This afternoon our broker put a full application through for mortgage. What usually happens next? If everything looks ok do they go and value the property, is it likely to be done this week?

There should be a book called Mortgages for dummies! I definitely need to read it because we don't have a clue or what happens next or the timescale of things!!

Thanks

Who has it eventually gone with? I only ask because you will be the only person in the UK who can get a 90% SELF CERT purchase from Kensington.

---

Regards

Ian

Hi Ian, mortgage express (who you kindly recommended)

So it is worth recommending lenders and products on the forum after all ;) So glad that everything is happening...again!! The question of timespan has been asked a few times on the forum and the answer is usually:

Once initial underwriting has been completed the survey is instructed. 2 days

Valuation is arranged and returned 5 - 7 days

Offer is sent out to you the solicitor and the broker. 3-5 days

Total for mortgage work up to 14 days.

The legal work is another matter, if there is a HIP's pack the solicitor will have the searches and this will save time and money. If they haven't the time scale for searches and to and froing from solicitor to solicitor could take for ever, but the normal time taken to completion is about 2 weeks. So summing up it is usually 4 weeks if everything goes well and up to 6 weeks if things are slower.

---

Regards

Ian

I praise you for being able to deal with mortgages every day - sorting out one is stressful enough!! The reason I ask about the timespan is because our offer was accepted on the condition that we can exchange on or before 29th Feb. And survey to be carried out within 10 days. 5 have already passed if the weekend is included! Argh!! I worry too much :(

You should just about make the exchange date if everyone is on the ball. The valuation should be done by the time alloted if the surveyor is pushed by the broker via the lender. It would help if the seller has a HIPs pack, are you aware as to this is available?

---

Regards

Ian

I don't think there is a HIPs pack, it hasn't been mentioned. I love your positive attitude Ian! But I can't stop worryin!! Should the valuation be booked by Friday, how will we find out when it is? I am not going to ring the broker any more, I will wait until he rings us, I feel like I've been harrassing the poor bloke the past few days ha ha.

Lol...There's enough gloom and doom around at the moment you gotta keep going!!! Maybe booked by Friday but probably not attended until mid week, but you never know if things aren't too busy with the lender. If your broker is aware of the deadline they will probably be pushing as well, nothing wrong with checking up though. The best way to find out about the valuation is to get the estate agent to call you when the surveyor contacts them to arrange the viewing.

---

Regards

Ian

Great :D

Perhaps you should write the book 'mortgages for dummies'?! LOL. You have certainly helped me with lots of questions lately.

I have one more though ;) is there anything we should be doing in the meantime, whilst we are waiting for the mortgage company to get back to us?

Just make sure that the solicitor is on top of things in regards to queries to the vendors solicitors. Also you may wish to expedite things by getting the searches underway? This is a risk though, as the fees for the searches are normally paid up front and if it goes pear shaped you will lose this amount. I do think though that you could instruct the searches once the offer has been issued and is in the post if you are at all cautious? If there is a lack of response to your solicitors questions to the vendors solicitors, get the estate agent involved.

---

Regards

Ian

I think we will have to get started with the searches in the next few days, regardless of the risk, we recieved a letter today saying 'searches must be applied for upon receipt of contracts'

I hope it all goes to plan, do many mortgages get declined once it has been agreed in principle? Are most of the credit checks already done?

Self certification mortgages are generally more successful due to nature of the product. If you are employed and the lender does a reference just to check that someone works where they say they do, it is imperative that only the questions asked are answered and no other information offered. So for all employed applicants they need to ensure that the HR department are aware of the possible request or if the applicant is self employed then the accountant will be verified or the SA302 front page of the self assessment form is required. Not sure of your situation but M E products are what we call "true self cert" and the checks are minimal. The credit checks have already been done during the AIP.

---

Regards

Ian

My OH is self-employed, so hopefully it will all be ok. We were feeling down today, as it seemed impossible to have everything done by the 29th, but he has just read your replies and feels much more optimistic that it IS possible after all. And even if it gets to the 29th and we are still a week away or something, surely they wouldn't pull out at that stage..

I've got everything crossed including my toes!!

Ian you're a saint!

I must admit it is easier sitting in the background :) You are right they would be nuts to pull out so close to completion, I think once the offer is out irrespective of whether the date can be achieved, I think they will be happy to accommodate the extra days or week.

Go to bed!!! and when you wake up you will be another day closer :)

---

Regards

Ian

Being another day closer isn't good when it seems like nothing is happening, lol. If it is going to get accepted/declined do you think we will know by tomorrow? Our broker said it normally takes 48 hours to find out either way.

I tried not to ring him all day but couldn't help it!!