Why is my mortgage incredibly slow?

stolt

oh hell, it takes that long!! i applied to mansfield bs and they asked all sorts of questions regarding money being transferred from my different bank accounts and i thought they were being over cautious i'm on a 37% LTV ratio I thought I would be welcomed. And even though it was just premilary work i have since switched to the chelsea because they have a lower fixed rate, there was me thinking it was only going to take a week!! I was hoping we would be in in April.

koexelek

sarah77 wrote: »

Its not gone to underwriters for us yet because Abbey keep asking for more information. In all fairness we are unsure whether its Abbey that are so slow or whether our broker messed up our application some how...we can only really take the brokers word for it and he's blaming it on Abbey. Valuation not yet arranged but we did pay the fee 7 weeks ago when the application was completed.

I have a great relationship with Abbey, and find the team I deal with at the moment very helpful.
However, in the past, I have dealt with different processing teams, who have been a nightmare. Your broker might be unlucky in having one of the not so good teams dealing with their business.

kat-bob

I have been waiting on a decision from Abbey for 2 weeks. I have spoken to them a number of times and I have to say they seem to be giving stalling tactic answers, which I find strange. I was originally advised to call back for an answer in 5 working days. I was advised that my application went to the underwritters on application and came back to the person I filed my application with a week later as the paperwork was not filed correctly, its now back with the underwriters... I have not provided any documentation yet, they have just asked questions (My application was over the phone). I cannot see this being a quick process...

Wickedkitten

Our mortgage from Nationwide was incredibly fast, however the vendors solicitor is being incredibly slow

thepeachyone

Is it to do with the fact that we are near the end of the financial year? I know they have quotas. Are they stalling because the funds wont be available until next quarter or something?

thepeachyone

I cant believe that I still know nothing. We are in danger of losing our preferred house and the co-op bank are being complete *rses.

Anybody know if its likely to be about quotas?

Anyone else waiting a long time for a decision to lend?

mercedes125

We are still waiting to hear from abbey been told next week now, this has been going on for nearly 6wks now each week they say we will have a decision then we keep being told it will be the following week.

becky2011

My mortgage offer came through yesterday, it was approved 2 weeks ago and the application started 6 weeks ago.

Yesterday they carried out a valuation audit so hopefully things will be ok! It's worrying to get to this stage and be sent the mortgage offer and then be told that they want to audit the survey. The house was up for £595,000 in September and we had an offer accepted at £475,000 so I cannot forsee there being a problem but hey you never know.

sarah77

We are also still waiting for mortgage approval and at risk of house going back on market. It will be 8 weeks next week since we had the offer accepted and started the Abbey mortgage application. We have been promised a decision by Tuesday (but then again ive been told that nearly every week so far). Yesterday i phoned Halifax and we passed their internal credit check so im hoping that can be a back up plan if we are fobbed off with more excuses from our broker/Abbey.

stolt

i'm getting seriously worried after reading this thread, sent our application off to chelsea bs lst week and i spoke to them tuesday and they have sent my application off to the underwriters (they said it took about 14 days for a reply) so i dont know at what stage they send the valuer out to the house. was hoping to move in end of april!