Abbey Mortgage offer...how long?

Hopejack

Can I just ask, how do you go about finding out what kind of affordability calculator they use? I'm a little concerned that someone mentions outgoings not credit related. We are hoping to get a mortgage in Spring next year - we don't have one (paid off a while back) but are hoping to get a bigger property. We have no credit at all really - all paid off. But we have two children and tbh do have fairly high outgoings each month - just utility bills/food/expenses really! We won't be overstretching ourselves (we are currently in rented accom and our mortgage payments will be less than our rent!) but I'm concerned we may struggle getting a mortgage with someone like Abbey.... I'm currently not working as I'm at home with our two children - so DH is the only breadwinner right now!

ukwoody

hatcheth wrote: »

Hi,

BTW, I would always recommend applying in person if you can work out the best deals for yourself. Our buyers have taken weeks to sort out the survey on this house because they went through a broker, which just seems to create a longer paper trail.

Tosh. If, IF IF, you can work out the best deals for your self. My partner is an independant, whole of market, non fee charging broker and has been for 9 years now. She is genuinly one of the busiest brokers in the area. At the moment she, her collegues and almost every other broker we know are really struggling to get mortgages approved, get lending at decent rates for boworrers, fighting against dual lending rates by banks that basically dont want to lend.

The paper trail is the same whatever. It has to be basically by law. Also in branches advisers are often just that, advisers, not quailifed brokers who have sat their Cmaps etc. The timescales are the same with the Abbey weathers it's internal or external, usually weeks and weeks. My partner has sent people direct to branch on a couple fo occasions, their applications are taking just as long as any other.

Today my partner has been sat here in tears. 3 sales have basically all fallen through this morning, 2 solely because of the Abbey. In one instance the valuation should have been done 2 weeks ago, then they wanted more pay slips, then they wanted a Tax coding, then they said they never had the payslips so they had to be sent of again. 3 times they have promised the valuation would be done "tomorrow". Well today is tomorrow and now they say it hasn't even gone to the underwriters yet, cant give a timescale and refuses to accept any ownership of their problems. Result, sale now withdrawn by vendor. To make matters worse their BDM (who basically deals with brokers) is now off on longterm sick and theres no replacement. You can never get through to the same person, they no longer respond/acknowledge e-mails and by their own admission are "struggling".

In another instance, they have decided that a flat within a 200 year old building, that has been flats since the 1950's, is now a "new build" (the lending criteria is different and lending is reduced at the moment) because it has had a new kitchen and bathroom. Why? because the valuation form the surveyor works from says "Has this property been lived in in it's current state?". Because the flat was empty, the old owner put a new kitchen and bathroom in to help it sell. So "It hasn't been lived in in it's current state". After 8 weeks, yes 8 weeks they have now said they will not lend on it - despite the mortgage in principle etc etc. And the appeal will take another 3 weeks. Ridiculous.

They moved offices, brought in new systems and now employ monkeys to fob off all calls. Even their own branches often cannot get through to the departments, sometimes taking hours to make contact. The Branches DO NOT have direct branch access to underwriters and valuers. It depends on sheer luck who, where and when the application is dealt with by the Abbey.

Unfortunetly, many of the banks are currently the same... Lend money? you must be joking.

Sorry, rant over. I have NEVER seen my partner so upset having to go back yet again and tell people the Abbey (and the Halifax are as bad) have changed the criteria yet again at a whim.
And who do people take it out on, their broker, who just wants to do their job, but are being made out to be the bad boys and girls - because the banks won't talk directly to the customers and change their minds at a moments notice.

jaoidg

I was just passing by and and you do tell the truth, this is really how things are at the moment ive got a mortgage and found that no one ever wants to do help you.

thanks for putting out the truth.

jill2002

Hi

I am an Abbey branch mortgage advisor and just wish to put you straight on a couple of things :-

ukwoody wrote: »

Also in branches advisers are often just that, advisers, not quailifed brokers who have sat their Cmaps etc.

All Abbey branch Mortgage Advisors are CeMap qualified. In fact a lot of them also are CeFA qualified.

The timescales are the same with the Abbey weathers it's internal or external, usually weeks and weeks. My partner has sent people direct to branch on a couple fo occasions, their applications are taking just as long as any other.

If the stories on here are anything to go by..... I regularly get a mortgage offer out to clients within a week !!! Very often I am given an instant decision - No further underwriting required.

The Branches DO NOT have direct branch access to underwriters and valuers. It depends on sheer luck who, where and when the application is dealt with by the Abbey.

Totally FALSE - I have direct access to my underwriters at the end of the phone or email.

Lend money? you must be joking.

I am finding that as long as there is a decent deposit / equity (more than 15%) then it is usually accepted INSTANTLY.- only when people do not have sufficient income or have not revealed their true outgoings and therefore have insufficient funds to support the mortgage or have had credit problems does it require futher underwriting - may be there is something your partners clients aren't telling her.

I have NEVER seen my partner so upset having to go back yet again and tell people the Abbey (and the Halifax are as bad) have changed the criteria yet again at a whim.

I am sorry that your partner is upset, but as you can see from above - it is VERY different for brokers when putting a mortgage through Abbey - some of the stories have been horrific - but it's not my experience. I am totally gob-smacked when people have said it has taken weeks.

I do feel for the brokers - but please don't mix the broker arm of Abbey with the branches - they are even different underwriters.

LadyRita

Can anyone help - trying to port my existing Abbey Mortgage to a larger property worth 30k more and my salary has gone up twice since I originally got the mortgage. My equity in the new property would be over 40% yet they have said I can only borrow 10k less :eek: and claim this is because I am in my Company's save as you earn share buy scheme (which is optional and can be cancelled at any time!) They say I have to cancel the SAYE scheme to get the rest of the money, but Im not inclined to as got a record low rate on the share prices which wont be able to get again.

This is all after jumping through hoops, providing P60's, agreeing to extend the loan term from 23 to 30 years, having been told yes over and over only to then get told no. The whole process has taken weeks and my vendor is getting so concerned I felt I had no option but to agree - is there anything else I can do?

Does anyone know how long it takes from survey to mortgage offer as its now getting ridiculous!!!!!:mad::mad:

LadyRita

Also forgot to say, its a flexible mortgage and I have never missed a payment in fact have been vastly overpaying so it should be obvious to them that I can and have afforded to pay it without any problem!

jill2002

Let me guess...... you are either applying through a broker or by phone ?

As it is a Flexi mortgage, you should do anything you can to keep it !!! Tell them that you will cancel it - what proof are they asking for that you have done it ?

Can you extend the mortgage term to improve affordability? It is easily changed later, or you can overpay to reduce the term.

You income and affordability will be assessed as it is now. It doesn't matter what was lent to you previously - the whole mortgage market has completely changed since you originally took that mortgage. Regardless what rate you will be paying, the affordability is calculated on a rate of 6% for the mortgage payment to show future affordability.

The time between the valuation being done and the offer being issued is a matter of days. But the valuation won't be instructed until the mortgage has been approved.

digsy8

Hi,

I just wanted to put my experience with Abbey so far on here. I used the brokers that Martin Lewis recommends - London & Country, who have so far been excellent, they respond to emails and calls very quickly, and answer every question thoroughly.

I did decide to go for a mortgage with Abbey, as they were the cheapest and with a free valuation. I applied through L&C on 30th Oct and got a mortgage offer in principle the same afternoon, then after submitting the full application on Tues 3rd Nov (and then sending them additional information on the Friday) I got a offer subject to valuation this Tuesday (10th). The valuation is booked in for tomorrow (Friday) so I'm keeping my fingers crossed that I may have an offer in the next week or so.

I was concerned after reading other people's experience on here, but L&C were confident they could get me a mortgage offer in time so I trusted them. I'm buying a repossessed house so time is of the essence!

I'll put an update on here when things have developed further, and I hope that other people who are having problems get their mortgage sorted out soon.

newbi

Hi, my update. I applied for the mortgage on the 24th Oct. Paperwork got sent through on the Monday which was the 26th Oct, survey completed on the 2nd Nov, and offer through on the Wednesday the 4th Nov.

Only problem I had was that Abbeys letter with the survey and offer got lost through the post, but after speaking to broker and asking him to tell Abbey to resend I got it within 2days. But my broker and solicitor had the paperwork before me - so i know it got sent out!

I applied through a broker, took in my ID - passport, DL, Bank statements, payslips, deposit of over just 15%.

No other ID was asked for, no other paperwork needed to be signed

gilesjuk242

Application on 29th Oct. Survey done on 5th November. Mortgage offer yesterday (14th November).

Applied via a broker.