Hi,

First time poster. Have Lurked for a long time and just want to start by saying that Ian, you are great. Your posts not only help those you are replying too, but also assist us lurkers in so many ways.

My hubby and i are in the process of purchasing a brand new home. The builder has bought ours of us for a good price and we are very happy with that side of things. The blimp as it were is my Credit Rating. V Poor. I have no excuse and it was so stupid, but i robbed peter to pay paul. Moved balances then used the card again. Not good. I can say though that lessons have been learnt. My hubby has been a rock and we are doing all we can to get out of it. I am currently on Payment Plans direct with the card companies and have been for a year. Out of the 4 cards 2 are showing nice green lights on my credit score, the other 2 are showing as defaults even though all payments have been made on time etc.

Anyway, debt is being paid off with equity in house. We are in the process of applying for a mortgage with First National. Got a DIP, sent off all relevant docs etc and all was going fab. We are applying to purchase a £170,000 house and have 10% deposit. We heard nothing for 2 weeks then last Friday were asked to pay £295.00 for a survey to be done. We assumed that great we had got the mortgage and breathed a sigh of relief. The survey was done Tuesday of this week and i had hoped we would get notification that offer was on the way as we are due to complete within the next 2 weeks.....THEN i get a call from our FA to say that there is a backlog at First Nat ( which i gathered may be true as per prev posts ) and that once valuation is in it gets passed to final underwriters to OK. I was a bit miffed at this as i thought the valuation was done after all the underwriting. I did ask this when we paid the valuation money as it is lot to spend without knowing you would get your mortgage. I just said to my FA that i was surprised and their words were " Oh no this is done before the definate decision as it is how the mortgage companies make some extra money!!!!! OMG please can someone say this is not true. They surly do not need valuation fees on mortgages they will turn down to make them money.

Any thoughts on this would be greatly appreciated. Have not slept a full night in 4 weeks now and so want to get the offer and relax a bit.

Thanks in advance.

Hi.....Glad that folks may be getting some benefit from our conversations. If you are applying to First National the case is probably being put through a packager and mentioned in other posts. What a packager does is all the work that the broker would do but has the advantage of being able to use the same valuation for a number of lenders if the original avenue gets declined. What happens is when the case is received the packager will instruct the valuation and send out the necessary reference checks, this ensures that the case is dealt with as soon as possible. The only reasons for declining the case is if facts are not supported by documentation, references do not match app details or the property is down valued.

So in closing First National don't see the case until the packager has all the required details and are happy that it fits the lenders criteria they then pass it to the FN underwriter for offer. The point the FA made about making extra money is rubbish and they need a good kick up the pants ;) Have a look on the key facts and the packager will be named...who is it???

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Regards

Ian

Thanks so much for the prompt reply.....the only name on our key facts documents is the financial advisor and the company he works for. We were told to use them by the company we are buying from.

Just so i can get my head around this......does the packager have a good idea as to wether First National will say yes or no. Have spoken to our FA again this afternoon and was toldt hey had been in touch with First Nat and that they have all the info they need and all ok, just awaiting confirmation of Valuation. Not sure if this is a good sign, trying hard not to get excited but at the same time trying to stay positive. As others have said....never again.......

Might be applying directly then.....sounds ok if all they are waiting for is the valuation. Best give it about 5-7 days from the day the valuation is done until the offer would usually be released, after that a bit more chasing is required. FN are busier than normal after comparable lenders withdrew their high LTV products, which left FN as the only avenue....hence how busy they are.

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Regards

Ian

Once again....thank-you.

Hopefully Monday will bring me the good news i want. Can i just say i have read the new mortgage new husband post, and i have my fingers crossed for you also. I feel for you as i have only had 4 weeks of this and you have had this for ages.

The lesson here i suppose ( for me ) is to not spend what you do not have. Not to get in a pickle so that high risk lenders are the only avenue open to you. Talk about all your eggs in one basket.

Thanks again Ian. Will be back with whatever outcome i get. Hopefully Smiley.......

Hi its good to know that my post doesnt just send insomniacs to sleep! Hope everything goes ok for you I am just about to post the latest installment of 'new husband...' so I won't bore you here. I have been looking through and it looks like there are a few of us waiting to hear about various mortgages so good luck to all!... claire

Hi mumof2 if you are still looking in on here I just wondered how you are getting on with your mortgage? We have had to supply more info and I just hoped you may have had better luck than us... claire

Oh i wish.......it seems just one thing after another. We have been waiting for the survey results which were done a week ago. We heard yesterday that it was not as it should be, so they are doing a second one today!!!!!!!

We were meant to complete last Friday and the way things are going i would be surprised if we manage it this Friday. I just want the offer, as i am sure you do . Once I have that in my hands all signed and sealed it will be such a weight of my mind.

It will be nice to have a day without my thoughts being on Mortgage offers and trawling various forums to see if there are others out there in the same situation, kind of makes you feel not totally alone against it all.

Its a right farce and thats for sure! I am now having to wait for another piece of documentation from my old mortgage company who just take their sweet time with everything. I am so glad our vendors are understanding!!! Hope you hear something soon. best wishes, Claire (PS if this all goes t*ts up I am going to kidnap Ian to help us instead!)

I second that. Will have to tempt him with cakes etc.

Really hope you get the info you need soon. Hopefully this time next week we can look back and laugh about it all.......well maybe not laugh, but at least not be stressing our ways to an ulcer.

Ian if you see this I'll see mumof2's cakes and raise her a home made steak and yorkshire ale pie followed by triple chocolate torte...

God I'm hungry now!!! Just going to have fishcakes for tea, they feel really inadequate now :(

I can believe that things are a slow as they are, the nonconforming lenders are a real pain in the xxxx now!! They withdraw products and this causes a backlog, we all get this problem. The credit crunch affects lenders in different ways, some withdraw products and others downsize their staff and it all adds to hold ups. There are thousands of people who are probably having similar problems and all we can hope for is a happy conclusion, it will come but we all have to patient, hard to do but we have to do it if we really want it that bad. The fact that someones else is having similar problems does share the burden and does help to keep everyone focused and the encouragement passed on to each other is invaluable at this time. The distraction of some lovely recipes also helps ;)

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Regards

Ian

Just thought i would update........that THERE IS NO UPDATE.....

Second survey was done on Tuesday and still awaiting that back. Just a quick question Ian please.......Had a word with our FA and they are using a packager but would not tell me which!!!! They said that FNat have not even seen our application yet and that it will go to them once the survey comes back OK. How can the Packager kind of OK the mortgage if the mortgage lender has not even seen it yet? Also what are the chances of the packager saying all OK and then FNat saying on your bike?

Any info greatfully received. Ulcer status......Immanent. ;-(

Hi.... The packager should be named near the end of the key facts illustration, Don't know why they won't tell you?? A packager has the criteria for each lender and will ensure that the case is complete before the underwriter sees it. An underwriter can fail it but not usually if the case is packaged correctly.

I take Rantidine for my guts!!!! :)

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Regards

Ian

Hi just popping in to wish luck and say you are not the only one in this situation :)

We are going through a packager as well, I didn't know until Ian mentioned it. I was wondering the same questions as you about how likely it is to get declined once it is passed onto the lender. One good way of looking at it though is if it is declined, the same application and valuation report can be passed onto another lender. So if worst comes to worst there are other options available, if you see what I mean?

Good luck x