Mortgage application taking forever....

Thrugelmir

Clearlier wrote: »

That would leave us in something of a Mexican standoff then as at this stage having taken so long and given (what seem to us) spurious reasons for the delay we no longer trust them to behave seriously.

No loss to the NW though.

gazfocus

Not as big a timescale but we've been waiting four weeks now for a decision re our mortgage application with another lender and I completely understand your frustration. Our vendors have (up until now) been relatively patient and haven't made any reference to putting the house on the market but I fear they will do if we don't get a decision soon.

paulmapp8306

Has your advisor chased them up?

Asking because this happened to me (update from my previous post),

Advisor rang the lender last friday for an update to be told (we have a delay of up to 4 days from receiving paperword - should be loked at today (after getting rental info on Monday).

On Tuesday hear nothing so she rang back and was told "ah yes, we can see we know have the info - we will now esculate it".

My advisor "apparently" got a little angry - and told them it wasnt acceptable, and that it should have been esculated when they received the rental information 8 days ago. They agred to look at it the next day.

Wed pm - mortgage agreed subject to survey - survayer going to property today.

Had this been left in the lenders hand I would still be waiting no doubt, with an unknown date. Just get your advisor to chase them up.

paulmapp8306

Thrugelmir wrote: »

Maybe your reluctance to pay for a structural report is back firing. You don't want to spend the money but are happy for the NW to potentially waste theirs.

Just a thought.

Thats not an issue though is it. There happy to pay for the structural survey - just want some assurances that IF that is OK, the lenders will lend which doesnt seem unfair to me.

There not refusing to pay for the survey, and iof NW dont lend based on it finding issues thats fair - they just dont want to spend money on a survey if the lenders decline regardless of the result.

Clearlier

paulmapp8306 wrote: »

Has your advisor chased them up?

Asking because this happened to me (update from my previous post),

Advisor rang the lender last friday for an update to be told (we have a delay of up to 4 days from receiving paperword - should be loked at today (after getting rental info on Monday).

On Tuesday hear nothing so she rang back and was told "ah yes, we can see we know have the info - we will now esculate it".

My advisor "apparently" got a little angry - and told them it wasnt acceptable, and that it should have been esculated when they received the rental information 8 days ago. They agred to look at it the next day.

Wed pm - mortgage agreed subject to survey - survayer going to property today.

Had this been left in the lenders hand I would still be waiting no doubt, with an unknown date. Just get your advisor to chase them up.

Advisor is calling them daily. Glad to hear that you've made progress though.

Conrad

The public cheer when Vince Cable says we need a return to good old fashioned cautious lending, but when it come to thier turn all of a sudden they realise thier cheering was perhaps misplaced.

Clients always think lenders requests are over the top / irrelevant, but thats because the public do not understand risk.

One small detail missed by a lender could be the very thing that one day somehow leads to a client claiming mis selling. Look around this very board for proof of this.

Conrad

Clearlier wrote: »

Advisor is calling them daily.

Nothing a lender likes more. It's counter - productive. Clients who always go with the flow invariably get better outcomes. Constantly harranging grown adults conveys a particularly arrogant conotation.

Furthermore, constant chasing leads to mistakes as too many people handle a file.

I personally tell such clients to not act this way or go elsewhere, we're all adults and manage our lives perfectly well, we don't need chasing and checking up every other day, it's disrespectful.

billybear1

I check up on people daily, then again I have been waiting over 3 months for my application to go through. You state people not understanding risk...? One of the hold ups I have had is an indemnity policy against my Grandmothers gifted deposit in case she goes bankrupt. She has owned her own home for over 40 years and has vast sums of money in the bank. Further to this, she has written a letter and signed it stating it is a gift and she has no intention of putting any charge on the house. Then the solicitor acting on behalf of the lender is delaying exchange due to receiving a copy of this letter from my solicitor, that has not been signed in ink!!

Fair enough, I may not be a risk manager, but surely these requests are a little over the top. My solicitor even stated they have never dealt with such extreme requests!

Clearlier

Conrad wrote: »

The public cheer when Vince Cable says we need a return to good old fashioned cautious lending, but when it come to thier turn all of a sudden they realise thier cheering was perhaps misplaced.

Clients always think lenders requests are over the top / irrelevant, but thats because the public do not understand risk.

One small detail missed by a lender could be the very thing that one day somehow leads to a client claiming mis selling. Look around this very board for proof of this.

The problem is not the requests for information (although i do think that not being able to interpret a payslip that includes childcare vouchers is odd) but the time it is taking them to come to a decision. I can't see any reason why they needed to wait for 6+ weeks before asking for this information. They had it right from the very start.

Responsible lending does not equal unprofessional behaviour - at least not in my book. If this mortgage application was taking the same amount of time that most applications take then our vendors would not be concerned about the length of time that it's taking.

If they wish to decline our application then I wish that they would get on with it so that we can apply elsewhere (actually have asked our broker to provide us with other options and wish I had thought of it before).

Conrad wrote: »

Nothing a lender likes more. It's counter - productive. Clients who always go with the flow invariably get better outcomes. Constantly harranging grown adults conveys a particularly arrogant conotation.

Furthermore, constant chasing leads to mistakes as too many people handle a file.

I personally tell such clients to not act this way or go elsewhere, we're all adults and manage our lives perfectly well, we don't need chasing and checking up every other day, it's disrespectful.

I generally agree with you however this particular application does not IMO appear to have been handled in a professional manner. Our broker did not start calling them daily until several weeks had passed. He is now fed up with them and has said to them that he doesn't normally ring up this often but their delays merit it in this particular case. As an aside we didn't ask our broker to do this, he told us that he is doing it.

gazfocus

I have to agree with you Clearlier. I don't mind one bit having to provide documentation to support a mortgage application but two things really annoy me.

There is obviously a set amount of paperwork that 'may' be needed by the underwriters to sucessfully review an application. I would much rather the lender say "here is a list of all the documentation we may need. We might not need it all but in the event we do need it, please provide us with..." rather than having to wait several weeks for the lender to turn round and ask for another piece of documentation, take 3 days to assess it, then ask for something else, then 3 day wait again.

I also don't see why a lender needs to take 3 days to review a peice of documentation.

In our case, the lender asked for a memorandum of sale at the beginning of the process. We got this from the estate agents (along with a letter from the housing association as we're buying a shared ownership) and sent it off to the mortgage advisor. THREE weeks later, the mortgage advisor gets a call from the lender saying that the memorandum of sale needs to contain details of the percentage share I'm buying. Why on earth did it take them three weeks to ask for this? Furthermore, after receiving the ammended document, they need another 3 days to assess (even though it's one line in the document that's been added).

I'm sorry conrad if you don't understand people getting frustrated but at the end of the day, these delays put peoples lives on hold.