The (sh)abbey - are they trying to avoid lending?

emmahane

we had our free valuation last wednesday, since then theyve asked for more info, which i believe puts you to the back of the queue again

jill2002

They only order the valuation once the mortgage has been approved an no more information should be needed.

emmahane

not in our case we werent even told theyd done the valuation until i asked our broker to aske them when they were doing it and they said it had been done the day before, it was all oked, then they said they wanted a letter from our accountant with 3 yrs figures on there even though wed given them 3 years accounts, they also found something on our credit file which we had to provide evidence on, again, so our mortgage definately hasnt been approved yet even before the valuation

jill2002

Actually there are some brokers that do things this way round. Which shouldn't be done. From Abbey's point of view - that valuation is costing them to do and has been done before the mortgage has been approved - not good business sense !! And from your point of view - if the mortgage is not approved, then it could be that you have to find a lower priced property - but your free valuation allowance has been used - so you have to pay for the next one - not good.

emmahane

abbey did the valuation off their own backs our broker had nothing to do with it, she didnt know it had been done until she asked them when they were doing it

Leon_W

Jill

Abbey instruct the valuation when they see fit, usually when everythings approved. A broker has no say in it whatsoever. Infact, if you know how I can get a valuation done without Abbeys say so please let me know. (By pm if necessary)

It does happen that cases may be pulled for audit (above underwriters) and this may be the reason for extra info after the event.

emmahane

thanks for that leon, can you tell me what that means, being pulled for audit, are we still on track for an offer do you think?

jill2002

Leon,

I have never heard of that happening - 'an application being pulled for audit'. It has Never happened to any of my cases. As a branch advisor, I have the facilty to press the button on the valuation when I see fit. However, this is ALWAYS after the mortgage has been approved and can go to offer if val ok.

I do believe it is very different from going through a broker - I get many cases that are instantly appproved and if it is referred, the cases are slow at the moment and they are taking 72 hours, however, 48 hours is the norm - just a bit shorter than some of the people on here have explained when going through the broker arm of Abbey - thankfully, there are two sets of Underwriters !!!!!

koexelek

emmahane wrote: »

thanks for that leon, can you tell me what that means, being pulled for audit, are we still on track for an offer do you think?

Most cases will go through with limited information, but with others they will want to go through them with a fine toothcomb. They do this with a few cases to keep the regulators happy

emmahane

am i right in thinking that this will set us way back time wise?