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Anyone dealt with Clydesdale Bank recently?

Just that, really. FTB applying for a mortgage (80% LTV) with Clydesdale Bank via a broker. We are both contractors which does make it slightly more complicated.

We spent the past 10 days compiling the seemingly endless amounts of paperwork in the correct formats, which was completed on Thursday last week. The full application was sent to Clydesdale on Friday 5th May, and today we've been contacted by the EA to say the valuation survey will be taking place tomorrow.

Clearly they haven't underwritten the mortgage in a day and a half... I've been awake at night for months thinking the underwriting process to death, there's just no way it could have been that quick. I'm slightly concerned about parting with £500+ for this valuation before anything has been approved, but the broker assured me that the fact it's gone to the valuation stage is a good sign. The reason we went for them (over Nationwide) was because as of last week, Nationwide were estimating a 6 day lead time for a DIP, and the broker had a head underwriter from Clydesdale Head Office in with him, and he used our 'account' as an example to her. She said based on what he had shown her, it looked good and we should apply. Obviously that's no guarantee, but it felt like a good sign.

Does anyone have any recent experience with them? Or any experience with how their process works from application - offer? Many Thanks in advance :T
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Comments

  • sultanabran
    sultanabran Posts: 172 Forumite
    Can you ask your broker to ask them if they can postpone the valuation until after they've processed the rest of your application?
  • glosoli
    glosoli Posts: 739
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    Clydesdale Bank are extremely well versed in contractor applications, so do not worry about that.

    Essentially once everything required is received by the processing team from your broker, the valuation is instructed. Assuming the valuation comes back satisfactorily, your application will be referred for credit scoring, to which there is three possible outcomes: 1) an approval, 2) a referral, or 3) a decline.

    Assuming it's an approval you can anticipate the offer document in generally around 5-10 working days. If it's a referral, then the initial submission can take around 2 working days, and each subsequent referral around a working day, and once approved then it will follow the above approval process.
  • *sultana* the broker said that the valuation is part of the process, there was an email sent to my husband suggesting that it would be refundable if the mortgage was rejected; but I bet actually getting it refunded would be like pulling teeth.

    *glosoli* thank you, that is really helpful! I'm relatively confident in the survey; we're buying in the SE and we managed to secure it for £15k under asking. It's just the waiting. Our broker suggested 2-3 weeks but I'm hoping for sooner; they've clearly got their skates on with the valuation so that's a good start.

    Their whole process seems quite different to the other banks; most of them don't seem to value the property until the underwriting has gone through.
  • glosoli
    glosoli Posts: 739
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    Yes if you go through a broker at Clydesdale then it's one of the first things they organise, whereas if you apply directly then its carried out after the credit element has been approved.

    Best of luck with your application!
  • sam_77uk
    sam_77uk Posts: 8 Forumite
    I am a contractor and recently had a mortgage application processed by Clydesdale. Took me over 7 weeks start to finish (having said that I have got the offer to me but solicitors are still waiting 4 days and counting). They did instruct the valuation straight away and do underwriting later
  • kingstreet
    kingstreet Posts: 38,686
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    Their whole process seems quite different to the other banks; most of them don't seem to value the property until the underwriting has gone through.
    Most instruct valuation immediately and underwrite when all documentation is in hand.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • *kingstreet* yes I've been reading up a little bit more on here and more and more people are suggesting they've had valuation first up. It's just weird because the EA commented and said 'oh if they're valuing it it'll definitely get approved'.
  • Hi All

    We are FTB applying for a 95% LTV mortgage with Clydesdale via a broker.

    My husband is on a fixed term contract (18mths) with a letter from his university to state his contract will be extended beyond this. He has previous continuous employment prior to this.

    Part of our deposit is a gift (from family member)

    Timeline:
    Phone application with broker - 20/07/17
    Online form- 20/07/17
    Follow up call for progress - 23/07/17
    Passed to case-manager- 24/07/17
    Submitted to Clydesdale- 25/07/17
    Valuation fee taken- 25/07/17
    Credit check performed by Clydesdale- 26/07/17 (on Experian)
    Bank statements for both accounts (3mths); Payslips (3mths), Employment letter for husband, home report, our valuation.- 26/07/17 (online copies sent)
    Direct Debit Mandate signed and posted to broker- 26/07/17
    Called broker RE valuation on-27/07/17
    Valuation instructed on-28/07/17
    Valuation carried our on 31/07/17 (gift letter from donor requested by broker)
    Called broker and told valuation will be assessed in 48hrs and if all documents present assessment will be 48hrs. They also asked for husband's past 12 months of employment contracts-31/07/17
    Sent scan of gift donor letter (as requested) and hardcopy to follow in post. Also sent past contracts for continuous employment, going back to July 2015. - 1/07/17

    So I called today, expecting a decision- or close to one, and was surprised when broker checked system, that Clydesdale were requesting documents already provided in the beginning - like payslip and bank statements.

    Broker told me that these are being 'certified' and should be uploaded soon.
    Then she told me that my husband's business accounts are being asked for.

    I am now concerned that they are treating my husband as a contractor- even though he is not self-employed and I have made this explicitly clear. He has a fixed contract term, but has been fully-employed continuously since 2012.

    Today the broker told me that I will need to get a paper-trail and bank statement showing the source of the gift deposit- and asked again for my proof of deposit funds (which I have already provided)

    She told me, that Clydesdale will not likely make an offer until this proof of the source of the gift funds is sent to them in the post.

    We have a closing date of September 1st, and another seller interested in the property we are buying.

    I believed we only had to wait for the valuation to be assessed, and that most of the underwriting had been done, but it sounds like they don't even know the basic details about us. (or our broker hasn't been passing on our information properly)

    Anyone know if we can press them for an offer before the evidence of fund from our gift donor arrive- as surely this is not essential to the offer? And only required at the transaction point?

    We are likely to wait another week if they insist on this letter arriving by post first- as it seems that everything that goes to our broker is held up for 2 days before being passed over.

    The broker are not updating their online tracking system, and we feel a bit in the dark- thinking we were close to offer, and feeling like we are now back at the beginning.

    Anyone had similar treatment?

    Thanks!
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    CamMac wrote: »

    The broker are not updating their online tracking system, and we feel a bit in the dark- thinking we were close to offer, and feeling like we are now back at the beginning.

    Anyone had similar treatment?

    You are over analysing the underwriting process. Either you'll be made an offer or you won't. 10 working days has barely passed yet.
    Constantly chasing isn't going to speed matter up.
  • Hi,

    We also have applied to clydesdale bank through a broker and on the painfully slow process to offer.

    Application in on the 21st july.
    Mortgage valuation completed (satisfactory from the report) on the 31st july.
    From here no news or updates apart from it is 'being processed'.

    Have you had any luck with yours?

    Does anyone know if there is a way to speed this up? Our broker is saying the only way is if we send a letter from our solicitors confirming our completion date. Our solicitor is saying they can't confirm completion date without a mortgage offer... I feel like we are going round in circles!
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