Delays with Clydesdale Mortgage Application?

NCL19_2

I'm new so please bear with me if I waffle on....

My partner and I are in the process of buying a new build house, so far we are nearly 4 weeks in and it’s been stressful.:( Before instructing our mortgage broker (we are both contractors so needed some guidance) we discussed the tight deadline we would have to work to and the exchange of contract dates etc with our builder and we were sold the dream that they could meet these deadlines. However since then I have lost faith in them, our mortgage application was (apparently) submitted to Clydesdale Bank 2 weeks ago, I have since been chasing for updates and keep being told the same thing every day, which is “Clydesdale are very busy with applications at the moment and inundated, they are instructing a valuation today”, this has been repeated since last Thursday so it’s getting a little tiresome now to say the least. :mad:So far no valuation has been booked with our builder. I’m not sure if Clydesdale themselves are extremely busy and that nothing has been happening because of this, or if the mortgage application wasn’t submitted when I was told it was and this is the true reason for the delays.

What I’m trying to find out is, has anyone else recently submitted an application for a mortgage with Clydesdale Bank? If so, how long has it taken for your valuation survey to be booked and how long it took for actually receive the mortgage offer?

We were told we have to exchange contracts 28 days after reservation, which clearly isn’t happening now and we have to complete by the end of June....is this still possible?

Any advice would be grateful as I don't really know what to do to speed up the process....

have_faith

Our application was submitted on Thursday last week, and is still apparently in a waiting list. Recently dropped interest rates and the fact they are only ones doing 95% LTV have apparently made them inundated with applications. We also told them we needed to hurry with it and obviously they can't/won't speed things up.

Basically I sympathise with you. Only thing I can suggest is getting on the phone every day, but whether that will speed things up at all who knows. Seems a common complaint with them at the moment. Hope it happens soon for you!

NCL19_2

Thank you for your reply, at least I don't feel like the only one in this position at the moment.

Finally our valuation survey has been booked for today :j I've since been told due to the bank holiday (its only 1 day) that the actual report will be slightly delayed getting back to Clydesdale and from there it can still be another 1-2 weeks till we get to know if we have the mortgage or not. Its very frustrating that they can't do a AIP so we at least know if we have a slight chance or not. At the moment I can't do anything as everything is dependant on the mortgage offer coming through. And as we are expected to complete at the end of June (Builder demands) it leaves me with very little time to plan/organise...I've now had to serve notice on my flat so potentially I could fall flat on my face if the mortgage doesn't get accepted ...stressful times...right now though its out of my hands so I just have to try and switch off....yeah right.

Good luck with your application! Our was a 80% LTV...not that it seems to make any difference.

Dave_Ham

They are suffering at the minute with delays and they are certainly not the only lender.

Why on Earth would you give notice on your flat when you have not received a mortgage offer, let alone exchanged contracts??

In any case, all of this stress is driven by the developer. It is not unreasonable for a lender to take 2 weeks from valuation to mortgage offer and just because the developer/builder want their money; that is not a good enough reason to put you under this stress.

There are some lenders out there that cannot panel applications in specific post code areas and clients are waiting 2-3 weeks from instruction of valuation to the actual valuation date so your developer could get worst news than your delay.

Fingers crossed it all works out

NCL19_2

You are right that it is the dates set by the developer that is causing my stress, if we didn't have such strict deadlines I don't think I would be feeling half as stressed or worried.

Had to give notice on rental place as the rent is high (I live in London) and last thing I need to worry about is paying that as well as new mortgage payments in July if we do complete in June. If it goes the wrong way then I'll move back into my parents and continue to save save save....:eek:

Anyway its the weekend so I'm just going to sit back and let them get on with it....:beer:

kingstreet

Why Clydesdale Bank?

If it's 95% on a newbuild, is it NewBuy?

If so, why not use a NewBuy lender, such as Halifax, Nationwide etc?

ruth_b1

Hi all, I'm currently applying with the Clydesdale through a broker and it's been stress after stress.

Was supposed to get mortgage decision today after applying 7 weeks (entry date supposed to be next Thursday) and despite having my statements for the duration they've now decided to tell me they don't accept branch print offs of statements. The broker said this is a first for them, the Clydesdale has always accepted branch print offs before and is going to fight my case but if they say no I guess they say no. In the interim I've provided online statements which they'll get tomorrow and I've ordered paper statements from RBS in the meantime.

Has anyone had this issue with the Clydesdale or provided ranch statements and they've been accepted?

Thanks for the previous posts here, I hope you all are successful.

glosoli

NCL19 wrote: »

You are right that it is the dates set by the developer that is causing my stress, if we didn't have such strict deadlines I don't think I would be feeling half as stressed or worried.

Had to give notice on rental place as the rent is high (I live in London) and last thing I need to worry about is paying that as well as new mortgage payments in July if we do complete in June. If it goes the wrong way then I'll move back into my parents and continue to save save save....:eek:

Anyway its the weekend so I'm just going to sit back and let them get on with it....:beer:

Hi there

If you complete in June, your first mortgage payment will be in August with Clydesdale, not July. Generally speaking the more your broker is on the phone to Clydesdale intermediary department, the faster the case will be dealt with. If your broker doesn't bother chasing them up, the case basically goes on the back burner and more urgent cases take priority

ruth_b1

glosoli wrote: »

Hi there

If you complete in June, your first mortgage payment will be in August with Clydesdale, not July. Generally speaking the more your broker is on the phone to Clydesdale intermediary department, the faster the case will be dealt with. If your broker doesn't bother chasing them up, the case basically goes on the back burner and more urgent cases take priority

Hi glosoli - you seem to kniw a lot about the Clydesdale, do you work for them? If so can you give any insight into my issue above?

glosoli

ruth_b1 wrote: »

Hi glosoli - you seem to kniw a lot about the Clydesdale, do you work for them? If so can you give any insight into my issue above?

Certified copies of your client’s last 3 months’ bank statements for their main transactional account are required as evidence of the quality of the conduct of the account and to confirm that mortgage or rental payments are being made. We will accept online statements (a web address must be visible on the document starting with HTTP or HTTPS only if they include the applicant’s name, sort code and account number but cash machine statements are not acceptable. We will request additional documents if the bank statements provided do not show sufficient information for our assessment.

Job81

Clydesdale are a joke, i have had to literally kick and scram to get anywhere. They ad over a 3 week waiting list to even go through the over the phone application. I will never deal with them again after this, nationwide were te last company i used and my experience was a million times better!