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11-09-2019, 20:51   #9001
 
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In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.
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11-09-2019, 22:39   #9002
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In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.
Bank doesn't care about your snag list.

The point about paying before snagging is that builders are always quicker to fix things when they're waiting on their money.
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11-09-2019, 23:06   #9003
 
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Bank doesn't care about your snag list.

The point about paying before snagging is that builders are always quicker to fix things when they're waiting on their money.
I know that, while I may have drawn down, I won't be closing (or paying) until the snag list is complete
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12-09-2019, 09:43   #9004
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Its not a snag thats the issue though. Its the homebond cert & the BER cert.
Whatever about BER cert, funds wont be released by the bank until they are in receipt of Homebond cert.

This is an awful predicament to be fair.
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12-09-2019, 10:54   #9005
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Its not a snag thats the issue though. Its the homebond cert & the BER cert.
Whatever about BER cert, funds wont be released by the bank until they are in receipt of Homebond cert.

This is an awful predicament to be fair.
Honestly I've felt sick with stress for the last couple of days. It's the BCAR certs which take 21 days to be approved, so I'm hoping that the Homebond cert will be quicker. I've spoken to the solicitor and the bank and the general advice we've been given is to hold steady for the moment and make sure we have everything on our side ready to draw down.
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12-09-2019, 12:10   #9006
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Honestly I've felt sick with stress for the last couple of days. It's the BCAR certs which take 21 days to be approved, so I'm hoping that the Homebond cert will be quicker. I've spoken to the solicitor and the bank and the general advice we've been given is to hold steady for the moment and make sure we have everything on our side ready to draw down.
Fingers, toes and everything else crossed for you, hope it works out....
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12-09-2019, 12:27   #9007
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Fingers, toes and everything else crossed for you, hope it works out....
Thanks so much, I really appreciate that. I'll update when the time comes, might be useful if anyone else finds themselves in a similar position.
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12-09-2019, 18:47   #9008
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Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.
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12-09-2019, 19:48   #9009
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Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.
I am more or less at the same stage as you now - race you

Best of luck !!!
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12-09-2019, 22:37   #9010
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I am more or less at the same stage as you now - race you

Best of luck !!!
Same to you!
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13-09-2019, 08:51   #9011
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Originally Posted by Musefan View Post
Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.
I think you may find issues if you tell your bank you changed jobs.

Usually they require you to have passed your probation period.
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13-09-2019, 09:30   #9012
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Originally Posted by Musefan View Post
Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.
I wouldn't tell the bank you're changing jobs.
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13-09-2019, 10:08   #9013
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I wouldn't tell the bank you're changing jobs.
Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.
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13-09-2019, 10:16   #9014
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Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.
Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.
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13-09-2019, 10:19   #9015
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Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.
The mortgage advisor advised we proceed with the application after I outlined my full work history to her, and upcoming change of jobs.
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