Teachers' Building Society?

Teabag5310

My husband and I are currently waiting on a mortgage decision from TBS for 90% of the value of a new build. We're putting in 5% & so are the builders. Does anyone have any knowledge or experience of the company? We're going for a 2 year discounted rate at 0.5% below their SVR which is currently 4.99%.

It seems they're a little old fashioned but as this is my first mortgage (hubby's second) maybe it's just me making assumptions. It's actually quite a nice surprise to ring them up & get the same person more than once & no automated systems to get through first!

Is it unusual not to get a decision in principle before making a full application? We just had to send all our paperwork (through an IFA who said we meet their eligibility criteria) and are just waiting for a yes or no. They called us & asked for the application fee once they received everything & now, about a week later, they have called again for the arrangement fee & valuation fees, is this a good sign?!

They have told the IFA they are now asking for employer references which I'm sure they wouldn't waste time on if they were only going to turn us down! And being public sector workers on national pay scales I don't expect they're looking for anything other than a confirmation of contract. Might they ask an employer for pension details? The term we applied for is longer than my husband will be working but his pension payout will cover what's left.

Our main concern with being accepted was outstanding unsecured debt (NRAM & not so proud...) & I'm telling myself they'll have looked at that sort of thing by now & to stop stressing!

It feels like it's taking forever, it would be good to have a timeline of what they check in what order so we'd know how close we were to an answer! Our buyer is an investor & good to go & our builder is obviously wanting us to move quickly, feel like it's us holding everything up!

Dave_the_Ginger_Cat

Most people say that the process from the outside looking in feels slow and that are not familiar with the steps. After all, you might do it once very 10 years but a lender will look at many cases a day.

If your broker has done a good job on the calculations, and you've given good accurate info on your earnings and debts, there should be no problem. I would ask the broker to keep on top of it, and make sure you have the right contact details for the references your lender will take. Large firms often have specific people to do this and will issue fax numbers or email addresses for this purpose

kingstreet

Smaller building societies tend to get on with it in the background and have few updates and case tracking facilities for your broker to use. If nothing appears to be a problem, there probably is no problem.

Respond to any requests for information/documentation promptly and trust your broker to represent your interests with the lender.

At 90% on a newbuild, there are very few options open to you, so relax and hope for a positive outcome.

Thrugelmir

Teabag5310 wrote: »

It feels like it's taking forever, it would be good to have a timeline of what they check in what order so we'd know how close we were to an answer!

Before making a mortgage offer. All the boxes will need to be ticked positively. So little point in worrying unnecessarily.

Teabag5310

Thanks for the reassurance guys! No news is good news after all...touch wood!

Former_MSE_Andrea

Hi there

Teachers building society has asked us to respond on its behalf. MSE doesn't endorse anything a company says on the forum.

I work at Teachers Building Society and just want to convey that we are delighted that you have applied for a mortgage with us and sorry if your mortgage application seems to be taking a long time.

Our approach is one that harks back to traditional banking whereby each applicant is assessed on a case-by-case basis (rather than through a less flexible computer system) and where the provision of personal service is key to helping you through the process.

You IFA will have been given the decision that we are happy to proceed with your application on the basis of the information provided, subject to our normal underwriting. At this stage, it is normal for the full application process to begin. Provided all the relevant information has been disclosed and everything goes smoothly, we would normally expect a formal mortgage offer to be made within 10 working days. If there are any problems we will let your IFA know within that time.

After that, the length of time to complete your home purchase is largely dependent on the work done by the seller and solicitors.

Your IFA should be keeping you informed on progress and we’ll keep your IFA informed about the mortgage offer.

I hope everything goes well for you and thanks again for choosing Teachers Building Society as your mortgage provider.

Teabag5310

Thank you for your response. I'm looking forward to hearing something soon. Our valuation was due on Friday so I'm hoping to hear this week. 10 days would have been lovely but I don't suppose our house is going anywhere in the meantime!

kingstreet

I've just done a case with the Dudley BS. I applied on 20/4/13 and this probably reached the DBS on 23/4/13. The documentation was submitted with the application and anything unacceptable was replaced in the week afterwards.

The valuation was done last week and the offer issued on 16 May.

Twenty-three days is nothing, but with no ability to check progress online, it seems to drag on interminably.

Smaller building societies may be the tortoises of the lending world, but they do leave some of their longer-legged brethren standing...

Teabag5310

We got our offer!! :j

It took 28 days but I can't fault the service we've received so far. We're very much appreciating having people at the end of phones who know who you are when you call.

Hubby's work threw in a nice £58 charge for a reference...

Now to get the solicitor to get round to ringing us back!