Good Service from Post Office Mortgages

jockosjungle

Hello All

Been currently applying for a mortgage through the Post Office, I tried to get reviews of someone going through the process and struggled so thought I would give this rundown.

Found a house we wanted to buy with 10% deposit for £62k, had an AIP from HSBC. The HSBC couldn't do us an appointment until today, so I decided to go with the Post Office.

PO had higher fees but a lower rate and due to the low value of our house we paid a slightly higher rate to get a free £200 valuation (worked out slightly cheaper over 2 years than paying up front) and £999 fee for 5.65% fixed for 2 years.

Applied late last Tuesday, got an AIP and went straight to the application. I have a decent salary of £29k (compared to mortgage) and although my wife works it is a seasonal job, so I put her down as employed but on zero wages. They were happy with this as my salary was more than enough. We included as many notes as we could, my credit history is pretty good (never missed payments) but have had a fair few addresses in 3 years and only sorted out the electoral roll in last 19 months. Although I've never missed payments I had struggled to get car finance and credit cards before.

I have no debt except student loans (they weren;t interested) and pay off a credit card each month.

On thursday we got a phone call, saying they'd approved the loan as long as I provide 3 payslips and they'd instructed a valuation. I got this in writing on Friday and sent off my payslips and a money laundering form for my wife and myself. Went into the EA on Monday and the valuer had already been in that day.

Got a phone call just now saying valuation is fine, payslips are fine, mortgage is approved and they're sending paperwork by first class post.

I know a lot of people like to criticise lenders after being rejected, needing information, etc. However in this case the PO have been exceptional. As a FTB with 10% deposit we were worried about the mortgage more than anything and they've managed to sort it all out in the space of a week! I should note that my HSBC appointment would have been today, at a higher rate!

First Class service from the Post Office - sadly I now have to go into a post office to weigh a parcel and my love for the said institution will vanish under their new ticket system!

R

bOingball

I can agree so far with the Post Office they have been excellent!

Me and my partner applied and got approved with the AiP on the 14th for a house we wanted (The AiP takes a couple of seconds to come through once the details have been entered on the website)

This house deal fell through so decided to bid on another house that we liked (which had a slightly larger price attached to it)

Our bid was accepted for the new house today so I filled out the full application form with the new price.

It took less than a minute for the full application to be approved.

I've payed the valuation fee of £240.00 just now and I am awaiting the next steps.

We both have clean credit with a little debt on CC's and a small overdraft - wages about £40,000 combined - going for a 85% LTV (4.29% deal - 2 year fixed) on a £117,500 house.

:money:

jockosjungle

Glad I'm not the only one! Did they ask for payslips from you?

They just seem to be on the ball and quick to make a decision, I don't think mine physically could have been done faster if you take into account the post and the weekend

bOingball

I've only sent the full application today so I am waiting for them to get back to me.

paye

me and the misses just applied for a mortgage with the post office, and so far so good, sent the application through over the net yesterday had a call today from them confirming that they will be sending out a surveyor to the property by the end of the week, and I'll have to provide some payslips and bank statment. Impressed so far.

I've gone for a 2 year fixed rate at 4.29%. with 15% Deposit.

bOingball

Hi All,

I'm just wondering if any of you used the LMS Refferal solicitor option on your application with the Post Office?

If so how long did it take for them to find a solicitor for you? - I'm just waiting for my first call back after applying yesterday for a full mortgage.


I'm just asking as the EA is wanting to know....

Cheers All

boing

jbsurrey

Me and the girlfriend are using the Post Office too - seemed to have the best rates and deal for the 2 year fixed that we wanted.

Applied on Saturday, got AIP in seconds. Submitted full application which was approved on Monday morning before noon.

Received a pack yesterday asking for payslips, proof of address etc. Survey is booked in for Monday next week and all seems set.

They just seem to have their processes quite slickly mapped out and have their forms and requests from clients in an easy to read manner - when you have a multitude of forms to go through, it's nice to not be taxed too much.

bOingball

Hi All,

Just a bump up to see if any of you used the LMS Post Office Solicitor?

My EA is trying to get the Solicitor details out of me but I'm still waiting for the valuation to be completed and the Post Office to contact me with what Solicitor they have appointed.

I'm using the SMS text service updates which the last one was the Valuation Instructed on Tuesday Afternoon.

Cheers

jockosjungle

I got my formal offer today, just waiting for the wife to come home and sign it. They sent it second class so would have got it yesterday if not, So from application to formal offer it has taken 8 days. Naturally they got good marks in the survey they sent as well!

No idea about the solicitor, I used a local one - wasn't even an option for me

R

bOingball

Ahh in the guidance notes for filling the application form out it says you can use the option for LMS Refferal (Just place this in the solicitor name field). I only found this out after reading the help with the application

If you don't use a solicitor on the 'approved' LMS panel it says it would charge an extra legal fee for there solicitor to represent them.

No harm I guess... I'm hoping the legal fees will be reasonable.

My EA says the Valuation has been confirmed for Monday so the EA is now happy :T

jbsurrey

I'm using Post Office mortgages - posted all documents requested back to them today, should be delivered.

House valuation on Monday - I put a cover note on my return explaining the documents related to each applicant.

Judging by how quickly things have been done, I would love it to continue and to have a formal letter through by next week sometime...