Abbey Mortgage offer...how long?

tcjt1418

tcjt1418 wrote: »

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

we will find out tomorrow if we have mortgage, our application is with their underwriters, i must say i am nervous now after reading some of these replys! do the abbey do another valuation on the property or is the survey report i paid for enough?

ben_Mortgage_consultant

The survey you paid for will be sufficient. Word of warning for all Prospective customers; ensure that your broker/ifa has used their affordability calculator before submitting any full application. Abbey use a number of assumptions about your outgoings and whether you spend less or not they will always go by the affordability calc. Good news is that because abbey don't instruct survey until case has been underwritten so no lost fees if they do decline.
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tcjt1418

tcjt1418 wrote: »

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

just to let you all know, we got mortgage offer in this morning! thank goodness!!:j

herbiesjp

carmen_sm8 wrote: »

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:

Yes - I have heard this happen quite a bit with Abbey

That's why you (or the broker) would have to check 100% with Abbey that all is well - I triple check these cases to make sure there are no surprises.

This can happen with other lenders as well, so I would suggest speaking to a good WOM adviser, and let them search a deal for you that will go through.

Abbey will have left footprints on your credit file, which could lower your score with other lenders, so you need to make sure that the next lender will agree the mortgage for you

musey

:mad: :mad: :mad: :mad:

We're having an absolute nightmare with Abbey at the moment their service is nothing short of discraceful. We are still waiting for a decision from the underwriters 6 weeks after applying. Our credit rating is flawless, our income more than covers the repayments, the LTV is just over 50% and yet week after week they request another piece of information or proof of something, I'm at my wits end, on Friday I spoke with the Financial Ombudsman Services who say we have a case for complaint. We are now at the point of loosing the property as the vendors are understandabley upset that no valuation has taken place and we cannot progress. We have no property to sell. I could cry with frustration.

VKay

Poor you- how infuriating! Did you organise the mortgage through a broker? If so, are they ringing Abbey everyday keeping the pressure on? If not with a broker I would do this myself.
Sorry if i'm suggesting something that you're already doing- you must be so fed up.

musey

We're using a broker, who to be fair as well as putting up with my rants is keeping the pressure on. I just don't know what else to do, it's not that I mind providing the info they have asked for, but why is it impossible for them to look at our application and give one long list of everything they require rather than spanning it out over six weeks asking for one piece a week? Whenever they ask for something I provide it within 24 hrs and we are assured, this is the last thing they'll need and then lo and behold they then want something else. I plan to phone on Monday but have a sneaking suspicion they won't speak to me as we are using a broker.

bmunky7

Good luck getting in touch directly. I got the relevant regional phone number from abbey for intermediaries and they wouldn't discuss with me. I had same issue with dragging out information requests. Eventually had the valuation done so fingers crossed the mortgage offer is on its way!

egg345

Ours is a disaster story thru well know broker to MSE and with the Abbey-over 8 weeks now and no offer-came back 10 days ago for the 8 page tax credit doc-we sent first 4 pages which is all we were sent this year-am told other 4 pages are blank-have been into Tax Enquiry office got screen shots and direct contact details for them but
They say they will cancel our application in one week.

Tax credits have sent 5 copies of the document apparently since 14 Sept but none arrived-they blame postal strike!! Yeah right! Have offered to collect in from anywhere in country but that's not possible?!

Meant to be completing sale and purchase this Thursday! Yeah right

musey

Well, what a surprise Abbey came back to us yesterday requesting additional information and refuse to state whether after providing this they will find some other information to request. Grrrr