotes so far.
 
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