Painfully slow Woolwich application

sims22

My husband and I are 5 weeks into our Woolwich application. The valuation was carried out within a week of getting the AIP but since then they have asked for numerous documents in peace meal fashion. As one example, they asked for my husband's bank statement showing salary being credited and said they didn't require mine. Two weeks later they ask for my bank statement.

Everytime we think we must be near to an offer they put us back further. Has anyone else had a similar experience with Woolwich? On average how long do they take to process applications?

I read on a previous thread that underwriters often request more information as a delaying tactic when they are backlogged. Any tips on pushing this forward? I am chasing the broker on almost a daily basis but clearly that isn't helping.

Thanks in advance.

lillibet_dripping

Hi sims22 - I am in exactly the same situation!!!. Filled in all the forms etc mid-May. Since then, they have asked for bank statements, pay slips, tax credit info etc. etc. in dribs and drabs. I phoned them (despite going through a broker!) on 17th June and was told that they had received all my paperwork on the 16th but had only got up to looking at applications received on the 12th. Since then, they have requested all this ridiculous paperwork ......
I am the only one in my chain holding things up - everyone else has had their surveys done and their mortage offers in!!!

Broker told me that there had been lots of redundancies and they had a backlog of applications!

Hang in there!

sims22

Thanks for the reply lillibet. Good to know we're not alone! It is hard to wait patiently as the longer they take and the more documents they request, the more worried I get that they're looking for a reason to change their minds! hopefully they're just back logged and it will get signed off soon.

Good luck with yours!

MumOf2

My mortgage application with Woolwich went through quite quickly, but then the fun and games started - the original legal people went into receivership, then Optima were appointed by Woolwich. It's a bucket shop conveyancing legal firm who are (in my humble opinion) absolutely useless. Wouldn't put them in charge of the oranges at a Sunday school picnic...

MumOf2

happybroker

Woolwich have never been famous for the level of service they provide. When Barclays bought them the processing was done by a third party called Global Home Loans whoc charged an amount per case and the quality of service took a massive tumble.

Barclays weren't happy at the service they received from ghl and took it all back in house but employed the same people and systems...so guess what? the service is still rotten. They appear to check a case up to a point where they find an issue and then request further info rather than getting a list of all the problems and killing them off in one go. New staff into the processing centre are paid peanuts and so you are never going to get experts.

Believe me the broker will be as frustrated as you, I have a number of deals going through them at the moment and it is taking up an inordinate amount of my time.

Complain to the Woolwich would be my advice.

sims22

We've received a text this morning to say the offer has been issued and being sent out in the post today.

I'm so relieved! Six weeks seems like a long time but pleased they got there in the end.

happybroker

great news.

you will really have to keep on top of the solicitors now if this is a remortgage using a firm appointed by the lender. Probably enact or optima and both are a bit sloppy so keep an eye on things.

Conrad

I've noticed a number of posts recently decrying the service provided by lenders in house lawyers.

Just to point out that on a remortgage the fees are waived, and the lawyers get a paultry sum from the lender.

If speed is required I'd suggest you pay your own Lawyer.

happybroker

there are firms who do this just as cheaply and do it quickly and efficiently, it's just that those two are particularly poor.

sims22

Thank you for the advice and the responses Happybroker. The firm I work for is doing the conveyancing (for free) so I'm in good hands with them! They've been fantastic to date and fortunately the contract has long been agreed.

Thanks again

enchantedground

Hi,

I have also found Woolwich to be really slow. My sollicitor has found it really hard to get through to them in their call centre in India. They have also been really slow about getting papers to me that they say they need. Now I have just heard on the news that Barclays is giving out bonuses again, and I really wish I'd chosen another deal. Still, I think I have got a good rate at 3.99% for 4 years...