Help needed for mortgage!!!

villa2010

Hi Folks,

Help and advice needed here.

My partner and I are currently in the process of applying for a mortgage for a shared ownership house.
( I know people say they are a bad idea!!!)

We have a Broker and we were advised to go with nationwide by the broker as they were offering the best deals.

the application process for a mortgage with nationwide has so far take over a month and a half.

We meet the criteria in terms of salaries, job contracts, credit checks, deposit and practically everything else. Our broker was confident we could get a mortgage.

However Nationwide seem to be taking ages to get back to us with a reply and it seems as though there are stalling and making excuse after excuse. Initially we were told the process would only take 2-3 days when we had process all of the admin.

Since then they have come back and asked for the following not all together but one after the other, which has proved to be very time consuming.

-Letters from both of our employers confirming our employment.
- A clearer photo copy of out ID. This took an extra 2 days.
- Another forrm of ID from me as my passport does not have all the numbers they require. (3 days)
- reference from our landlord ( do they have to do this as we don’t want to tell our landlord we are leaving in case he chucks us out- this is the latest thing they have said)
- my partners letter from her employers was addresses “ to whom it may concern” . Nationwide then said that should have been titles to them so we had to get another one. (1 week)
-They told me they had to run credit checks on my perivous addy from my driving liscense. This then took a week

I would not mind if they told us all of the above at the same time but it seems to be one thing after another and this is proving to be frustrating.
-

Are they just reluctant to lend and looking for excuses not to lend

Or

Are they just being genuine

Should we look for another Mortgage lender or stick with this one.

Any advice would be greatly appreciated.

Many thanks.

WHITEVANMAN

villa2010 wrote: »

Hi Folks,

Help and advice needed here.

My partner and I are currently in the process of applying for a mortgage for a shared ownership house.
( I know people say they are a bad idea!!!)

We have a Broker and we were advised to go with nationwide by the broker as they were offering the best deals.

the application process for a mortgage with nationwide has so far take over a month and a half.

We meet the criteria in terms of salaries, job contracts, credit checks, deposit and practically everything else. Our broker was confident we could get a mortgage.

However Nationwide seem to be taking ages to get back to us with a reply and it seems as though there are stalling and making excuse after excuse. Initially we were told the process would only take 2-3 days when we had process all of the admin.

Since then they have come back and asked for the following not all together but one after the other, which has proved to be very time consuming.

-Letters from both of our employers confirming our employment.
- A clearer photo copy of out ID. This took an extra 2 days.
- Another forrm of ID from me as my passport does not have all the numbers they require. (3 days)
- reference from our landlord ( do they have to do this as we don’t want to tell our landlord we are leaving in case he chucks us out- this is the latest thing they have said)
- my partners letter from her employers was addresses “ to whom it may concern” . Nationwide then said that should have been titles to them so we had to get another one. (1 week)
-They told me they had to run credit checks on my perivous addy from my driving liscense. This then took a week

I would not mind if they told us all of the above at the same time but it seems to be one thing after another and this is proving to be frustrating.
-

Are they just reluctant to lend and looking for excuses not to lend

Or

Are they just being genuine

Should we look for another Mortgage lender or stick with this one.

Any advice would be greatly appreciated.

Many thanks.

Many lenders will often jack you round right now for their own special reasons.
I have been hearing this a lot lately from friends.

Have you tried looking at some best rate tables for mortgages to compare against to see if you really are getting the best deal, in recent experience ive been able to find rates for said friends better than those offered by brokers, as some offers seem to not be available through brokers.

Finally once you find a company you want to use, I might suggest plonking yourself infront of said mortgage companies advisor in branch if possible (just be clear on the product you want) that way you can build a relationship with a person to deal with face to face if necessary.

villa2010

WHITEVANMAN wrote: »

Many lenders will often jack you round right now for their own special reasons.
I have been hearing this a lot lately from friends.

Thats what it feels like but why would they do this - Is there customer Service reputation at stake?

WHITEVANMAN

villa2010 wrote: »

WHITEVANMAN wrote: »

Many lenders will often jack you round right now for their own special reasons.
I have been hearing this a lot lately from friends.

Thats what it feels like but why would they do this - Is there customer Service reputation at stake?

IMHO For all the talk about increasing lending the reality is banks /BS are building up funds as long as possible.

They will process applications to keep numbers up, then perpetually find reasons to delay applications, often resulting in missed opportunities for buyers.

Customer service repuataion, well, if there all playing the same games, it matters not a lot.

Cornball

I finalised my Shared Ownership mortgage with Halifax end of October. They quoted a 2 week process time; well thank goodness i didn't give notice on my rented flat because it took 8 weeks and that was with me kicking and screaming!

I'm a foreigner so I thought maybe that was why, but they didn't ask me for any extra paperwork beyond 6 months wage slips and a copy of my passport. They did fax my HR dept to confirm my position but other than that it was just credit checks etc.

To be honest by the end I was shocked it went through as it was sat with the underwriters for ages.

Definitely collate all the info they want into one packet; I took mine into branch as they can scan onto the system directly.

Call them every darn day and demand an update.

The Housing Association finally told me unless I gave them a completion date they would take me off the waiting list so I used that to prod the Bank along.

As you can see Halifax weren't really any better so being as you are so far along in the process I would recommend sticking it out and chasing them constantly.

Hope that helps.

pinkarsenalprincess

We had the same problems with Santander for our SO mortgage. The process took months and many stressed calls from myself, my Broker and my Solicitor. At one point they lost all of our paperwork and failed to mention it until I complained.

villa2010

pinkarsenalprincess wrote: »

We had the same problems with Santander for our SO mortgage. The process took months and many stressed calls from myself, my Broker and my Solicitor. At one point they lost all of our paperwork and failed to mention it until I complained.

Thanks for your message!

How long did the process take?

MrsCrafty

Could I suggest that you approach the lender yourselves. Get whatever phone system you have and change your contract to give you free 0845 nos. and just keep on. Phone daily. They will see that you are serious and will be able to tell you the problems.

pinkarsenalprincess

In total it took 8 months.

villa2010

MrsCrafty wrote: »

Could I suggest that you approach the lender yourselves. Get whatever phone system you have and change your contract to give you free 0845 nos. and just keep on. Phone daily. They will see that you are serious and will be able to tell you the problems.

Can we do that even thought we have a broker?

I Have tried this but they said mainly they want to deal with the broker!

villa2010

pinkarsenalprincess wrote: »

In total it took 8 months.

That a long time was the property built?

Or was that just for the application and money to be completed?