The Mortgage Works?

ajdj

Any brokers got any recent experience of cases with the above?

I'm close to pulling my hair out as they are SO slow! They are doing a BTL remortgage on a property I have let, in order to release funds to buy another property that is in the process of going through.

My application went in with them Mon 4th September- when they took my £300 valuation fee. Since then there has been very little communication, other than to request a couple of documents. Valuation has still not been done and my broker has been on the phone to every supervisor/manager going who keep promising to ring him back but never seem to. I have laid the law down with my broker that I need the valuation arranging by tomorrow and he has spoken again to a senior manager who has promised to ring him tomorrow to finalise. The Mortgage Works have apparently apologised but still don't seem to be doing much to rectify this.

My new purchase is going so smoothly that we are not far from exchanging I would estimate 2 weeks probably. I am going to be in a difficult position of trying to delay the new purchase (with no other chain involved) and hope the sellers don't pull out.

My questions-

Is this normal for The Mortgage Works to be so slow and inefficient?
How much longer after satisfactory valuation should I expect the money to be transferred so that I can exchange on the other property?
Is it worth taking my business elsewhere and starting over with another lender, or should I give them the chance to sort themselves out?

Thanks in advance for any help at all you can offer!

meercatpebbles

Sorry to hear your woes but in all honesty I've been waiting since June and still do not have a mortgage offer on the table..... Like you the valuation took FOREVER ...... and little communication that is so infuriating because being kept in the picture (even if the picture doesn't look good) is better than being kept in the dark. I had a mortgage offer on one property but I was waiting for another offer to complete on a deal that was nearing completion (similar to you I was releasing funds from one property to part pay for another). The new property I was purchasing feel through due to the vendors pulling out because of the time involved (and me with a very red face I have to add).

Since then I have been in the process of transferring the mortgage offer I had onto a different property which I was told would only need a change of property form. i was told it would take 7-10 days to get the offer out. I am still waiting......3 weeks later. Every time I call I get fobbed off with they will do it tomorrow....but you know the saying ....tomorrow NEVER comes .... and in my case this certainly seems to be true.

I feel sorry for my broker because I ring him at least once a day for updates and he has nothing new to tell me.

First deal that collapsed cost me £1200 in lost fees for solicitors, valuation, searches etc etc......

If anyone knows of any company that has a reasonable turnaround (I'm not even asking for fast ..... just normal timescales ) then please let me know.

Do hope you get yours sorted out though as I wouldn't wish this hassle on even my biggest foe.

ajdj

Thanks for your input meercatpebbles- not sure if its reassuring or not that I am not alone with them!?

Today's update at least is good- got a voicemail from my broker (who sounded like he was jumping for joy on the other end of the phone!) to say it was all agreed and they have instructed a surveyor.

Sure enough had a call this afternoon from the surveyors- going Friday AM.

Now let's hope they get their bums in gear once valuation is done- based on what you have said I am not holding my breath. I can see myself inventing a holiday soon to delay the new purchase another week or 2!

two_sheds_2

My friend has just mentioned using this company - does anyone else have further knowledge about them?
I have been recommended Scottish Widows or Cheltenham, at least I've heard of them.

Dan_Collins_2

The Mortgage works are part of Nationwides group. They were owned by The Portman. I have used them and had no issues. They are online and easy to use. However from what I understand the service I recieved was a new thing as it was only Nov/ Dec that I used them.

I have been told that they are looking for business with good products. The service you have recieved is a joke, no way should this take that long! I would speak to the lender direct. Dont go behind your brokers back, talk to the broker and explain that ypu want to talk to them. It sometimes helps, the lender can fob the broker because the broker has to face you! Makes a change when a broker based lender has to deal with the gen public!!

dunstonh

Dan, this is 2006 thread. The OP is long gone.