My husband and I are currently waiting on a mortgage decision from TBS for 90% of the value of a new build. We're putting in 5% & so are the builders. Does anyone have any knowledge or experience of the company? We're going for a 2 year discounted rate at 0.5% below their SVR which is currently 4.99%.
It seems they're a little old fashioned but as this is my first mortgage (hubby's second) maybe it's just me making assumptions. It's actually quite a nice surprise to ring them up & get the same person more than once & no automated systems to get through first!
Is it unusual not to get a decision in principle before making a full application? We just had to send all our paperwork (through an IFA who said we meet their eligibility criteria) and are just waiting for a yes or no. They called us & asked for the application fee once they received everything & now, about a week later, they have called again for the arrangement fee & valuation fees, is this a good sign?!
They have told the IFA they are now asking for employer references which I'm sure they wouldn't waste time on if they were only going to turn us down! And being public sector workers on national pay scales I don't expect they're looking for anything other than a confirmation of contract. Might they ask an employer for pension details? The term we applied for is longer than my husband will be working but his pension payout will cover what's left.
Our main concern with being accepted was outstanding unsecured debt (NRAM & not so proud...) & I'm telling myself they'll have looked at that sort of thing by now & to stop stressing!
It feels like it's taking forever, it would be good to have a timeline of what they check in what order so we'd know how close we were to an answer! Our buyer is an investor & good to go & our builder is obviously wanting us to move quickly, feel like it's us holding everything up!
It seems they're a little old fashioned but as this is my first mortgage (hubby's second) maybe it's just me making assumptions. It's actually quite a nice surprise to ring them up & get the same person more than once & no automated systems to get through first!
Is it unusual not to get a decision in principle before making a full application? We just had to send all our paperwork (through an IFA who said we meet their eligibility criteria) and are just waiting for a yes or no. They called us & asked for the application fee once they received everything & now, about a week later, they have called again for the arrangement fee & valuation fees, is this a good sign?!
They have told the IFA they are now asking for employer references which I'm sure they wouldn't waste time on if they were only going to turn us down! And being public sector workers on national pay scales I don't expect they're looking for anything other than a confirmation of contract. Might they ask an employer for pension details? The term we applied for is longer than my husband will be working but his pension payout will cover what's left.
Our main concern with being accepted was outstanding unsecured debt (NRAM & not so proud...) & I'm telling myself they'll have looked at that sort of thing by now & to stop stressing!
It feels like it's taking forever, it would be good to have a timeline of what they check in what order so we'd know how close we were to an answer! Our buyer is an investor & good to go & our builder is obviously wanting us to move quickly, feel like it's us holding everything up!