Abbey mortgage

Jemma_3

Hello

Please can someone advise me on an Abbey mortgage? Am I right in that most other banks do a valuation survey before they approve the mortgage? Do Abbey do it the other way round? Do they approve the mortgage (subject to valuation), then instruct the survey?

Our estate agent is surprised it is taking so long and I wonder if this is the reason why?

Thanks in advance for your help!

herbiesjp

How long is it taking? WHen was the application submitted?

Abbey normally like all the paperwork in, assessed and then instruct the valuation.

It has been known however, along with other lenders, that cases get missed and it can be sitting there.

Have you gone via a broker - get your broker to chase them

Have gone direct - give them a call and ask them if they need anything else from you

Jemma_3

The background is that we had an offer accepted on a new build on 9th October. The vendor told us they would like to exchange in 28 days ideally (they gave a target date of 14th November). As we already had the agreement in principal from Abbey we didn't think this would be a problem. We provided all the paperwork etc and have been waiting for the survey to happen. The EA called yesterday to say the vendor wants the house back on the market. My husband called Abbey last night and they said the mortgage had been approved but no-one had sent it to the mortgage center. The EA said that none of the houses on this development had exchanged within 28 days but they had at least had the survey done and i wondered why ours hadn't happened.

So now we are at risk of losing the house and really not sure what to do? I wanted to reassure the EA that the survey will be instructed, but I wanted to explain that Abbey did it the long way round.

Am I right, we're panicking now as we have paid a £1k deposit on the house too!

herbiesjp

So has it been sitting around doing nothing since October 9?

I would go back to Abbey and start making noises - they have had ample time to instruct a valuation, have it carried out, and received it back.

I would put the ball in their court and ask to speak to a manager, on the number you are calling. Put the ball back in thier court, ask them what they are going to do to resolve the matter, as you may end up losing £1k

HTH