Abbey Mortgages

VortexSteve

Just reading through the notes. On the offer it says I can make regular overpayments at any time (up to 10% of loan amount in a year). However reading the small print it says the minimum capital repayment is £500 which means I can't just over pay the extra £65 a month to bring it in line with a 25 year term. So now I either try and save that extra £65 a month in an account paying more interest than the mortgage wants, or I have to take a hit financially for 2 years or annoy everyone in the chain by delaying.

Need to exchange on Tuesday really to make sure there are 7 working days in place as Abbey want that long to get the funds ready.

Will see what adviser recommends on Monday morning, have a feeling I'll be taking the 30 year term and just saving the extra money and then repay as soon as I get £500 ready which should only be a few months. Had planned to overpay whilst on low interest rate anyway.

Gambit

VortexSteve wrote: »

Hope you're offer comes in next week too!

UPDATE - Just got my offer through the post this morning :j:j:j
I know a lot of people on here have had problems with Abbey so I must have been very lucky with my application as it has taken 10 days as applied on Wed 7th! :T

The only issue I have left to investigate the fact that the valuation has asked the conveyancer to confirm that the management of the building has complied with all statutory regulations regarding asbestos. Have been told that asbestos is common in flats of this age (1976) but it should be safe as long as it's been checked. Anyone has any experience with having asbestos in their flat? As I've been told it's harmless as long as it's enclosed in the wall

Gambit

VortexSteve wrote: »

Just reading through the notes. On the offer it says I can make regular overpayments at any time (up to 10% of loan amount in a year). However reading the small print it says the minimum capital repayment is £500 which means I can't just over pay the extra £65 a month to bring it in line with a 25 year term.

Yeah, our advisor told us about the £500 minimum overpayment. I'm thinking of doing the same and saving the monthly overpayment in an ISA until I get to £500

JA1000

- A&L remortgage applied for end of Jan
- All documents asked for supplied inc 1 months pay slip and P60 etc
- Valuation finally done mid April
- Apparently offer put to broker at 85% LTV instead of 75% due to valuation with different rate.
- Valuation challenged - with sold comparisons and indexes supplied, Esurv have suddenly decided house prices have fallen in the last 12 months - !!!!!!
- Decide to crack on with 85% LTV but apparently there was no offer and I now have to go to the back of queue yet again and supply 3 months payslips because it is 85% LTV
- A&L are an absolute nightmare, always moving the goal posts and taking forever.

It seems the quick way to have applied is NOT to use a broker as posts on here have suggested which does not seem right or it is just unfair.

It has now taken over 3 months to not get anywhere on a remortgage. I have purchased 3 houses in my life all of which took less than 6 weeks from day of offer to completion!!

Good luck anyone applying!!!!

VALHAM

JA1000 wrote: »

- A&L remortgage applied for end of Jan
- All documents asked for supplied inc 1 months pay slip and P60 etc
- Valuation finally done mid April
- Apparently offer put to broker at 85% LTV instead of 75% due to valuation with different rate.
- Valuation challenged - with sold comparisons and indexes supplied, Esurv have suddenly decided house prices have fallen in the last 12 months - !!!!!!
- Decide to crack on with 85% LTV but apparently there was no offer and I now have to go to the back of queue yet again and supply 3 months payslips because it is 85% LTV
- A&L are an absolute nightmare, always moving the goal posts and taking forever.

It seems the quick way to have applied is NOT to use a broker as posts on here have suggested which does not seem right or it is just unfair.

It has now taken over 3 months to not get anywhere on a remortgage. I have purchased 3 houses in my life all of which took less than 6 weeks from day of offer to completion!!

Good luck anyone applying!!!!

There are so many similarities in your application to our buyers that I even wondered if you were them! Our buyers first put an offer on our house 23rd Nov and told us that they had a month to go on their mortgage offer which they originally had for a similar house but were gazumped. I'm not too sure what happened, whether it ran out or what but over 9 weeks later and no survey (which they paid for) or word from RBS with whom they were first with, they then applied with Abbey National. They too had to keep sending countless documents, they have a decent deposit and were asking for a mortgage 75% LTV. Last week nearly 6 weeks after survey was finally done and after being told they should get the offer by end of week, they were asked to put up another 5% deposit. Our buyers agreed to this and were told the offer was imminent. Still waiting. I should add that they are going through a mortgage broker who doesn't actually seem to be helping much. My estate agent has a hard job getting through to him to find out what is going on and he doesn't always answer emails/calls. Today I was told he said quote 'promise promise promise, they are definitely getting their mortgage offer and the paperwork is with the department for submission and sending' and he is adamant that he has heard verbally that they have got their offer. Unfortunately, we have to take his word for it and presume that it will be at least another week before we hear anything more as that is how Abbey National seem to work.
I hope that you don't have to wait too long before you get results.

smiddy_2

Applying for an Abbey mortgage tomorrow and getting broker to send off documents etc. Having read this thread had me understandably worried but broker assured me they are not that bad.

I have however come across this, dated today, so fingers crossed for anyone currently dealing with them!

http://www.mortgagestrategy.co.uk/latest-news/abbey-cuts-offer-time-from-19-days-to-nine/1009941.article

devonmaid77

Hi folks, a little update for info...

Our advisor submitted our full application to Abbey on 8th April. We had a few queries from them and had to supply some more payslips etc (the usual!). We have had confirmation today that they have now received everything and are happy and that our application has now been passed to the underwriters.

Our advisor says we should definitely hear by Thursday! I feel this is being very optimistic, but we will see. Am trying to keep patient as I know a lot of others have been waiting far longer than we have!

Just hoping that there will be no more requests from the underwriters.

mattED_2

Smiddy, I would say that what they are saying in that link is a load of rubbish,

It is 9 days as it says, but this is only if they have all the relevant information which they require, (or choose to ask for more copies of something you have sent already!!)

Val was ment to be submitted on monday, EA still havnt heard off them to get in the house!

Gambit

smiddy wrote: »

Applying for an Abbey mortgage tomorrow and getting broker to send off documents etc. Having read this thread had me understandably worried but broker assured me they are not that bad.

I have however come across this, dated today, so fingers crossed for anyone currently dealing with them!

http://www.mortgagestrategy.co.uk/latest-news/abbey-cuts-offer-time-from-19-days-to-nine/1009941.article

Sounds about right since mine was done in 10 days from application to offer and that was including an extra day of problems I had when applying. Then again I didnt go with a broker, I went direct which seems to be a factor unfortunately.

Good luck smiddy!

qball101

I've had a fairly good experience so far but have not gone via a broker. Did my application on the 7th and got my paperwork on the 9th. Sent all my docs off on the 14th and the valuation was booked in on the 19th. I'm not quite sure if this means everything is approved pending the results of the valuation, anyone else know about this? Thought they wouldn't spend money on the valuation if they weren't happy with the proof of earnings docs etc. that I sent in?

Only wierd thing was that I called on the 19th at about 1pm to ask how my application was going and they couldn't find any of the docs I had sent in. About 2 hours later I got a call from the estate agent to say that Santander had been in touch and booked in the valuation.