Experiences with Woolwich

betmunch

I have to agree with you. A big part of my job is saying who will lend in different circumstances and giving timescales. Hopefully it wont cost you the house. Keep us posted

Mrs_b_4

Just a quick update...

I've called the Woolwich today, said they think they have everything they need now and have now marked it as a priorty case and we will hear back in 24 hours - fingers crossed!

bemma21

Good Luck

I called at 2pm today and was told it would be 24-48rs before it would be looked at again.

Just had a call with my offer! So happy and excited!

Fingers crossed you should hear soon!!

Thrugelmir

Mrs_b wrote: »

We didn't realise it would take so long. I'm really disappointed with the broker. The reason we went through a broker and not direct was for the advice/help/guidance and I really don't feel that he has listened to what we wanted and given practical and realistic advice.

Nationwide are slow as well at the moment. A sign of the times it would seem. As lenders only have limited tranches of funds to advance every month.

Wh05apk

Thrugelmir wrote: »

Nationwide are slow as well at the moment. A sign of the times it would seem. As lenders only have limited tranches of funds to advance every month.

Nothing to do with the funding, the delays are due to cut backs, and the fact that every application is now scrutinised, + the fact that few lenders are playing at the moment - two of the biggest lenders - Abbey and Halifax have effectively withdrawn, meaning any lender with half decent rates get swamped.

Thrugelmir

Wh05apk wrote: »

Nothing to do with the funding, the delays are due to cut backs,

Other than HSBC. All the other main lenders in the market have lower gross lending targets this year than 2011.

Pricing is a means of declining business.

When a lender gets "swamped" it may well pick through the business on offer.

As I said earlier a sign of the times, and the continuing downward pressure on mortgage availability.

Wh05apk

Thrugelmir wrote: »

Pricing is a means of declining business.

When a lender gets "swamped" it may well pick through the business on offer.

As I said earlier a sign of the times, and the continuing downward pressure on mortgage availability.

Pricing is a method of increasing/decreasing demand, but lenders are not picking through applicationsonce they receive them and cherry picking, although that is done at the aip stage.

Thrugelmir

Wh05apk wrote: »

Pricing is a method of increasing/decreasing demand, but lenders are not picking through applicationsonce they receive them and cherry picking, although that is done at the aip stage.

Due process during underwriting filters through applications as well. So lenders will accept more applications they advance money on eventually. Lenders have targets for given categories of mortgage debt. So as to to spread their risk.

Cherry picking is all about knocking back applications where the criteria might just be household income level for example. So not a reflection of the individual borrower just the type of customer that the lender wished to attract. For other reasons than just the mortgage business.

Mrs_b_4

Ah another update! We have just received a call from the broker and the survey has been instructed for Monday! Glad we have finally moved to the next stage...

The_J

HSBC are slow because their rates are market leading and their processing ability is poor.

Nationwide are usually quick but because they have had market leading rates for going on 2 months now they are starting to feel the pain. Only 5 days behind.

Woolwich are slow because they outsource to India.

Clydesdale are slow because they are Clydesdale. If they weren't slow I wouldn't love them as much as I do.

Santander are knobs.

Halifax are quick because their rates are !!!! and they aren't doing anything.

Absolutely nothing to do with the amount of funds to lend. If they want these lenders can borrow at ridiculously cheap levels and lend at 3x the amount.

Those that don't want to lend are unwinding the massive amount of poo on their books without it getting out and !!!!ing everything up.