Leeds building society waiting for mortgage offer

Ftbuyer

Hi there,

I just wondered if anyone else is experiencing delays with their mortgage application at Leeds?

We are first time buyers and not sure how long it normally takes.

We applied for the mortgage four weeks ago and the valuation (which was fine) came back two and a half weeks ago. Leeds have got in touch various times to say they need more documents, which we have provided immediately. Last Friday they came back wanting proof of the deposit which we sent first thing Monday but it is now Saturday and we haven't heard anything from them all week.

I can't see any reason why we would be refused - we have a 20% deposit, good credit ratings and pass their affordability criteria. Just getting a bit worried now as everything else on the purchase has been done and we are just waiting for the mortgage. We have already spent a lot of money on surveys/solicitor's fees so getting refused a mortgage would be a nightmare!

Am I worrying too much or is it unusual for them to take this long?

Thanks

Senior_Paper_Monitor

Leeds processing is slow and pedantic at best - each new document takes you to bottom of the pile - current service standards:

Post (includes emai/fax docs) - Starts within 5 working days, not including the day of receipt.

.... and they continually request additional docs one at a time rather than as a batch.

shonzyd

is there any reason why you chose leeds given all he info you have said? are you doing this through a broker?

black_jeans

I used Leeds to get my first time buyers mortgage and have written a post on here before saying how slow and frustrating they were.

It took eight weeks to get my mortgage approved, even though, like you, I had a 20% deposit and good credit rating etc.

In the end, I had to get angry, demand to speak to managers and go into a branch shouting to finally get it pushed through otherwise I would have lost the house I was buying.

As Senior Paper Monitor said, they ask for documents one at a time and then take over a week to process that, before asking for another. With me, I found them asking for documents I'd already sent them.

I suggest you start kicking up a fuss now to avoid any further delays.

Ftbuyer

We went through an IFA and Leeds offered the best rate. The broker didn't mention anything about them being so slow!

Glad to hear its not just us though. I just wish they would look at the file properly and tell us what documents are missing, rather than ask for new things every other day that then don't get looked at for days.

We haven't heard anything for a week now but hope to get the offer in the next week or so. Surely it wont take more than 6 weeks? I'm hoping that they'll have done all the credit checks etc at the beginning so as long as they have the right docs we should get the offer ok? The estate agent called this morning to see if we had an offer yet so I guess our vendors are getting impatient too.

barmybeetroot

We applied for a LBS mortgage at the beginning of the year. Our experience is that they have been really slow processing our application, and very picky about the information they require. The most recent correspondance we had from them said that the valuation has come back £1000 short, down to £180k, from 181k subject to the following documents being produced:

- An Electrical Report carried out by a company approved by NICEIC or NAPIT

- A Cavity Wall Tie report required from a Suitable Contractor


On production of the above, (providing they are satisfied with information enclosed within the report) they will reconsider increasing the valuation as required!!!

This is a real blow as our mortgage advisor says she has never come across this before. To me it seems like a whole load of hassle over a £1000 which may cause our sale to fall through, especially if the reports say that work needs doing, which no doubt the electric will not be up to date with current regs

Ftbuyer

That sounds like a nightmare!

We're still waiting. We sent them the last documents they require on Monday 18th - apparently they are behind on their normal timescales and won't be able to look at our case until today - 6 working days later. I just hope they won't come back asking for more documents, and then not look at them for another 6 days! It has now been a good 4 weeks since we first applied and we're running out of patience!

Hopefully we'll hear something later today.

koexelek

Ftbuyer wrote: »

We went through an IFA and Leeds offered the best rate. The broker didn't mention anything about them being so slow!

Leeds and Coventry are both offering an utterly abysmal service at the moment ( due to not being able to cope with the demand for their excellent rates).
As a broker, I always take lender service standards into account as much as rates, when I am making a recommendation, but some clients will still want to try for the best rate.
At least , when they then subsequently face endless delays, I can't say I didn't warn them

kingstreet

The problem is, we can't guarantee the service will be any better from number two, or number three, on the sourcing list, so going for the best product is usually the most sensible option.

Brokers may have an insight that a particular lender may be able to process an application quicker, but in my experience the borrower will always put the rate and the corresponding monthly payments ahead of speed.

Not many will vote for an additional £20 a month for the possibility of an offer a week or two faster...

Ftbuyer

They have just come back asking for more documents....no surprises there! Just hope it won't take another 6 days for them to look at them.

koexelek

kingstreet wrote: »

Not many will vote for an additional £20 a month for the possibility of an offer a week or two faster...

Correct, but when they are facing the possibility of losing the property, they often wish they had agreed to pay that extra £20:o

I try to be as honest as I can with clients, explaining that I will get paid the same commission whether I recommend lender A, or the £20pm cheaper lender B.... but if it was me personally, I'd go with lender A every time, as chances are, lender B would let me down