Waiting forever for mortgage offer - can I apply for another?

machofairy

I have started a couple of threads here expressing my concern about the long wait for my mortgage offer .. here's the situation:

We had a survey (no major problems found) on 22 Feb and are still waiting for our offer. The Abbey asked for further details and we have provided them. Kept pestering the broker to chase this but he kept saying that's its on the way and there shouldnt be a problem.

So, what happens if we decided to apply for another mortgage and will accept whichever offer that comes first? Is this possible? Will there be penalties for withdrawing?

So far, we only paid for the top up for a homebuyers report. Basic survey was free and the arrangement fee was added to the mortgage.

Tiger_greeneyes

The Abbey usually take about three weeks - although they've obviously got this other information from you to process too. It could be they've got a great product available at the moment, and they're extra busy - there's loads of explanations as to why they're taking so long.

Why don't you call them - their phone number should be on your Home View report. Your broker obviously isn't having much luck (or maybe isn't trying particularly hard) so it won't hurt if you get involved. It's your mortgage application at the end of the day.

You could go with another mortgage provider if you like, but you'd have to pay the basic valuation fee again. As you have a homebuyers (Home View) report already, you won't need to have that one repeated. You'll possibly have to pay a loan set up fee too, depending on the company and product.

You could well meet with another delay - I don't know what this extra information is the Abbey asked for but the next lender might also have the same wishes.

Your best and cheapest bet is to call their mortgage centre no. on your report and speak with them direct. It could be that your mortgage offer is out any day now and you'd be setting yourself back to square one needlessly.

Was there anything drastic wrong with the property btw? Sometimes their underwriters will cause delays whilst deciding whether to proceed with the loan if that's the case.

Give them a call, it won't hurt

machofairy

Thanks tiger. I did try to take matters into my own hands but when I rang the Abbey, they said I had to go through the broker. And he refused to give me a direct contact at the Abbey. reading elsewhere, I think this is normal practice if the mortgage is obtained via a broker.. ie. only the broker can contact the lender.

And yes, it is a great product, available exclusively to this firm of brokers only. However, does not seem such a good product now as I do not know where I am with them.. and broker is also hard to get hold of and always non-committal.

I dont think there is anything wrong with the house. The survey report said no retainer - in fact, the covering letter from Abbey said I'd be receiving offer in a few days.

We are aiming for a May completion and are therefore in a hurry to get this done. Otherwise, we wont be able to take time off work until July to move.

Alan_M_2

I've just arranged a re mortgage for my parents with Abbey, we used a broker, but in almost all instances our contact was direct with Abbey and they really didn't want much to do with the broker.

It took one month from application until we actually had the money (last week), the offer took about two weeks.

I'd be putting a rocket up your brokers backside or advising him you'll be making arrangements elsewhere, after all, they make a reasonable sum of money from these transactions and it doesn't sound to me like you're recieving any form of customer service.

terrierlady

yes the broker can be the problem and yes abbey do deal direct with the broker however once you have the contact in the abbey ring them explain the problem and they will be helpful Im sure in the new homes industry we have nightmares with them they take for ever, self employment is the worst issue with them we have been waiting for over a month for vals to be done but perhaps they need another piece of information from you that even you dont know is outstanding so ring them and ask the question Is there anything else you need before we can have our offer and explain the amount of time you have been waiying, on this point if anyone is buying a new home remember, to get to exchange in 28 days one will need a company that has a quick turn around and also one which will accept a 5% deposit paid hence using the F.A. on site who should be totally independant. Lets hope your offer is quick .

back2square1

I have been reading this thread with great interest. I have just had mortgage agreed in principle with Abbey via a broker and I want to move no later than end of May.

I have submitted everything for the mortgage application now, but my boyfriend has got to wait 1 week to obtain his proof of income (he is self employed). Our mortgage broker said that as soon as he can submit that to Abbey then there should not be any delays.

As far as I was aware, I have been told Abbey do not carry out valuation (survey) until they have agreed mortgage offer (they do it differently to other lenders).

Please keep us updated on how it all goes. I hope Abbey dont take too long.

silvercar

So, what happens if we decided to apply for another mortgage and will accept whichever offer that comes first? Is this possible?

Each new application will generate a search on your credit record. Too many searches is a cause for concern.

eastlondongal

I was reading your thread with interest as I have just had my mortgage offer with Abbey (after going through a terrible time trying to get one from Halifax, but that's another story!).
I went to Abbey direct and they were absolutely fantastic. Did full mortgage application on 8/3 and we got the full mortgage offer within a week. Got a free survey and £250 towards legal fees too.

Apparently Abbey don't instruct a surveyor until everything else is approved. So if you had your survey done, i would have thought you should receive your mortgage offer any day now!

I think it's probably your broker who needs a kick up the backside!

all the best, hope you get your offer soon, i know the wait can be agonising...

Tiger_greeneyes

back2square1 wrote: »

As far as I was aware, I have been told Abbey do not carry out valuation (survey) until they have agreed mortgage offer (they do it differently to other lenders).

Abbey definitely don't work that way - they give you an Agreement In Principle before you can have the valuation done. You won't get a mortgage offer until they've seen the valuation and shown it to their underwriters etc - they need to make sure the property is reasonable security for lending on.

I used to run a survey office for Abbey, and I also worked in a branch. I've also had three of their mortgages so I pretty much know the drill

If you wanted to speed things along and you're very sure that your accounts will stand up, you could ask them to get the valuation done before giving them your boyfriends' information, but it would be at your own risk as they would still need to see the accounts before agreeing your mortgage in principle. I can't really say whether or not they'd do it that way around but it's worth asking if you're in a hurry.

Tiger_greeneyes

machofairy wrote: »

Thanks tiger. I did try to take matters into my own hands but when I rang the Abbey, they said I had to go through the broker. And he refused to give me a direct contact at the Abbey. reading elsewhere, I think this is normal practice if the mortgage is obtained via a broker.. ie. only the broker can contact the lender.

And yes, it is a great product, available exclusively to this firm of brokers only. However, does not seem such a good product now as I do not know where I am with them.. and broker is also hard to get hold of and always non-committal.

I dont think there is anything wrong with the house. The survey report said no retainer - in fact, the covering letter from Abbey said I'd be receiving offer in a few days.

We are aiming for a May completion and are therefore in a hurry to get this done. Otherwise, we wont be able to take time off work until July to move.

That's not very good is it

I think you are well within your rights to try again. This time don't take the same answer, be firm and tell them you need to speak with the mortgage centre manager.

Is your financial adviser a one man band? If not, I'd also follow Alan's suggestion of putting a rocket up their backsides! I'd try to pay them a visit - your FA's boss might not be too happy about their customer service

I'd also recommend telling them you're thinking about transferring brokers. They definitely won't like that thought - it'll mean they lose out on their commission!

back2square1

Thanks Tiger sorry I must have been confused with all the information I have been getting told by mortgage broker and the questions that I have been asking etc.

Sorry if my comments have mislead anyone, I did not do this intentionally.