Abbey/Santander mortgage

Teachertim

In my opinion, Abbey are a waste of space. I applied for a remortgage with them, they eventually valued my house - 25k less than I said it was worth.

Moved to Natwest, valued in a week, at exactly what I said and just had offer through.

I'll never touch Abbey again, I was really shocked by their customer service, pleased to say I am supporting a British company now with my Mortgage.

SarBear1980

I applied for a mortgage with Abbey and was really worried having read posts on this forum. I managed to get through the Scottish office (there is one in Belfast, Scotland and Yorkshire apparently) and it went through in around 4 weeks. The slowest part was getting the application to the underwriters.

I tried the trick of asking for insurance quotes so it may have got me to the front of the queue too.

cox377

Hello All, I found this thread when searching for the time frame for getting a valuation through abbey, I submitted my Application 27/06/2009, I'm sure the broker said it was preliminarily accepted that afternoon. The vendor is getting worried that I won’t get a mortgage on the place due to the work required.

I feel sorry for my Mortgage broker; he operates out of the same estate agent where my mum works so is getting bombarded for updates.

I went with abbey due to the free valuation but didn’t take into account the wait, I would rather risk the valuation fee than get my offer cancelled from the vendor due to a slow valuation.

The broker emailed this morning to say it’s with the underwriters and that he will contact the estate agent to update them. Does this mean anything?

This my first house purchase so I’m new to the ropes.

I’ve got a 25% deposit so I’m hoping that will work in my favour.

The vendor originally gave me a week to get a surveyors report done, well today is seventh days.

Can anyone make any recommendations?

Thanks in advance

CoXen

Thrugelmir

cox377 wrote: »

Hello All, I found this thread when searching for the time frame for getting a valuation through abbey, I submitted my Application 27/06/2009, I'm sure the broker said it was preliminarily accepted that afternoon. The vendor is getting worried that I won’t get a mortgage on the place due to the work required.

I feel sorry for my Mortgage broker; he operates out of the same estate agent where my mum works so is getting bombarded for updates.

I went with abbey due to the free valuation but didn’t take into account the wait, I would rather risk the valuation fee than get my offer cancelled from the vendor due to a slow valuation.

The broker emailed this morning to say it’s with the underwriters and that he will contact the estate agent to update them. Does this mean anything?

This my first house purchase so I’m new to the ropes.

I’ve got a 25% deposit so I’m hoping that will work in my favour.

The vendor originally gave me a week to get a surveyors report done, well today is seventh days.

Can anyone make any recommendations?

Thanks in advance

CoXen

To apply for a mortgage and expect a surveyors report within 5 working days is somewhat optimistic !

Be patient.

If as you say the property requires work then the purchase price may be subject to further negotiation.

cox377

Thanks for the advice,

Like I say, I'm new to this and got no idea how long things take. It was the estate agent who gave me a week lol

Many Thanks

CoXen

Conrad

Impossible to say Cox, I avoid Abbey though. The odd case sails through quickly, but that's an exception.

cox377

Thanks Conrad,

I guess I'm in this boat now.

Can you make any recommendations?

Much appreciated

CoXen

finfam

Hi there,

We also just tried to remortgage with Abbey, with good credit, and 75% ltv, and a high wage. They valued our flat at £150K LESS than it's worth. Then when they asked what the "you can remortgage for anything you like" reason was and we mentioned were thinking of doing up our top floor putting in a window, they said we had to get quotes and planning permission documents together to give them before they'd ok that. Is this normal? All seems highly detailed.

The main reason for the remortage, however (which would be the only debt he or I would then have) is to pay off a whopping accountants fee and tax/Vat bill (he didn't know he had to pay VAT!) and having sorted it all out means we now have to come up with 150K on top of our 200K (the property is worth 500K). Would all underwriters baulk at the reason for the remortgage, considering there are no other debts and he has otherwise good credit and high wage? Or do we call it a credit card debt? Or is that worse?

Any help or suggestions extremely gratefully received! Thank you for your time,

Alice

Thrugelmir

finfam wrote: »

Hi there,

We also just tried to remortgage with Abbey, with good credit, and 75% ltv, and a high wage. They valued our flat at £150K LESS than it's worth. Then when they asked what the "you can remortgage for anything you like" reason was and we mentioned were thinking of doing up our top floor putting in a window, they said we had to get quotes and planning permission documents together to give them before they'd ok that. Is this normal? All seems highly detailed.

The main reason for the remortage, however (which would be the only debt he or I would then have) is to pay off a whopping accountants fee and tax/Vat bill (he didn't know he had to pay VAT!) and having sorted it all out means we now have to come up with 150K on top of our 200K (the property is worth 500K). Would all underwriters baulk at the reason for the remortgage, considering there are no other debts and he has otherwise good credit and high wage? Or do we call it a credit card debt? Or is that worse?

Any help or suggestions extremely gratefully received! Thank you for your time,

Alice

A £150k variance in valuation takes some understanding on a £500k property.

I assume that your partner is self employed and hasn't been in business long either. So this will influence the underwriters.

finfam

Hi. We're in a pocket of streets that didn't have much of a downturn due to being in the tiny catchment area of an extremely popular school. Exact same nearby flats, some not as high spec as ours, are indeed going for 500K. So I'm not worried about that... but yes my partner is self employed, and only recently vat liable. Any thoughts..? Thanks! A