Mortgage application worry

hedgehogpenguin

hello everyone , i hope you can help put my mind at rest.
I applied for a mortgage with Intelligent Finance via London and Country a couple of weeks ago , filled out all the forms , sent in numerous forms of ID , but still cannot get an answer out of them as to whether or not they're willing to lend me the money. This is because they lost the direct debit mandate form , and I've had to complete a new one and post it back to them. I was just wondering whether they've even run the necessary credit checks yet , or do they wait until they have all the bits and pieces including DD mandate before they even attemp to credit score..
If anyone knows whether this is the case , I'd love to know as I'm starting to worry my credit's not up to scratch and i can maybe talk to them about having a guarantor before they reject me ...
Many thanks in advance
H.P.

MortgageMamma

Intelligent finance don't require a complete direct debit to confirm their willingness to lend. They have applications submitted by us brokers over the internet and usually give more or less an instant decision unless it is referred to underwriting department, underwritings timescales are currently 24-48 hours for a decision pending application. I would ge hold of London and County and demand to know what they are playing at and whats going on, as long as IF have your bank details to credit check you it should go through no problem. Sounds to me like you are being given excuses by your broker.

MM

stanmoresaver

Not been a good day for posts regarding L&C today!

BTW- MM is exactly right- they either score and apply over the phone or via the net- then they send a pack out directly to th eapplicant- they will have already decided whether not not to lend to the applicant before sending this so sounds like total tosh!

I can sense a visit from Mortgage man!

SS

hedgehogpenguin

Thanks Mortgagemamma,
I applied to them early last week electronically , and they received all my fraud-check documents last Thursday (drivers licence , bill , bank statement etc ). Nobody at IF seems that interested to talk , except for saying that the application was missing the DD form . My broker just told me on the phone that they only deal with applications , and further contact will be with IF only..
I'm not sure what's going on really , can anyone talk me through the process that banks take when receiving an application for a mortgage ?
Any advice much appreciated,
Many thanks
H.P.

payless

We take the hassle out of mortgage hunting ...With our commitment to offering an excellent no fee mortgage service, you can be assured that your mortgage is in safe hands, steering you towards a smooth completion

from L&C site

hedgehogpenguin

I've just spoken with a 'case manager' from L&C , and he says that I can't be accepted until the valuation surveyor (which i requested be done asap) returns with his/her report. Do you think this means I've been accepted in principle ? I only worry because I had some bad credit about 4 years ago , and I don't seem to be able to get hold of my own credit file due to people spelling my name wrong or shortening it on so many bills/statements -
The vendor is anxious to proceed asap , as he's emigrating , and I just don't want to mess him about if there's no chance of getting the money together. I now realise I should have sorted all this out ages ago , but I found the perfect house when I was merely browsing!!
Thanks again
H.P.

lowis

i got L&C to do a search for a mortgage for me - wanted a 3yr fix on a Right To Buy property, the best they came back with was a 2yr fix from the building society i bank with. just found myself a better mortgage though. i'm not sure L&C looked very hard to be honest...no fee / no hard work???

payless

hedgehog

IF do a credit check at the outset ( half way thro the application - at Aip stage) - although of course if other info comes to light later they can change mind

stanmoresaver

lowis wrote:

i'm not sure L&C looked very hard to be honest...no fee / no hard work???

Good point -well made!

SS

payless

lets be fair , a lot of brokers offer no fee basis ( well no top up fee - because commission is a fee really ... thats for another thread though ) and most do a damn good job.

Some have different business models, overheads or income expectations , so charge a fee on top ( I don't have a problem with this)
either way though most ( "free", topup fee, or fee in lieu of commission aka independent ) are offering personalised service , usually face to face ( for that read travelling time & costs and/or offices )

Some others brokers / firms don't deal face to face, and , so can afford a no top up fee model - in fact surprised they don't offer a rebate as well - especially when talking about the "larger firms" as they are not likely to be paying the advisers anywhere near the actual commission earned.

Also I do wonder what the average age/experience is of some of these "telephone based advisers