Britannia Mortgage delays

natman

Hello.

I am in the middle of part exchanging our house for a new build.

To cut a long story short - I currently have a mortgage with Britannia and thought for ease and the fact they gave me assurances that the mortgage we want would be no problem i would stay with Britannia for our new funds.

I have outstanding mortgage of about £25,300 on current house and want to add £71,500 making a new mortgage of about £96,800 to buy the new property. Britannia highlighted we couldborrow up to £150k so well under their max!

The price of new property was £249,000, reduced to £219,500, and i have it reduced again to £206,500( i am pretty happy with the price)
Any how - 2 weeks ago britannia instructed a mortgage valuation to take place and two weeks on the valuation has not been assessd. nor a mortgage offer on the table.

I phoned britannia all week and they highlighted they are behind with paperwork blah blah blah, but it would be done by Friday 6th Feb.
I phoned them saturday 7th and it was still waiting to be done, though they have assured me it will be done by close of play Monday 9th Feb.

My worry is i have a date where I have to complete which is Monday 16th Feb. My solictor highlighted he wanted to mortgage offer at the very latest on Monday 9th.

If i dont complete on time, the deal may fall through plus, we are expected to pay the builder interest on the value of the house we should of bought on tie, and we are penalised for not acheiving the target date.

Any one else having these problems with Mortgages and particulary Britannia. I thought it would be a quiet time for mortgages, but Britanna highlight they are snowed under..........
What is going on????

getmore4less

So did you exchange without a mortgage offer?

natman

Hi,

No I did not exchange without mortgage offer.
We have signed initial reservation / part exchange paperwork (normal standard process) with the developer to exchange by a specific date mainly as we are part exchanging. We were given one month to get the new house valued and a mortgage offer on the table....... Hence why we used Britannia as we needed mortgagae approval by a firm that knew us, so i thought it would be quicker.

Our current property we are living in, is up for sale( as the developer has instructed an estate agent).

Most of the legal work is done, its just the darn mortgae offer.

feisty1

Posts like this prove the worth of using an adviser............

natman

feisty1 wrote: »

Posts like this prove the worth of using an adviser............

Hi -

I did actually speak to an adviser, but as my current outstanding £25k was with Britannia and on a 0.5% above base rate tracker ( currently paying 1.5%)
and Britannia would offer a members deal fixed at 4.39% for three years and the new monies. The adviser highlighted it would be in my best interest to stay with Britannia as the deal was pretty cool and as they knew me as an existing customer it should be a quick process.

Like i mentioned before - Britannia have only done minial salary checks and credit checks as we have always been spot on, so we have ben approved for a motgage 10 days ago, its just the valuation paperwork that is taking the time!!!!!

Gorgeous_George

If your solicitor has flagged that it needs to be in place by Monday 9th Feb, it is likely that a day or two after that will be just fine. I'm confident that Britannia will complete on time. If you had paid an adviser to act on your behalf, I'm sure that he would be telling you not to worry. I don't think it would be dealt with any quicker.

GG

natman

Gorgeous_George wrote: »

If your solicitor has flagged that it needs to be in place by Monday 9th Feb, it is likely that a day or two after that will be just fine. I'm confident that Britannia will complete on time. If you had paid an adviser to act on your behalf, I'm sure that he would be telling you not to worry. I don't think it would be dealt with any quicker.

GG

Cheers George,
I agree i dont think an adviser would of been much quicker. I hope Britannia get it sorted as I actually quite like them ,tehy have been helpful in the past, just annoying when you waiting for things out of your control.

feisty1

Gorgeous_George wrote: »

If your solicitor has flagged that it needs to be in place by Monday 9th Feb, it is likely that a day or two after that will be just fine. I'm confident that Britannia will complete on time. If you had paid an adviser to act on your behalf, I'm sure that he would be telling you not to worry. I don't think it would be dealt with any quicker.GG

GG
Did I mention anything about fees?

I'm sure that he would be telling you not to worry. GG[/quote]
What makes you so "sure"????? are all advisers male?

I don't think it would be dealt with any quicker.GG[/quote]
I think it would.

This applies in general & not Britannia

Gorgeous_George

feisty1 wrote: »

GG
Did I mention anything about fees?

No, but I don't expect advisers to work for nothing. The fees are hidden and not payable directly by the borrower.

feisty1 wrote: »

I'm sure that he would be telling you not to worry. GG

What makes you so "sure"????? are all advisers male?

I don't. It is just quicker to use he instead of (s)he.

feisty1 wrote: »

I don't think it would be dealt with any quicker.GG

I think it would.

IMHO, if a solicitor cannot get the deal done any quicker, an adviser has little chance of influencing the lender's priority system. I could be wrong but I would wager £10 to charity that the OP's deal goes through on time.

GG

feisty1

GG Why this continous misrepresentation of advisers?????????
FEES if any ARE NOT HIDDEN....Advisers DO have more influence than solicitors, you won't find a solicitor chasing an offer in their daily routine, they just put that responsibility back on the client & allow the client to stress over it as this is not part of the solicitor's remit..........

If you continually want to challenge the worth of an adviser at least get yr facts correct before doing so........otherwise it just looks vindictive

Gorgeous_George

I don't have a problem with advisers.

In my opinion, just like comparison websites, their fees are (IMO) hidden. How would a 'Fees Free Whole of Market Mortgage Adviser put food on the table?

The fees are paid by the lender and, therefore, indirectly by all customers whether they use a broker or go direct.

For many people, using an adviser would be a good choice. For others, it adds little.

GG