Still waiting on mortgage!

northernireland10

Hey everyone,
I have got just under two weeks before the 'completion date' of the house i have put an offer and was accepted, I went to a mortgage advisor and have put in an application through them with a bank, last week the bank asked for more information for the mortgage, there is no more the mortgage advisor can do, I was wondering how long now before mortgage is done and dusted?
I am a FTBuyer, mortgage advisor has said bank are happy with application and just want the i's dotted...
bank is Ulster (RBS)

cathy_j87

Sorry I can't give any advice but wanted to join your waiting game. Me and my fiance had our offer accepted on the 10th Jan, mortgage application submitted 1st Feb and we're STILL waiting to receive our offer. We've had 4 to-do-lists sent to us, with varying degrees of inaccuracy on the part of the BS. Also FTBs (in NI too ) and neither us nor the sellers are in a chain so in theory things should be simple!

Hope you hear back about yours soon!

northernireland10

which BS are you going with, i also thought as there is no chain with us it would be quite simple. Our offer was only accepted around end of Feb, seems far too long !

Conrad

I guess you guys do not watch the news? Wordlwide credit crunch, Irish lenders in billions of debt, vast risks to those debts increasing as negative equity and repossession pile up? And you wonder why things take a while, eh?

cathy_j87

Thanks for the sarky comment Conrad, helps. I feel I should point out that we're in Northern Ireland, part of the UK. Also we have a 70% LTV and guarantors so, yes, I think taking almost 2 months is somewhat excessive.

N.I.10 - We're going with Leeds BS, they had the best interest rate on a 5yr fixed which we liked the security of. Any news in the last few days? I got a phonecall this morning to say our application has been approved and the letter of offer is being sent out today but I've become that sceptical I'll believe it when I see it!

bingo_bango

Conrad wrote: »

I guess you guys do not watch the news? Wordlwide credit crunch, Irish lenders in billions of debt, vast risks to those debts increasing as negative equity and repossession pile up? And you wonder why things take a while, eh?

Yes Irish lenders are in debt. Of course, there were no British banks affected by the worldwide crisis, were there? If you look at the recovery plans that have been put in place, you'll also note that the ROI plan will bring the country out of debt before the UK manages to do the same thing. You will, of course, also be aware that the same risks of debt increasing as repossessions rise and negative equity continues to decrease values is having the same detrimental effect in the UK as it is everywhere else in the world.

Obviously, you don't need me to tell you that though......as you watch the news, innit? :cool:

florida2012_2

From NI myself - and my mortgage is through Ulster Bank - RBS - they took roughly 2 months for our offer to come in and that was 2 years ago - it just must be the way they work unfortunately for us.

What rate did you get - mine is due for renewal in a couple of months - would love a 5 year fixed!!!!!!! Lucky you.

cathy_j87

Florida - we went for a 5yr fixed at 4.59% with Leeds BS. There were better ones out there at the time but due to one thing or another this is what we went for. As it happens the rates went up 2 days after we submitted our application!

MortgageChallenge2011

Ours is on the 5th week at the moment after decision in principle. It seems banks have got so scared they are checking, double checking. Between me and broker knowing there was a delay in processing we decided to get them a works reference ready and I organised one through work. It got rejected as it was addressed to "to whom it may concern" despite being on official letter headed paper and signed by senior manager. They decided to write out themselves which they did, it came back and they werent happy with it as it wasnt signed by someone from human resources (it was the same manager). Tried to explain there isn't a HR dept at our depot so they were going to phone them direct!! Had to save £18k deposit for 15% deposit and they wanted to know where each bit of the savings came from.... arrggghh, I have no fingernails left..... fingers crossed.... I have been told it has been passed for offer with a condition attached of confirming my work status.

cathy_j87

Got a phone call from our solicitor saying the letter of offer has arrived with them :T

Good luck N.I.10 and M.C.2011, hope you hear soon!

smcqis

cathy_j87 wrote: »

Sorry I can't give any advice but wanted to join your waiting game. Me and my fiance had our offer accepted on the 10th Jan, mortgage application submitted 1st Feb and we're STILL waiting to receive our offer. We've had 4 to-do-lists sent to us, with varying degrees of inaccuracy on the part of the BS. Also FTBs (in NI too ) and neither us nor the sellers are in a chain so in theory things should be simple!

Hope you hear back about yours soon!

cathy_j87 wrote: »

Thanks for the sarky comment Conrad, helps. I feel I should point out that we're in Northern Ireland, part of the UK. Also we have a 70% LTV and guarantors so, yes, I think taking almost 2 months is somewhat excessive.

N.I.10 - We're going with Leeds BS, they had the best interest rate on a 5yr fixed which we liked the security of. Any news in the last few days? I got a phonecall this morning to say our application has been approved and the letter of offer is being sent out today but I've become that sceptical I'll believe it when I see it!

Your complaining about the length of time to do a mortgage yet it took you 3 weeks from offer accepted to submit the mortgage application? When i had an offer acccepted, my application was submitted the following day hence saved 3 weeks