Abbey Mortgage offer...how long?

jill2002

If an offer is going to be issued, you will get it in the next day or so. However, I do not think the offer will be issued as the broker will have to request the offer at the lower amount if that is what you agree.

Have you discussed with the vendor about lowering the price - if the property is not worth what you are paying for it?

butterflyer

valuation done Tues, hoping for an offer before xmas so we can enjoy festivities without worry

jamjam3

I applied for an abbey mortgage, got accepted, an offer has been made but I need to post to their solicitors a certified passport and utility bill. But funnily enough I applied over the phone and was taken through their express service, this means that they don't need to see my bank statements, pay slips. I find this strange.

jacmboys

Jill, the company you work for are charlatans, pure and simple.

we applied via a broker in October. he stated our situation clearly and was told that this would be fast tracked. Abbey have since come back with any reason possible to delay rather than give a reply. we missed the December moving in deadlines, we get angry phone calls from the vendors who are getting angry phone calls from their vendors. Abbey customer service don't want to know and told us "that's what you get for going through a broker". Our broker is virtually in tears they have to wait for 45 mins to be asked to send information a 2nd or 3rd time. Abbey will take 10-15 days to raise another query. they've decided that information they requested and received very quickly via the broker could have been tampered with and therefore requested the same information again but direct from the employer instead.

they decided they wouldn't lend us the amount we wanted to borrow, so we had to have a new application in for 2.5k less - these are people who sponsor lewis hamilton for goodness sake!. yet another delay.

now we have to pay stamp duty and we still haven't had the offer come through. Abbey clearly don't want to lend us the money but won't say so.

a new application with another *better* company is being done tomorrow. Abbey sucks and they just don't care.

brightbuy

Avoid Abbey if you can, they delete any packaging that is not required on the first request. That means, if they ask for a payslip and you send a payslip and a bank statement showing a salary credit, they will delete the bank statement and ask for it again if the underwriter requests it following a review of the payslip. Madness!

ajex

Abbey approved mortgage in principle 4 weeks ago and every week coming up with new request!!! so annoying,seller had offer accepted and survey done on the property he is buying and now getting restless... :(:(

andyhart44r

kevturner100 wrote: »

We signed friday.Solicitor seen it.seemed fine with it.Abbey said they were ammending the paperwork and faxing solicitor.Solicitor sd if the price had been lower then it wd have been a problem.Paperwork says 174K purchase but is actually 172K.On valuation report, surveyor makes a note that its 172 and not 174 as instructed.

It depends. If the LTV is not materially affected we just advise the sols that we have amended our records and that a new offer is not required. Thus the val report and mortgage offer will not be changed.

Kinda speeds things up a bit giving people one less thing to complain about. You see we are constantly trying to improve our processes and be more efficient.

eethon

Hi all,

I currently have the Abbey Flexible Tracker (+49% above Bank of england base) for the life of the mortgage and I was told it was portable.

I only have a 10% deposit which I believe is where my problems arise. I applied over the phone directly to get the mortgage ported (needed to borrow an additional £40k to buy the new house) and was told it looked affordable. It went to the underwriters and the kept asking for extra things to be faxed/sent. proof of savings etc. I have since been told Santander are unable to offer me a mortgage at this time as its unaffordable based on there criteria.

I currently have £5k loan, £6k credit cards

£8k savings which I was prepared to pay off the cards.

£20 k equity in the old house and the purchase price of the new house is £190k

Ive since been to Halifax, Natwest and an independent broker none of which say I should have a problem getting a mortgage as my income is just over£30k and my wife's is £15k with a good credit rating.

This has been going on for 3-4 months now and its near impossible to get the Santander Mortgage advisor to call me back.

I'm sure there must have been a memo go round which says get all customers off the low flexi mortgages at all costs!

Obviously I want to keep the flexi mortgage as its so low and there are almost 0 fees I've called my local branch to talk to the advisor and see if she can help. Reading the forum it might me worth me trying to get the extra 5% deposit and try to avoid the underwriters.

Does anyone else have any ideas? I`d especially like to hear from some of the abbey mortgage advisor's that have posted as I really feel im being bullied out of a good rate that I made the right decision in getting.

Thanks in advance,

James

happybroker

Abbey apply different affordability calculators at 90%, applying at 89.9% will keep you in the other affordbility calculator.

I have a client who applied on the same rate who applied and was declined also even though it fit by miles on the calculators that we have to print off and send in with the app. It does smack a little of "ecouraging" you to come off that rate though, I agree.

jill2002

Please try to keep the mortgage that you are on - it is so good.
I can assure you that there is no hidden agenda to get people off the Flexible rates.

The affordability calculator is worked on a mortgage rate of 6% so is much higher than you may have calculated for. Check your experian record to see what is showing as outstanding. The credit score will not take into account that you are going to repay your cards. It will take off the cost of them in the calculations, so if you are going to pay them off - do it, but you will have to wait then till it has been updated at Experian.

It may be a better option (as has been previously said) to put a bigger deposit down - as it is more likely to be accepted - even if you don't repay the cards.

If you still want advice from a Santander Mortgage Advisor, PM me and I will try to help you.

Jill