Leeds Building Society

kells1232002

Hello

Has anyone had any experience with Leeds Building Society.

After being declined by Halifax on my shared ownership mortgage last week (they told me they couldnt offer me a mortgage as they were unable to process any more mortgages on the development I am moving too as it is new build and they have over exceeded their limit of mortgages on that site), I have now been to Leeds Building Society this morning and completed an application.

They have said that all will be fine, I just need to send them my bank statements and proof of ID. They said I have passed the credit search. If that is true, then why do I have to send my bank statements?

Also, how long has it taken people who have used Leeds, to be offered a mortgage and the valuation to be completed.

I am very nervous now after my experience with Halifax as I was informed that I had the Halifax mortgage and then they changed their mind.

Many thanks

Treadmill

I have a mortgage with Leeds, I've always found the service quick and efficient, I've also extended my borrowing with them when I moved, once again very efficient, Leeds have a branch in my local town and I found it easier to see one of their people across a table, I took all my payslips etc in and got them verified at the branch to save sending.

Overall I would say that Leeds offer the best service of any lender I've been with.

Hillfly

We recently moved mortgage to the Leeds. All went quite smoothly and the offer/valuation happened pretty quickly. No worse/better than previous lenders. Certainly nothing to worry about.

luckyfool

Bank Statements tell them your deepest darkest secrets, more so even than a credit search/score. it confirms your income levels, and how well you are at managing your money. It is just another stage of the underwriting process that Leeds go through.

kells1232002

luckyfool wrote: »

Bank Statements tell them your deepest darkest secrets, more so even than a credit search/score. it confirms your income levels, and how well you are at managing your money. It is just another stage of the underwriting process that Leeds go through.

Thats what I was worried about as I have an overdraft which is maxed out every month as I havent had a chance to clear it as Ive been saving every penny for my deposit.

I did tell the mortgage advisor about it in Leeds. Halifax didnt want to see any of my information.

luckyfool

Pro's and cons with different lenders I'm afraid. Not sure exactly what the Leeds underwriters are looking for. Some are very fussy and using overdraft every month can be a problem, others only use it to check income, others will be ok as long as you stay within account terms (i.e. dont go overlimit or bounce payments).

kells1232002

Thanks for your advice. Just the waiting game now then..

AMILLIONDOLLARS

Daughter completed her shared ownership last week. She's with the Leeds for her mortgage. It went smoothly in the end, but they did lose her offer of acceptance twice, and somebody cancelled her offer a week before completion:eek:. They had to open a new account luckily with the same mortgage offer. A roller coaster ride, but she got there in the end, now happily moved in!!!

Good luck

AMD

Dan_1976

I used to work for them many moons ago and I used them as a broker, many moons ago!

Old school, which in 2009 is not a bad thing!

They will check your information against what you have told them and underwrite based on all of the info they have. They will take in to account that most people max out the overdraft as long as are not bouncing DD's all the time!

You should be fine.

kells1232002

Dan_1976 wrote: »

I used to work for them many moons ago and I used them as a broker, many moons ago!

Old school, which in 2009 is not a bad thing!

They will check your information against what you have told them and underwrite based on all of the info they have. They will take in to account that most people max out the overdraft as long as are not bouncing DD's all the time!

You should be fine.

Many thanks for your advice. Just have to sit tight and wait now for their decision... I hate this part

Treadmill

I was under the impression that the statements where just used to tie up with the payslips that you provide to verify your income and the amount you get paid.