Woolwich process

goaroundnow

Hi

Following on from my previous thread... (Struggling for remortgage)

An application was submitted to Woolwich which was accepted at DIP stage.

I understand Woolwich are using a new system whereby their DIP decision should stay the same assuming information provided is accurate and can be proved.

My broker tells me that my application has not been "assessed" yet as Woolwich are currently taking 5-6 days to look at accepted DIPs.

Despite this, however, I have had contact from their conveyancer and also have the survey booked in from their surveyor.

Is this not unusual as my income etc has not yet been validated? Are Woolwich that confident in their new system?

Cheers

Moomum

We have just remortgaged with woolwich, the valuation was done and conveyancing firms filled out and returned before they received payslips and bank statements to validate income etc.

goaroundnow

Thanks

It seems like an odd way to go about things.

When did you remortgage?

kingstreet

If they are paying for the valuation, they may feel it's better to get on with it and risk their money.

Some lenders do that.

Moomum

It was just in the last few weeks. Yes Kingstreet they do pay for the valuation.

Let_Us_See

Woolwich published the following in February in response to their updated DIP system.

"100% accurate and the decision won’t change? Yes. Providing there are no significant changes to the application or that all client information entered is accurate. All supporting documentation submitted for processing needs to match what has been entered into MAX. If these principles are followed then you can have confidence and peace of mind that the decision provided
is accurate and will not change."

Should make it easier for all concerned but only time will tell????

goaroundnow

Thanks all