Home buy & sale, it's all gone quiet

SilentBob

Is this usual? We are buying a new build and part exchanging. We put in the mortgage application last Tuesday and up until then, my broker was contacting me on a daily basis with updates etc. Now, since she got paid (on application) and we have spent out money on things despite not having the mortgage in place, everything has gone quiet.

I emailed for an update today and got a response of "they tried to , call me while I was in an appointment I will email them".

That is the last I have heard and I am getting annoyed as the building society won't speak to me (apart from to take fee's) as I applied through a broker!

What can I do?

Dave_Ham

I think I saw another post from you and think your mortgage may be with Ipswich??

If so, I have 4 cases with them and they are incredibly slow at the moment. Similar to your broker, I would not e-mail you every day to update you with a "no comment"

Try to stay patient as I appreciate your frustration, given an 11-13 working day turnaround and then if they request some additional information you go to the back of the queue.

Situation is that they are in demand for a reason, as at 90%+ many banks tightened up criteria so if you have adverse in the 3-6 years category many are using Building Societies when previously the applications may have gone to Santander, Halifax or Woolwich...

Good luck

SilentBob

Yeah it's with Ipswich, nothing should be needed paperwork wise as my broker has got all of that ready prior to submitting application.

The only reason we are going with Ipswich is because we are part exchanging and needed a 95% LTV which ended up with Ipswich being the only lender we could use (Abbey hadn't released their New buy product at the time). There is no adverse credit in the last 3-6 years, everything paid on time and no issues with my wife or my credit reports, just need this mortgage sorted.

Dave_Ham

Ipswich request absolutely everything, I guarantee your broker will not have it all first time - Absolute promise

They are hard to get updates from and whilst typically being nice people when I deal with them, they are incredibly slow...

Fingers crossed for you..

SilentBob

Just hoping it is all sorted by end of June otherwise it all falls through as builders want off of the site by then.

Dave_Ham

This timeline should be ok....

Good luck....

SilentBob

My wife and I sincerely hope so

Bluemeanie_2

http://www.ibs.co.uk/intermediaries/why-use-ipswich-building-society

Just found this

SilentBob

thanks, I am aware of this, my application is ok as it was put in prior to them stopping the rates

Bluemeanie_2

SilentBob wrote: »

thanks, I am aware of this, my application is ok as it was put in prior to them stopping the rates

It says there is a long wait/turnaround time, nothing to do with them temporarily withdrawing rates.

Bluemeanie_2

"STOP PRESS: Due to record levels of mortgage applications at the Society, regrettably all aspects of mortgage processing are currently subject to an 12 working day turnaround. We apologise for the delay and are working hard to improve this for you."