Rbs Are Crap

movingforward2010

Epiphone wrote:

Spellcheck first. But you didn't have a mortgage, just an AIP? From what I understand the lender is under no obligation to give you any money after an AIP. Compain about the time taken to reach their desicion but I don't think you'll get anything,

its not really them giving any money its the fact that they have messed us about for 14 weeks where we could of made other arrangements to avoid this out come, i will spell check that was just a quick angry draft

GabbaGabbaHey

F_T_Buyer wrote:

I feel for you, lenders top priority will always be themselves.

And where do you think their top priority should lie? The top priority of any commercial organisation will be increased shareholder value and profitability. Apart from anything else, they have a legal obligation to their shareholders (and with a large financial organisation, it is very possible that your pension fund will be a shareholder, so we may be talking about your pension here).

If you feel so badly for the OP, why don't you lend him £225,000?!

F_T_Buyer

GabbaGabbaHey wrote:

And where do you think their top priority should lie? The top priority of any commercial organisation will be increased shareholder value and profitability. Apart from anything else, they have a legal obligation to their shareholders (and with a large financial organisation, it is very possible that your pension fund will be a shareholder, so we may be talking about your pension here).

If you feel so badly for the OP, why don't you lend him £225,000?!

What do you want me to do? Reply and say "it's a tough world." I know the obligations of companies to shareholders, i'm a shareholder of several companies myself.

The point I was trying to delicately make, was banks are tightening their criteria, so there is a possibility RBS originally considered their application, but after more thorough investigation in the last few months considered it a bad risk. I know from many contacts that banks are tightening lending (more so unsecured); so maybe the OP should ask if their lending requirements are risky - hence it wasn't specific to RBS.

MortgageMamma

Hi There

Just a few pointers here which hopefully will help.

First of all, edit your post and remove your brokers name, as its unfair to name an individual on a public forum.

Secondly, I myself have been having MAJOR problems with RBS lately, their working standards are poor and the turnaround times are absolutely appalling. I can tell you from a brokers point of view that when you call the call centre for a case update, they often "can't" give it to you immediately and have someone call you back within 24 hours - this isnt happening.

As regards the decision in principle, this would have had to be assessed manually by an underwriter from Royal Bank of scotland as the mortgage is in four peoples names. Have Royal Bank given a reason as to why your application has been declined? From my experience they do usually honour their agreements in principle.

What has your broker said about all of this? Has he double checked Royal Banks lending criteria to make sure there's nothing he has missed, as I believe if you have a builder deposit there are certain rules surrounding that. Did the broker send in all the correct documentation to RBS the first time round, as currently I am aware this is causing significant delays at RBS. They are now actually returning incorrectly packaged cases to the brokers.

I'm sorry you have had this dreadful experience, and I'm sure there are lots of people frustrated and disappointed with Royal Bank at the moment. Have you now lost the property you wanted to buy or have you made an application to another lender?

Kind regards

MM

movingforward2010

GabbaGabbaHey wrote:

And where do you think their top priority should lie? The top priority of any commercial organisation will be increased shareholder value and profitability. Apart from anything else, they have a legal obligation to their shareholders (and with a large financial organisation, it is very possible that your pension fund will be a shareholder, so we may be talking about your pension here).

If you feel so badly for the OP, why don't you lend him £225,000?!

god get over urself, it was about me being messed around for 14 weeks!

MortgageMamma

Ok, lets try and get back to HELPING the OP, which is what this site was all about - do you need any more questions answering wxmlad?

movingforward2010

MortgageMamma wrote:

Hi There

Just a few pointers here which hopefully will help.

First of all, edit your post and remove your brokers name, as its unfair to name an individual on a public forum.

Secondly, I myself have been having MAJOR problems with RBS lately, their working standards are poor and the turnaround times are absolutely appalling. I can tell you from a brokers point of view that when you call the call centre for a case update, they often "can't" give it to you immediately and have someone call you back within 24 hours - this isnt happening.

As regards the decision in principle, this would have had to be assessed manually by an underwriter from Royal Bank of scotland as the mortgage is in four peoples names. Have Royal Bank given a reason as to why your application has been declined? From my experience they do usually honour their agreements in principle.

What has your broker said about all of this? Has he double checked Royal Banks lending criteria to make sure there's nothing he has missed, as I believe if you have a builder deposit there are certain rules surrounding that. Did the broker send in all the correct documentation to RBS the first time round, as currently I am aware this is causing significant delays at RBS. They are now actually returning incorrectly packaged cases to the brokers.

I'm sorry you have had this dreadful experience, and I'm sure there are lots of people frustrated and disappointed with Royal Bank at the moment. Have you now lost the property you wanted to buy or have you made an application to another lender?

Kind regards

MM

we sent all info asked for, then they kept asking for more wage slips from 6 months back (even tho they all say the same amount) also we faxed copies of then and they got lost and didnt tell us for weeks :mad:

weve applied to another lender just waitng but the house has gone

they said it was because my sister had some returned direct debits in febuary, this was a missunderstanding at her bank and also because she has only worked at her current job for 6 month - permant full time tho - BUT they knew this when they agreed in principal!!!!!

MortgageMamma

To be honest the servicing issues I can understand, and also the returned direct debits issues. I gave them a case in November last year and they declined for the same reason, and that was a 95% mortgage. Does the builder have another property on the same site you could purchase so you could not lose the money you have paid out?

If not, I would write in to RBS making a complaint about the inefficiency of their admin systems and how their incompetence has left you out of pocket. You could always ask your broker to assist you with that

Who is the new lender that you have approached now?

movingforward2010

its Abbey, but i dont know if i will have the same prob with the direct debit things again, im going to speak to the sales office to see if there is another plot on the development. Arghhh its so annoying i thought everything was going thro smoothly, it not like we cant afford to pay , our rent is 850 a month now so it would just pay the mortgage instead, keep thinking i should just rent again , but i really want our own place

MortgageMamma

Abbey are very good with new builds, and you will find they work at lightening speed compared to RBS. Hopefully it will work out this time round for you - Abbey are quite lenient on assessing past adverse credit, they are the sort of lender who are happy to overlook a few little blips on your credit report, but where an ongoing adverse history is evident they will decline.

Did your broker get you an agreement in principle with Abbey or just go straight in with the application?