Most efficient lender?

halfajack

I have posted here before about delays in relation to my mortgage application. I am now one month past the original entry date and the bank are still asking for something else every few days. The last straw was today - they asked for confirmation of my salary for a third time. My broker has referred them back to the last letter from my employer confirming that which was sent last week. They've now referred it back to the underwriters for a review which will take another two days, after which they'll quite possibly ask for more duplicate evidence.

I'd told my broker I'm going to start an application with another bank and let the seller know this to check they'd be willing to hang on longer. The thing is, since I'm so far past the move in date time is of the essence and it would be very helpful if I could tell the seller that a decision would be made within a certain amount of time.

Can anyone recommend a bank as being the most quick and efficient at dealing with paperwork? I'm in Scotland so there's a home report with valuation on the property already - I believe the bank ask the surveyor for it in a different format which I was told takes about two weeks. Ideally I'd be looking for someone to approve ME in a very short time and offer the loan on the condition of a satisfactory survey report which I'd hope would not take more than two weeks. Is this possible? I'm going to phone one I spoke to before now to see what they say but a heads up from anyone here on what banks to go for or avoid would be great.

Thanks.

kingstreet

halfajack wrote: »

I'd be looking for someone to approve ME in a very short time and offer the loan on the condition of a satisfactory survey report

Nope. You'll get an agreement in principle, then you'll get a formal mortgage offer but only after you make a full application and the lender receives and accepts all the status documentation it requires.

There is no answer to the question in the title. Some applicants find one lender acts very slowly on their case, but another poster tells us the application sailed through in a couple of days.

I don't know of a lender I'd say consistently gets 100% of its cases offered in the timescale you need. Applications are never the same and processing times reflect that.

halfajack

Thanks for your reply. The agreement in principle proved to be meaningless in relation to my last application as my temporary worker status made it the process more complicated. Perhaps a better question would have been: is there a bank which is generally known for providing loans to supply teachers? I've worked continuously as a supply teacher, no breaks in service, since August 2008 and my current employer can now say I'll probably be kept for most, if not all, of 2012. Does that sound like it would satisfy any particular bank? I've already been told a flat no from RBS and Santander (my own bank).

rising_from_the_ashes

I'm a bit concerned that you've not got the mortgage in place but seem to already have agreed to buy the property - once you've done this in Scotland you can't withdraw from the purchase without being held liable for costs of the other party.

[FONT=Arial, Helvetica, sans-serif]"Once the offer has been accepted on all points, you have entered into a legally binding arrangement and neither party can withdraw without potentially being held liable for the consequent losses of the other party" [/FONT]

Re the permanency issue, I know several people on fairly long term but still temp or fixed contracts who've been turned down ..... good luck

halfajack

Thank you for your reply. The missives are not yet concluded and my solicitor assures me I can pull out at any time. It's customary to make an offer, have it accepted, then apply for the loan. I appreciate your concern though.

I'd be grateful for any other advice people can give based on what I've asked (rather than criticising what I've already done).

Conrad

Scottish Widows have acted quickly for me, but as they say, each case is different, staff may be ill, one answer leads to another question and so on.
In any event you might not fit thier criteria or like thier products.

In the current world economic enviroment lenders have to treble check everything. Remember the whole reason for the credit crunch was mortgage apoplicants being lossely underwriten and then these contracts sold onto 3 rd party investors. These investors wnat to know you are copper bottomed and what may seem secure to you, none the less has to be checked and checked again.

The slow and cumbersome process's have been newly designed to trip people up and ensure high quality control.

You should celebrate the new tough lending world - audiences always applaud on Question Time when Vince Cable calls for old fashioned thorough lending criteria - so you have what wou've all been crying out for and applauding.