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How long for a decision

80schild
80schild Posts: 240 Forumite
in Mortgages & endowments
Our mortgage broker has submitted our application for a btl remortgage on our own residential property (to allow us to let it out so we can buy another house)-it is with the mortgage works.
She informed us it would be a very straightforward process as because she got our residential mortgage for the new house we are buying, she had everything she needed to get it approved.
This was yesterday-however she has still not got back to us at all today with a decision. I thought these were instant?
We have had one sale fall through, another which is going very slowly (hence this BTL option) and this is now our last chance of buying the house we want so I am incredibly frustrated at being strung along by various people and never getting told a full story!!!
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Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    TMW are really busy at present and as a result their service levels are poor.

    Has it been submitted as a Let to Buy?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 80schild
    80schild Posts: 240 Forumite
    Hi-yes I think its been submitted as a Let to Buy!
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You have only had a day so far!

    Have you had a decision in principle?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 80schild
    80schild Posts: 240 Forumite
    She hasn't even let us know if it has been agreed in principle or not-I thought that was more or less instant!
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    DIP's can be instant or referred. If referred they aim to get an answer within 4 hours.

    Ring the broker and ask for an update
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 80schild
    80schild Posts: 240 Forumite
    Have tried but she never answers the phone-think she thinks we are pestering her but just want an idea of what stage we are at. Its frustrating to be told 'its very straight forward, I'll get it sorted today' and then hear nothing for two days particularly when this whole saga has been dragging on for 6 months-firstly with a very slow vendor, then a buyer pulling out on the day of exchange. I just wish I could get some answers!
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    VEry poor practice for a broker to ignore calls, however there may be a good reason i.e illness etc.

    Email and call the broker. Try TMW but not sure what you will get from them as it is a broker app.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 80schild
    80schild Posts: 240 Forumite
    I have had a text from the broker to say that our application is being underwritten. What does this mean?
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The case will be looked at by an underwriter who will decide if they will make an offer or not.

    If it is with an underwriter then you have been accepted in principle. If underwirters are happy they will instruct a valuation.

    I hope your broker is not charging you a fee seeing as you are not getting any answers from them!!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • 80schild
    80schild Posts: 240 Forumite
    Hi-ah I understand now-thanks very much!
This discussion has been closed.
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