Abbey Mortgage offer...how long?

tcjt1418

Hi,

my husband and i have put an offer in on a house which has been accepted, however we had not set up mortgage yet, we seen a mortgage advisor who made an application to the abbey for us which was accepted in principal, after a week he had chased them up, they had no record of our application even although we had a reference number, we then applied again which was accepted again in principal and after a week again our mortgage advisor chased abbey, again they had no record but found our application "stuck" in their system, he was assured it would be processed, we are just wondering if anyone knows how long abbey take to send out our offer, we are getting worried as we have put in the offer although our lawyer did put a clause in subject to us getting a mortgage but we do want to move in asap (5-6 weeks).
Thanks

ben_Mortgage_consultant

Abbey are notoriously bad at the moment, having gone through a number of internal changes with their new owners Santander. By continuing to offer very good rates during this transition, service has suffered. Abbey tend to underwrite the case first before intructing a survey so if a survey has been done this is a good sign that your offer may not be far away. Typically allow 5/6 weeks for a mortgage offer with Abbey at the moment.

Mrs_Bumble

Abbey are a nightmare at the moment and the addage how long is a piece of string is fairly apt!

Push the broker, it will take persistance! as in badgering! has the valuation taken place? Abbey because of internal changes are a nightmare! have to say that I am avoiding them like the proverbial plague!

tcjt1418

We got a survey done on our property as it was a private sale the seller did not need to do a home report, abbey were requesting a copy of survey from our surveyors, they were meant to do this last week, i will say to our mortgage advisor to keep chasing them! i hope we get mortgage in time!

Gorgeestwo

Think we were quite lucky with Abbey, from Application to survey and then to offer it was about 10 days in total and thats with them having to send out the paperwork twice as they got some of the details wrong :rolleyes:

Goodluck hope you don't have too long to wait.

carmen_sm8

Gorgeestwo wrote: »

Think we were quite lucky with Abbey, from Application to survey and then to offer it was about 10 days in total and thats with them having to send out the paperwork twice as they got some of the details wrong :rolleyes:

Goodluck hope you don't have too long to wait.

ooh er - now I'm worried, although your post have given me a glimpse of hope! We had a recent house purchase fall through and have found another house but the original mortgage we had agreed with Notts BS said that we would have to pay again for a valuation (which was free on the original application!) So facing a charge of £300, we decided to try for a 75% mortgage with Abbey - so far the initial application over the phone was completed and agreed, credit score fine etc. and I received the paperwork application form and posted that back yesterday but I'm worried now with these comments as we have to try and complete by 23.10.09 as that is when our rental agreement ends for our current house. I am starting to think I should have shut up and put up with an 80% LTV mortgage with Notts BS which was already agreed and paid the valuation fee ---- feeling a tad sick now!

Hopefully Abbey will come through as quick as you got your offer ..... will keep you posted!

bmunky7

For me it has been 4 weeks today since we applied and they haven't even booked a valuation to take place. I would advise everyone to avoid the abbey at least for the time being.

carmen_sm8

Well - I have to say I was impressed byt he young man I spoke with today - he advised me that they received our application back yesterday and processed it the same day - yippeee:j

UNFORTUNATELY......the underwriting team declined it on affordability even though the original chap who did the telephone credit check and affordability check said it would be fine. The good news is that the aplpications team Manager decided to re-refer it back to underwriting team for a second look as they don't think there is a problem on the affordability front!!

So I am still clueless as to where we stand - however at least they have processed it quickly so far - lets hope they keep the pace up and I might have an answer by friday!!!!

I'll keep you all posted. Gosh I hope if we do get approved we don't have to wait four weeks for a valuation! I'm almost tempted not to bother and go with Nottingham BS!!!

VKay

Abbey have impressed me- the surveyor has rung the EA several times to get access. It's the vendors and their tenants that are stalling things. Abbey have been mega quick!

nirey666

To offer another perspective; I went into the branch on a Wednesday at the start of September. The valuation was done the next day, and my offer was with me by the Monday. Perhaps its a regional thing? I'm based in Scotland.

Im now at solicitor stage which has been the slowest thus far for us.

carmen_sm8

carmen_sm8 wrote: »

Well - I have to say I was impressed by the young man I spoke with today - he advised me that they received our application back yesterday and processed it the same day - yippeee:j

UNFORTUNATELY......the underwriting team declined it on affordability even though the original chap who did the telephone credit check and affordability check said it would be fine. The good news is that the applications team Manager decided to re-refer it back to underwriting team for a second look as they don't think there is a problem on the affordability front!!

So I am still clueless as to where we stand - however at least they have processed it quickly so far - lets hope they keep the pace up and I might have an answer by friday!!!!

I'll keep you all posted. Gosh I hope if we do get approved we don't have to wait four weeks for a valuation! I'm almost tempted not to bother and go with Nottingham BS!!!

Just spoke with Abbey and they still turned us down - I have written a complaint about this as they have turned us down on the basis of the affordability scoring and yet were not willing to accept that our monthly expenditure is less than their computer generated calculation and they say they will only use the computer calculation!! So their computer says we have a positive balance of £3, whereas in actual fact we have a positive balance of well over £100 each month and adding an extra £64 to our current payments is not a problem at all - so I am unhappy!!! And they said they would not be willing to accept an appeal for 3 months now! Utter nonsense...... so fed up as they do have one of the best deals on the market - I guess this gives them the remit to be choosy about who they lend to!!!:mad: