I applied for a re-mortgage for equity release with our current lender the Woolwich on the 22nd April after a succesful DIP. (I went direct not via a broker).
I am separating from my husband and buying him out of the house so I needed to borrow more than what we currently owe.
The Woolwich did a full credit check via Experian on the day I applied.
A valuation was done by E-Surv on the 13th of May and I was informed that as long as that was satisfactory I would get an offer shortly after that. The valuation came in at £15,000 less than my valuation however it is still at 79% LTV.
Since the valuation the underwriters have required more info on 3 separate occasions thus delaying the whole thing:
1) Is my husband agreeing to come off the mortgage (he has already signed their form saying he is happy with this).
2) Can I send in my February pay slip (Despite them seeing March and April ones).
3) I didn't disclose a small Barclays loan that has shown up on their credit search (This is a loan in my husband's name only where I am not responsible at all for the repayments and it doesn't show up on my credit report when I checked with Experian).
I am now wondering if after everything they are going to turn me down. Do they often refuse a mortgage at this stage? How long after a valuation should it take them to issue an offer?
Thanks
I am separating from my husband and buying him out of the house so I needed to borrow more than what we currently owe.
The Woolwich did a full credit check via Experian on the day I applied.
A valuation was done by E-Surv on the 13th of May and I was informed that as long as that was satisfactory I would get an offer shortly after that. The valuation came in at £15,000 less than my valuation however it is still at 79% LTV.
Since the valuation the underwriters have required more info on 3 separate occasions thus delaying the whole thing:
1) Is my husband agreeing to come off the mortgage (he has already signed their form saying he is happy with this).
2) Can I send in my February pay slip (Despite them seeing March and April ones).
3) I didn't disclose a small Barclays loan that has shown up on their credit search (This is a loan in my husband's name only where I am not responsible at all for the repayments and it doesn't show up on my credit report when I checked with Experian).
I am now wondering if after everything they are going to turn me down. Do they often refuse a mortgage at this stage? How long after a valuation should it take them to issue an offer?
Thanks