Northern rock mortgage application

whitecjw

Hi,

I have quite a long winded dilemma, but i'll try to keep it short. I'm really hoping someone can offer some advice.

We recieved a DIP from northern rock on 10th June for a 70% mortgage. The full application was submitted the next day, and the valuation took place on the 19th June. On 29th June the mortgage advisor told me that the application and all documents had been processed and had been passed over to the underwriters for final checks before issuing the offer. And this is where the problems started!

We heard nothing until 10th July when they decided they weren't willing to proceed with the application until the house we had offered on had been owned by the vendor for 6 months ( a builder bought and renovated to sell on ).

The 6 months was up on 27th July, NR requested proof from the solicitor that day, that the ownership was transferred on 27th January. I got this proof and emailed it the same day and the mortgage adviser said NR had told him it was exactly what they were looking for, they would proccess it and issue in writing that they were willing to proceed. Then on monday it was passed to the underwriters again and they still have not come to a decision!

All i can get out of the mortgage advisor is 'it should be fine'. We briefly discussed on Friday applying with another company and he was meant to ring me back so we could make a final decision either way, but i didnt hear from him.

I am so torn over what to do, i just want it all over with, but knowing my luck if we dump NR they will have been just on the verge of issuing the offer (tho it isnt likely) and i will have prolonged the whole thing.The vendor is threatening to pull out if we cant find out whats going on which isnt helping.

Is it possible to have two applications at the same time for the same house? (thinking i can hedge my bets and see which offers first)
If so, which companies are consistently quick?
How likely is it that NR are almost ready to issue?

Thanks in advance
Claire

Thrugelmir

whitecjw wrote: »

The vendor is threatening to pull out if we cant find out whats going on which isnt helping.

Stay calm. Given how far through the process you are. The vendor would be unwise to pull out. The matter has been with the underwriters a few working days. So hopefully will now be fine.

Given the time that's elapsed highly possible that rechecking of credit files etc will be performed prior to issue of a formal offer.

whitecjw

Thanks for your reply. That worries me too, as its also likely they'll request more recent payslips and spend another week looking at them!

Dave_Ham

Hi - you would have had this 6 month issue with the majority of lenders..

NR are ok to deal with at the moment an if you have had a valuation done, I would stay put...

whitecjw

Thanks for your advice, my head is saying stay, as we must be nearing the offer stage (well hoping so anyway), but the rest of me cant handle the uncertainty.
I did accept already that we would have this issue with most lenders and had to wait, but the fact that they have taken 6 days to look over 1 document and decide if they are willing to proceed does seem a little excessive to me...

Thrugelmir

whitecjw wrote: »

but the fact that they have taken 6 days to look over 1 document and decide if they are willing to proceed does seem a little excessive to me...

The document will be in a queue. Its summer so many people will be on holiday.

whitecjw

Thrugelmir wrote: »

The document will be in a queue. Its summer so many people will be on holiday.

I didn't even consider that, thanks for pointing it out

Dave_Ham

If you think about the type of people who work at a bank, they are always at their optimum holidays during the school holidays..

Some of the bigger named banks are taking 10 days to process things at the moment, so do not beat up on NR just yet..

Fingers crossed you will get some good news soon