Got the Mortgage
Today the Underwriters of National Westminster have signed off on my application for 56K Stirling Mortgage.
It was a LONG process that began on Advent Sunday 2011. We had already by that point confirmed the principle price of 85K Stirling for the property with the Vendors. We had an initial deposit from my parents, and we had a Broker who had already got us a good deal, and that deal fell apart before we did the paperwork on the account of it being a specialized mortgage.
Thus we tried to go with a second mortgage through the Mortgage Works of Nation Wide Bank. This mortgage was to be a Guarentour Mortgage which meant my Father would be culpable for the loan if I ended up bankrupt. We pointed out that my Father would be well over the age of retirement by the time the thirty five year repayment was complete. The Broker said it didnt matter, but on December 13th after three weeks of paperwork assessment the Bank rejected the application and we had to begin all over again.
Thankfully the Lawyers had already been doing their searches and everything checked out alright. So we proceeded to apply for the third Mortgage to another bank. This time a perfectly normal mortgage which did mean my parents initial deposit had to be significantly more. Once that was sorted out everything shut for Christmas and New year.
Then something went wrong. National Westminster refused to book the valuation survay on the account that I had received a 1000 pound pay cut. This was nonsence, but not one of my brokers had explained to them that I get paid on a Luna Cycle not a Callendar Month. I only found this out when I rang them directly for a different matter, and was told the financial advisors had sat on the information for nearly a week.
Furious I got them to recalculate according to the moon, and they confirmed that we were back on track. The Valuation booking occured on Tuesday, the Valuation Survay to check the house is worth more then im asking for, took place yesterday after which I heard that the application was now with the underwriters who would sign off the deal if they felt it was alright.
Today I heard that they did so. The aggreement is already in the post to me. Once I have obtained that offer, assuming it is identical to the application, which it should be. I will have secured myself the funds to properly buy the house.
The Lawyers have been made aware. The final stage of Contracts, and insurance will be taking place as soon as possible. With a move looking likely within the first week of February I hope!