Clydesdale Mortgage - Query

ShogunRua

Wanted to reach out to anyone who has made an application toClydesdale or is familiar with Clydesdale mortgages, and get some feedback.

Clydesdale have a strange application process with no AIP,and I wondered if anyone can tell me whether my application getting to the stagewhere I pay for a valuation on the new property is simply a standard formality whichthey go through in EVERY case or whether it is a good sign that everything sofar has been deemed acceptable? After all, the valuation is pretty costly!!

My reason for concern is that, prior to contacting a mortgageadvisor, I was accepted during credit check process by First Direct but thendeclined when they saw my bank statements due to heavy use (but never exceeding)my overdraft.

I have good income, 15% deposit for new house, am keeping myexisting property with Consent to Let, have affordability approval fromClydesdale via my mortgage brokers initial consultations with the bank, nocredit history problems, but just been hitting the overdraft quite hardrecently due to paying for wedding and haven’t yet had time since to get out ofmy overdraft albeit my salary puts me in the clear each month when first paid.Never knew using an overdraft was seen as a bad thing to be completely honest.

Very worried about this application because if it declines Ifeel I am going to have to drop out of the property until my bank statementscan reflect less use of overdraft by which time the property will probably havesold.

So, back to my query – does anyone know if getting to thevaluation fee stage suggests that the overdraft issue has been accepted byClydesdale?

Thanks

harvey115

I am also buying a New Build mortgaged through Clydesdale.

The valuation fee is a standard procedure, but recently they have dropped the Valuation and application fees if you go directly to them. Going through mortgage brokers to Clydesdale still comes up with these fees though (strange)!

Have you selected a solicitor from their panel?

In terms of the overdrafts I none the wiser. Other more experienced members on the forum should be able to assist.

ShogunRua

harvey115 wrote: »

I am also buying a New Build mortgaged through Clydesdale.

The valuation fee is a standard procedure, but recently they have dropped the Valuation and application fees if you go directly to them. Going through mortgage brokers to Clydesdale still comes up with these fees though (strange)!

Have you selected a solicitor from their panel?

In terms of the overdrafts I none the wiser. Other more experienced members on the forum should be able to assist.

Wow, anyone would think you might receive better fee structure / rates going through a broker!!

My solicitor is not on their panel but I'm using them anyway because I get mates rates therefore it's still cheaper for me to use my own solicitor and pay Clydesdale's £234 fee (for their solicitor from panel) than using the Panel solicitor for myself and Clydesdale

The_J

Awesome forum name. I am going to help you.

Clydesdale are a bit weird. They basically take your information, look it over, make sure they are happy with it, instruct a survey if they are and lastly they will credit score you (although I do think they credit check earlier on). This means if you have something massively wrong it should get picked up but generally they will want to do the case and the credit score is more a formality.

Regular use of an unauthorised overdraft would definitely be a concern although we are seeing creeping aversion to use of a standard overdraft. Clydesdale will at least look at the whole picture.

Thrugelmir

ShogunRua wrote: »

but just been hitting the overdraft quite hardrecently due to paying for wedding and haven’t yet had time since to get out ofmy overdraft albeit my salary puts me in the clear each month when first paid.Never knew using an overdraft was seen as a bad thing to be completely honest.[/SIZE][/FONT]

Suggests that you don't manage your money well i.e."Buy now pay later".

Use your savings to clear your unsecured debt. As will improve your credit score.

The_J

What is a mortgage if not "Buy Now, Pay Later"?

ShogunRua

The_J wrote: »

Awesome forum name. I am going to help you.

Clydesdale are a bit weird. They basically take your information, look it over, make sure they are happy with it, instruct a survey if they are and lastly they will credit score you (although I do think they credit check earlier on). This means if you have something massively wrong it should get picked up but generally they will want to do the case and the credit score is more a formality.

Regular use of an unauthorised overdraft would definitely be a concern although we are seeing creeping aversion to use of a standard overdraft. Clydesdale will at least look at the whole picture.

I really appreciate your comments

harvey115

ShogunRua wrote: »

Wow, anyone would think you might receive better fee structure / rates going through a broker!!

My solicitor is not on their panel but I'm using them anyway because I get mates rates therefore it's still cheaper for me to use my own solicitor and pay Clydesdale's £234 fee (for their solicitor from panel) than using the Panel solicitor for myself and Clydesdale

Okay so basically doing the same thing I am doing.

One thing to keep in mind. Clydesdale selected Optima Legal to represent them. They are not good at all and have already delayed things in my application as they have stopped responding to any queries from my solicitor.

So here is what happens:

1) Survey
2) Credit Check
3) Underwriters
4) Offer sent to you
5) Offer sent to their solicitor if you have not chosen one from their panel
6) Their solicitor will send a questionnaire to your solicitor
7) Their solicitors should confirm if they are happy for things to proceed (exchange and completion etc.)

My Solicitor has now directly spoken to my Broker and they have complained to Clydesdale about Optima Legal and that this has already delayed the exchange by a week. Now the Bank has forwarded the offer documents to my solicitor through the broker and I think Clydesdale is now speaking to Optima for this issue.

Best of luck with your purchase.

ShogunRua

Just got survey back and it matches the offer value. Considering myself and my girlfriend have not missed any payments ever is this looking good? The J?

mrehman74

I am in the later end of the process (4 weeks) with clydesdale, and awaiting formal offer..no credit check still, but am not worried as its in top shape.
survey was done in the first week, came out OK. Clydesdale demanded my SA-302's after that (never heard abt them before) for some reason which created a panic, but broker settled it with them, though causing a weeks delay in the process. If it benefits anyone, for the years you have filed your tax assessment, HMRC holds the calc of your tax in a doc called SA-302 and it can ONLY be requested by the actual individual ON PHONE (don't ask why!!).

awaiting the offer fingers crossed now :undecided!

ShogunRua

Just to let people know that I got accepted, and got mortgage offer through today. Soooooo happy.

Strangely, they didn't ever appear to undertake credit checks on us? They did a soft search at the beginning, but at the end they did a "Credit Score NOT a Credit Check" and I have checked my Experian and Equifax files with no further checks. Strange but hey ho.

Thanks