Post Office Mortgage Review

Carlm

Being a first time buyer I've no idea if this is good but I applied for a post office mortgage Online late Sunday and paid for the valuation.

The online progress showed they began processing the application just before 9am Monday. I had a call from them a few hours later he told me his name and extension and asked if I had any questions. Told me an info pack was in the post and arranged the survey for Wednesday.

Tuesday, pack arrived asking for payslips etc.. Sent this Wednesday.

Phone call Thursday from him, telling me the valuation was complete and it met the sale price. He was now waiting for the payslips in the post.

Call from him Friday, payslips arrived, he was satisfied and the offer is in the post!!

:beer:

As I've said being new at this, i've no idea if this is quick but to me it seems speedy and the service has been great.

It took me a lot of time to pick a mortgage company, mostly based on the rate to be honest, but I thought it would be good to leave this review in case it helps anyone else.

Now if only the convayencing process was going that quick :mad: i'd be moving in!

I chose an online company click conveyancing, They sent the massive welcome pack quite quickly which includes having to get proof of my identity signed off by a person in the following professions : solicitor, Mortgage advisor, accountant, policeman, doctor etc..

which is fine but, I don't have a mortgage advisor, they are my solicitor and are half way across the country. So I need to go and find someone in town tomorrow to sign it.

I also have the get the father in law to prove his identity and source of the gift contribution to the deposit. Part of the money laundering laws. :undecided:

_Andy_

Welcome to the fun and games of property purchasing
Glad the PO went well.
Hope the move all goes smoothly

liubeliu

Carlm wrote: »

Call from him Friday, payslips arrived, he was satisfied and the offer is in the post!!

Don't lenders seek an employers reference to ensure there is no redundencies that are being planned or any disciplinary proceedings. i.e. in safe and secure employment. This is what has always held up most of my previous mortgage/remortgage applications as HR depts are slow at returning these back

liubeliu

or is it the KFI is in the post with the printed application for signing. I thought the application can't progress until you have a printed copy. When i applied online for a Britannia mortgage (only one I applied for online so have limited experience) this was sent out which I had to agree before they issued the offer.

jim85

I am a first time buyer and just taken out a mortgage with the post office, they are very pro active and good customer service on the phone!

They even sent back my payslips!

James

laura19

I also got a mortgage with the Post Office and they were very quick. Unfortunately the first house I bought fell through and I had to find another property. Another property found and I had to change all the prices/details etc and get another valuation. To save time due to the christmas post delays, they faxed all the paperwork to me, which I faxed back. When the mortgage offer was faxed to me I then posted that back. From start to finish on the second property it took less than 2 weeks, and that was with the property being undervalued and having to re-negotiate with the sellers, who came down to the valuation price. I can't fault the Post office customer service.

funkidiva

This is all good to hear. We are first time buyers and are most likely going to go with the Post Office but we wanted to check a couple of reviews to see what others have experienced with them.

ACG

I had the opposite with the Post office when i applied about 18 months ago. But glad it went well.
You should where possible go with a solicitor that is local...so much can go wrong it can be easier to pop in and spent 20 minutes talking it over rather than an hour on the phone.
But like anything in life, you live and learn.

kingstreet

I've just read all the opening post then realised it's over eighteen months old.

Sometimes it's better to post a question to gain recent experiences than "Lazarus" something potentially out of date.

If a lender improves its products in a short period its service can go from superb to snail-like almost overnight.

I take it it's the 90% attraction?

Whole article here;-

http://www.thisismoney.co.uk/money/mortgageshome/article-2066566/Post-Office-lenders-accused-window-dressing-90-mortgages.html

Mortgage lenders including the Post Office have been accused of seeming to offer home loans to borrowers with small deposits.
In practice most applicants are turned down and little money is lent on advertised terms, it is alleged by rival lenders and mortgage brokers...

... The Post Office denied any suggestion that its low-deposit deals were ‘window-dressing’ or ‘fake’ and told Financial Mail it was committed to growing its mortgage business. It said four in ten successful applicants were first-time buyers borrowing 85 per cent to 90 per cent of the property price.

thequant

I'm looking at getting a Post Office mortgage, how's the service looking these days. For various reasons I'm looking for someone who is quick at processing applications.

confused_kid

No direct experience of Post Office, but I think application process time is probably also dependant to each individual applicant, and perhaps time of year. I had a pretty quick turnaround time with Halifax in October last year. I think from application to offer was 1 week, that involved application on a Friday (via Broker), valuation was following Tues/Weds, and offer was with me on the Fri/Sat.

Yet to complete but unrelated to mortgage offer. Pretty satisfied by the service provided by all involved (Halifax/Broker).

Good luck.