Buying A House - Mortgage Record Of Suitability Report

[sirbinlid]

got this back from the mortgage broker - they are talking now about the bank sending out their own surveyor to do a valuation of the house, got an independent survey done before offer went in and their finding with a few cosmetic changes house will be worth £30k more than what we paid so hoping that the banks surveyor comes back with similar findings

my question is does this mean that if the banks valuation stacks up we will have mortgage approved and they will release the money and how long does this usually take

new to this house buying malarky and have tried to phone broker but they are off today

[sirbinlid]

The bank will only lend based on their valuer opinion so you will have to hope that the valuation is near the figure your other valuer has given. I don't think the bank's valuers are over valuing at present. Mortgage will only be approved if all the criteria are met - deposit -creditworthiness--job security--salary etc. It doesn't just depend on the house value.

so how much longer do you reckon the process will take this has been going on for about a month or more now, mortgage is with the ulster bank

[sirbinlid]

Have they done the other checks-- you will need to ask your broker to get you an update from Ulster bank.

as much as im lead to believe all other checks done, has passed through underwriter and last time i spoke with broker all they were waiting fro was valuation of house so fingers crossed

[sirbinlid]

good luck - I hope you are not paying over the odds for it.

cheers following advice from here went in fairly hard and gave a little but made them give a lot

fingers crossed it all goes through

[sirbinlid]

cheers following advice from here went in fairly hard and gave a little but made them give a lot

fingers crossed it all goes through

just an update - solicitor has been in touch have to go down and sign off tomorrow for everything to be completed, am absolutely over the moon with what we got, nice house, nice area exactly what we have been looking for intend to be there for the next number of years

have been a long time lurker on this and can I just say thanks to folk who post on this board some of the advice on articles and other threads has been invaluable

[BelfastVI]

Dropping like flies

Edited March 24, 2011 by BelfastVI

[morillo]

Dropping like flies

I bit the bullet and bought this week too! Does this mean I automatically become a bull now?

Personally I think there is still a bit to go before we hit the bottom. I jumped now as we got the type of house we wanted, in the area we wanted, at a price we can afford. Will be a bit of a project as it needs some work, but I like a challenge.

What I can say is that I could never have afforded this house this time last year.

[Realistic NI EA]

Good luck to both of you. I agreed 2 houses this week so you didn't buy from me per chance? lol

If you got good value for money and it ticks most of the boxes then you did the right thing.

[morillo]

Good luck Morillo - i hope you have many happy years in your new home.

Cheers doccyboy, it will be years too. Hopefully this will be me for many years (10+), so won't be too bothered about the further drops over the next few years.

Edited March 24, 2011 by morillo

[2buyornot2buy]

well done morillo. Did you solve your moral dilemma and go for a repo in the end?

[morillo]

well done morillo. Did you solve your moral dilemma and go for a repo in the end?

I did, few of the posts on that thread made me see the light. Still feel a bit sorry for the poor punters that got stung. Hopefully the price I got it at will provide a bit of a buffer in case of further drops. Just hoping the survey comes back ok and there are no nasty surprises.

Edited March 24, 2011 by morillo

[morillo]

Good luck to both of you. I agreed 2 houses this week so you didn't buy from me per chance? lol

If you got good value for money and it ticks most of the boxes then you did the right thing.

Haha, good question!

Better to keep your anonymity Realistic NI EA, its refreshing to read posts from someone in the industry who has their feet well and truly fixed on the ground.

[OptimusSubPrime]

Haha, good question!

Better to keep your anonymity Realistic NI EA, its refreshing to read posts from someone in the industry who has their feet well and truly fixed on the ground.

Morillo,

Can i just ask, how long did it take from offer accepted to everything being tied up?

[morillo]

Morillo,

Can i just ask, how long did it take from offer accepted to everything being tied up?

I'll let you know over the next few weeks, survey should hopefully be done by next week. Actually ended up in a bit of a bidding war, couldn't believe it given the state of the market at the moment. Other party backed out after a couple of bids. The bank/repo company came back relatively quickly (within a day). The estate agent was surprised as he said it quite often took a few days. I'm assuming they must have been happy enough that the offer was close enough to what they needed.

[tinbin]

Actually ended up in a bit of a bidding war, couldn't believe it given the state of the market at the moment. Other party backed out after a couple of bids.

Phantom bidder at the last min ... sounds like the EA might have been up to old tricks.

[morillo]

Phantom bidder at the last min ... sounds like the EA might have been up to old tricks.

I really hope not, surely an EA risking getting caught at that type of thing wouldn't be worth it?

If this was to happen, how would you ever prove it?