Abbey - underwriting taking an age

Farfallina

After going through a mortgage advisor, we were recommended an Abbey mortgage. We got the DIP on the 15th of February. We put a bid in on a property on the 17th - a repossession - on the basis that we could turn the deal around in a month (which broker/Abbey assured us they could...don't laugh).

Over two and a half weeks later, and we're still waiting for the survey to be instructed! The underwriters keep coming back after days of silence with finicky questions etc.

I chase every day, but to no avail; broker has no joy either. And if we don't complete by a week Friday the house will go to auction.

Basically, it's not looking good is it? Anyone else experiencing this with Abbey right now?

GMS

I had a deal in with Abbey on Friday last week. Approved Monday, valuation instructed. All being well should have an offer by Monday at the latest.

Were you accepted 'fast track' or did you need to provide documantation?

TastyTeeth

Farfallina wrote: »

We got the DIP on the 15th of February.

Hope things speed up for you Farfallina. It must be quite frustrating thinking you may lose the property down to Abbey's incompetence.

Out of interest, how long did the DIP take to come through from Abbey?

kingstreet

Tell us more about these finicky questions.

If there is something which has set the alarm bells ringing we might be able to suggest how you can circumvent the delays by giving them everything they might ask for - before they ask for it!

Farfallina

Hi all, thank you for your replies.

GMS - Yes, we were accepted fast track. The valuation was instructed yesterday but the surveyor won't get to the property until Monday! I can't believe how slowly they work.

TastyTeeth - Our DIP came through on the same day as we applied for it. This is why we thought it would be a cut and dry matter. Clearly not though.

kingstreet - Finicky issue was nothing to do with us or our earnings, or anything you'd usually assume to be problematic. No, they centred around the fact that Abbey weren't happy with not receiving a paper bank account statement. We bank online so sent them copies electronically. First a screen grab, then a PDF. They weren't happy with either. It wasn't until our broker put in a formal complaint that Abbey finally got on with things.

I'm now worried about how long it'll take the surveyor to ok the property (he should do - my husband's a builder and has given it the once over). And then how long it'll take Abbey to get the mortgage offer to the solicitor. As I said, we need to complete on the 11th.

I'm not holding my breath.

Thrugelmir

Farfallina wrote: »

As I said, we need to complete on the 11th.

So is your solicitor ready, bar the mortgage offer?

Wh05apk

Farfallina wrote: »

GMS - Yes, we were accepted fast track. The valuation was instructed yesterday but the surveyor won't get to the property until Monday! I can't believe how slowly they work.

48 hours to do the survey, does not sound excessive to me, could also have been down to the vendor not being able to allow access today?

Farfallina

Wh05apk wrote: »

48 hours to do the survey, does not sound excessive to me, could also have been down to the vendor not being able to allow access today?

It's a repossession, so access not an issue. The agents are working their socks off to get it through, else they'll lose the property to another auction house.

Farfallina

Thrugelmir wrote: »

So is your solicitor ready, bar the mortgage offer?

Yes, searches all done and he's ready to roll.