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Abbey/Santander mortgage

mcb12
Posts: 12 Forumite
Hi all,
I'm after a bit of advice. I have applied for a mortgage with the Abbey, and have had an offer accepted on a house. It *SHOULD* go through without a hitch, but I'm having some trouble with the vendor, getting a bit miffed about nothing (apparently) happening, as yet, and has threatened to put it back on the mar.
I'm doing EVERYTHING I can to make it move quicker - phoning the agents, the solicitors (who are ready to rock and roll), and the mortgage broker - but apparently my mortgage is 'waiting to be underwritten', and should be done tomorrow.
However, as you can probably imagine, I'm slightly worried (actually, VERY worried) about this whole mess, and the worst part is that I have done everything I can to get it moving, it's just the Abbey who (obviously because they're busy) are taking tiiiiiiiiiime.
I have asked if the valuation can be instructed early, to give the vendors the notion that something is happening, but they say it can't. Eugh.
Does anyone have any advice on ANYTHING I can do to get things moving, aside from what I already have done, and am doing?
Thanks,
Matt.
I'm after a bit of advice. I have applied for a mortgage with the Abbey, and have had an offer accepted on a house. It *SHOULD* go through without a hitch, but I'm having some trouble with the vendor, getting a bit miffed about nothing (apparently) happening, as yet, and has threatened to put it back on the mar.
I'm doing EVERYTHING I can to make it move quicker - phoning the agents, the solicitors (who are ready to rock and roll), and the mortgage broker - but apparently my mortgage is 'waiting to be underwritten', and should be done tomorrow.
However, as you can probably imagine, I'm slightly worried (actually, VERY worried) about this whole mess, and the worst part is that I have done everything I can to get it moving, it's just the Abbey who (obviously because they're busy) are taking tiiiiiiiiiime.
I have asked if the valuation can be instructed early, to give the vendors the notion that something is happening, but they say it can't. Eugh.
Does anyone have any advice on ANYTHING I can do to get things moving, aside from what I already have done, and am doing?
Thanks,
Matt.
0
Comments
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How long have you been waiting. Abbey are about the slowest lender at the moment, and because the valuation is free, it won't be done till near the end of the process.
Just to give you some idea, we applied mid-May, and the valuation is only being done this week.0 -
We sent the paperwork in about two weeks ago. Apparently, it's in a queue; and is to be seen by the underwriters tomorrow.
Have you been pressing them, then? This week? That's shocking!
How quickly did they give you an agreement in principle?0 -
There are many posts here describing a wait of several months.
TBH I'm perplexed by brokers that chose to use Abbey. I only use them as a very last resort.
You might see the odd post here where people said they were sorted in a week, but that's merely luck on thier part. The majority take several weeks at least.
Logically if you think about Abbey are bound to be slow for the following reasons;
1) A month back they closed all regional centres and transfered to 2 or 3 massive centres - can you imagine the upheaval!
2) They were taken over by Santander - a Spannish Bank with poor organisational history
3) The group has also absorbed other lenders including Alliance & Leicester and B & B - additional complexity and system dove tailing issues.
4) Demand for funds way exceeds supply.
5) Dozens of lenders closed in the last 2 years, meaning the few remaining are swamped0 -
and it's not just Abbey - we had to wait 7 weeks for our offer from C&G. no amount of phone calls/chasing etc seemed to help, but i guess it is worth a try to keep pestering them!2011 wins: £481Eleventh Heaven: 1 2 3 4 5 6 7 8 9 10 110
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Abbey really do offer a poor service just now but I am still recommending their products when they are the most appropriate and explain to the client exactly how rubbish the service is....if the numbers make sense then most decide that it is sensible to put up with one of the worst of a pretty bad bunch.
The cases I am submitting to them at the moment (3 last week) are being looked at by an underwriter within 3 or 4 days of receipt which is when they tend to start asking for stupid bits of information that they already have. If I had sent things in 2 weeks ago and they hadn't been looked at by now I would be really dishing out the hairdryer treatment.Happily an ex mortgage broker!0 -
We are still waiting for our mortgage offer from Abbey after 11 weeks! We have been constantly told since last week that it will be done in 48 hours, despite 2 1/2 weeks ago being told that everything was ready and being sent out.
Suprise suprise I call again today and they tell me it will be completed in 48 hours. The vendor is getting seriously p***d off now.0 -
whitedan2001 & mcb12, are you applying directly with Abbey or through a broker? I know they have a few issues but I haven't seen anything that there isn't some sort of issue with taking this long.Happily an ex mortgage broker!0
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happybroker wrote: »whitedan2001 & mcb12, are you applying directly with Abbey or through a broker? I know they have a few issues but I haven't seen anything that there isn't some sort of issue with taking this long.
We have gone through L&C - there were a few problems with me providing a contract for my job but these were resolved several weeks ago. (all started because my payslips showed that I actually earnt MORE than I had put down on the application form!!!) We offered employers references but Abbey told us they did not need them and only wanted the contract. L&C told us that the offer had been confirmed on 15 June and papers were being sent. We didnt hear anything for a week until L&C told us that Abbey could not release the offer and had suddenly decided that they now needed to request employers references. The whole system is totally ridiculous. Why can they not just get all these documents requested at week 1.?!?!?0 -
mcb12 - Offer Abbey Buildings Insurance, Get to the front of the que!¬0
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Does it really work, if you sign up for Abbey buildings insurance, that you get to the front of the queue?
We're going through a broker, and, like I said, the broker has been told to 'phone for an update' tomorrow. The broker said that because it's a relatively simplistic case, that it *SHOULD* be underwritten fairly quickly, and that the valuation will be sent for, post haste.
It's reeeeeeeeally annoying because it's all out of my hands. If they could just do mine - it wouldn't take 'em long, I'm sure - I'd be a happy chappy.
Just a bit of info:
LTV = 84%
Loan needed = £84,000
My wage = About £28K (I've provided a wage slip)
My lady's wage = About £15K (she's only just started, so they have an employer's reference)
Are they likely to come after anything else from me, and if they DO want anymore documents, does the case go bang back to the back of the never ending, monotonous, p**s taking queue?
Cheers.0
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