Mortgage Time Line

gibsongaz

Hey guys. We are in the process of obtaining our first mortgage. We have no chain, and neither do the vendors. We started the process off back in April. Through no fault of our own, the company involved has dragged its heels every step of the way. Instead of just issuing a list of items they require, they have waited until we have done as they say, and then come up with another list! We were supposed to complete this Friday, and we have had to defer it for atleast the fourth week in a row as we have just found out we have to revalue the house as it has taken so long!
Fortunately we have understanding landlords who keep extending our rent, but it has got beyond a joke. Further more it is embarrassing for us in front of the Vendors who thought they were getting a quick sale.
We are not after monetary gain, but can these cowboys be reported to any Ombudsmen or institute?

bingibongi

So why are you arranging moving dates if you dont have a clear unconditional mortgage offer?

And please tell me you havent given notice on your rented property.

gibsongaz

bingibongi wrote: »

So why are you arranging moving dates if you dont have a clear unconditional mortgage offer?

And please tell me you havent given notice on your rented property.

I think you are missing the point....the offer came through 3 weeks ago. These 'extras' have been cropping up since the broker has been putting the application through. I also think you are missing the point of my thread. Does it say 'Please come and offer me your worthless advice that is patronising'?

Shakethedisease

Was it an 'official offer' or just an agreement in principle ?

I don't think anyone is trying to be patronising.. it's just that your post is a little confusing as you say you have an definate offer, yet also say that the broker is still putting the application thorugh ?

If you do have a formal offer, what extras is it that the lenders are looking for ? Or is it the solicitors that you're complaining about.

A bit more clarity might get you some helpful replies.

gibsongaz

Shakethedisease wrote: »

Was it an 'official offer' or just an agreement in principle ?

I don't think anyone is trying to be patronising.. it's just that your post is a little confusing as you say you have an definate offer, yet also say that the broker is still putting the application thorugh ?

If you do have a formal offer, what extras is it that the lenders are looking for ? Or is it the solicitors that you're complaining about.

A bit more clarity might get you some helpful replies.

Thanks Shakethedisease, this is what I would call a structured reply. Bingi was Trolling.

The provider had sent the official offer which all seemed very straight forward - there is no mention of the ensuing battles we have been having to get the signing completed. However, they instructed a third-party solicitor (as opposed to using ours) to take care of their process. This has doubled our solictors workload, as they need to duplicate everything. Every step of the process has been met with another hurdle. They have wanted written confirmation on why my wifes maiden name is different from he mothers, they wanted to know what 'Stakeholder' meant on my wage slip, they wanted additional searches as the ones in the HIP were not sufficient, or was more than 3 months old (just - and wouldn't have been had they pulled their finger out). They have wanted us to take out a specific insurance policy due to us recieveing family help on the deposit (a policy that our solicitor had never even heard of, but they happened to be able to supply a company that could offer it at a very rounded figure!). This is just a small list of the issues that have arisen over the past few weeks! The latest we revieved is a contradiction - they say on the first line that they are ready to complete on a set date, and on the next line they say that they need a new survey to be performed as the old one is out of date, and this is not possible to be completed by their own date!!! I know there is a process in place and that these can be drawn out, but this has truely been an excruciating process.

Conrad

If your question is 'how long will it take' then that depends on an unknown number of unknowns, so it is 100% impossible to answer.

Lenders do not issue a standard list, as in many cases they will complete with a limited amount of documentation, but underwriters will request further items as triggered by the unfolding facts, which in trun can trigger further requests.

In my 19 years, I've noticed time and again that a certain client profile tends to attract more hassle, by virtue of the fact they themselves withput reralising it, go about life in a more complex manner.
You say the lender instructed an additonal third party Lawyer, BUT THIS STEMS FROM SOMETHING ABOUT YOU IN PARTICULAR - be it the type of property you are buying or something that makes you a higher risk such as a bad debt history - lenders just don't go around instructing additional lawyers willy nilly.