Silly questions...

ztan

Hi all, probably a daft question but I actually don't know who to ask on this.

I'm just wondering, at which point I'll be in direct contact with my mortgage lender, and at which point we set up the DD for the mortgage etc.

We're due to complete in about 2 weeks, so will it be a case of completion, and then ringing the lender to set it all up?

There's a few little things like this during the process which no one ever bothers to tell newbies, and I'm starting to realise this may all go right over my head!

Yorkie1

My experience was that as part of the mortgage application process I provided my bank details to NWide, signed a DD form, and also agreed a day of the month when the payment would be taken.

They simply wrote to me at completion to confirm when the first payment would be taken (it's usual for this to be more than your regular monthly payment, because you're paying the relevant amount for the month of completion as well as the actual monthly payment).

ztan

Our mortgage was set up by a independent "broker" as it were... and we only provided our details for the credit checks.

It's a joint application, and we'd want the money coming out of our joint account.

I may have to call the lender myself and see if they can talk it through with me. As yet, we've not had any direct contact with them, and apart from being sent the T&C's we've not talked about when the mortgage will be paid or anything.

It's no fun being a newbie at this!

sophievenusdoom

Ztan,

If you supplied your joint account details to your IFA, the likelihood is that he has supplied them to the mortgage lender along with your preferred date of the month for the DD. This is what my broker did, and it all went swimmingly. As Yorkie states, they will send out to you what is known as a "DD notification" which will give you their intended collection dates along with furnishing you with a copy of the DD guarantee.

Hope this helps

Senior_Paper_Monitor

Phone your broker/adviser - part of his/her job is to ensure you understand everything what is happening, why and when. 'Handholding' first time buyers should be 'second nature' to him/her.

Normally you would have little direct contact with the lender other than receiving the legally required docs (primarily offer and 14 day warning of DD) and the pack of legal documents from the solicitors. Again the broker/adviser should be able to answer any questions about these you may have.

I suggest you list your current questions down and then give him/her a call and let them earn their money.

One of the benfits of using a broker/adviser is they are there to explain and protect you simply being steamrollered by 'the system'.

ztan

Should I be concerned then that as soon as our mortgage went to offer, I have heard hide nor hair from our adviser?

Hmmm

Senior_Paper_Monitor

'Disappointed' rather than 'concerned' I would suggest - just pick up the phone with your list of questions

ztan

Just banged off emails to everyone I can get hold of, and left VM messages.

Next step will be to ring the lender direct.

nick49

hi,

i'm going through a similar thing although not as far down the line as you. our "brokers" havent been great so i've called the lender with all my questions and asking them for updates. the reason i did this is i asked the brokers for an update after a week of not hearing anything and they said they havent received anything back as yet so the following day i thought i would call lenders direct who informed me that they went back to the brokers with a query 4 days before but had heard nothing. i was at work so emailed the broker saying i'd spoken to them and within the next 30 minutes i had 4 emails sent to my personal email address and 1 reply to me at work saying we'd just got of the phone to them before you emailed and this is the update! i think me chasing gave them a kick up the **** but they still are happy to do things when they want.

sorry for the story just thought i would give some background on why i would suggest you do call the lenders direct

thanks,

ztan

Thanks

I emailed my advisers yesterday: check out my email and the response I got....

Hi

Just wondering what the next step is in terms of organising our mortgage with the lender? Last time we spoke, our mortgage had gone to offered, and since then I’ve heard nothing.

I’m concerned about a few things, namely:

Whether Halifax are going to require DD details? Our mortgage payments will be coming out of a joint account, but this has not been discussed.
When the first payment will be due?

What else do we need to do?!

As First Time Buyers, we need a lot of guidance and I’m assuming as our mortgage advisors you’re the guys to help...

We are currently waiting on NHBC sign off, and then will be on 2 weeks notice, so time is running out.

If someone could get back to me, I’d be grateful.

Kind Regards

Ztan

PREPARE YOURSELVES PEOPLE: RESPONSE TIME:

hi "ztan"

please advise joint account details.


Mr Person You've Been Dealing With
Company You've Been Dealing With



Helpful much?

Senior_Paper_Monitor

Do you not have the email address/name of 'the adviser' ?

You don't deal with a firm - its the individual that gives the advice (albeit on behalf of the firm and the firm has a reponsibility for their actions before the pendant police jump on me) !

I am sorry to say I think you are being shabbily treated by a mortgage processing company (by which I mean one who process rather than build a relationship with their clients, but that does not excuse from their responsibilities to you) .....

I suggest you draw their attention to the FSA TCF Outcome 3:

Outcome 3. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.