How long should it take to get a further loan?

filigree_2

Quick question:

Let's assume that you have a mortgage on your home. Your household income is over £40K, your mortgage is for £60K with ten years left to run, and the property is worth £250 - £300K. Now imagine you want to borrow a further £5K for legit purposes. The mortgage lender is aware of all this and has documents to prove it, all less than six months old.

How long do you think the process should take, from initial enquiry through to the day the cheque arrives in the post?

I ask because we're in this situation and the Britannia have put us on a WAITING LIST and told us that it could take three months!

Once they do condescend to talk to us, the phone interview will take an hour because we have to provide ALL our personal details again, because (I quote) "staff here don't have any access to that information". Surely there must be some advantage to being an existing customer, but we're being treated as if we have no previous relationship with the lender I asked why we couldn't complete a paper-based application but that's not allowed.

I understand that they have to take necessary steps and be responsible lenders, but I can't believe there is any justification for the sheer length of time this is taking.

Just ranting here now, but I wonder if anyone else thinks this is excessive?

regularsaver1

3 months?

I have done further advances for lender i work for and completed same day. It depends on their criteria I suppose. Have you visited one of their branches?

loveandlight

I borrowed £25000.00 from my lender last year (UCB) and the exact time from enquiry to money being put into my bank account by telegraphic transfer was...... 10 days.

MobileSaver

As RegularSaver1 said, I can't see why such a relatively small loan shouldn't be approved same day and the money credited within days.

In the past I've had a £15k loan in my bank account within a few days and a £60k advance cheque in my hand within a couple of weeks.

Three months is a joke - have you considered going elsewhere for the loan?

regularsaver1

I've done £110k further advance completion same day as application.

Depends on lender and application I suppose

filigree_2

Thanks for the replies - I couldn't believe that this was standard practice!

What a farce. We remortgaged with them in August of this year so all our financial details, property valuation etc are bang up to date. Two months later we had to ask for a bit more, they sent some paperwork and told us we had to make an appointment for a phone interview and the earliest date was the end of November! After that it would have to be approved and we wouldn't get the cheque for 4-6 weeks. So, from an initial enquiry in October we wouldn't get the money till mid-January.

We protested and spent most of today playing phone tag with a succession of morons who finally conceded that we could have an immediate interview "unless someone phones in sick then we'd be too busy".

The interview took place, lasted 5 minutes and all they asked was did we still have the same jobs! Why the chuffing heck couldn't they have asked us to confirm that by post? We still have to complete a load more paperwork (goodness knows how long it will take for them to send that) and they "might" be able to expedite the cheque but they are terribly busy right now, poor diddums.

We did establish that there is no valid reason for the delay, and that it is entirely because they are too busy to deal with their workload. Unfortunately it isn't possible to storm off and take our custom to another lender so we'll have to make do with a blistering complaint letter.

Big fat thumbs down for the Britannia - I wouldn't take out any other product with them even if they did offer the best interest rate. It simply isn't worth the aggro of dealing with this level of incompetence.:mad: