Abbey - Mortgage/Slow Problems

AJS33

I really don't know what to do now, i have emailed the finanacial advisor and he said he will re look at other lenders, but then that means we have to start the process again..

The people we are buying the house off want the deal done by end of June.... Why is this such a nightmare and why can't we escalate as it is taking so long, with the potential after nearly 5 weeks the could say no.

If they were going to say no why couldn't they have said it straight away???

Dave_Ham

This is unacceptable and Abbey/Santander either seem to be very quick, or very slow depending upon the case.

I would suggest the 2 mortgages are potentially one of the stumbling blocks and issues holding your case up, rather than prioritising it.

Its hard to say more as are not privy to the full facts and case specifics, although I got a mortgage offer within 4 working days last week from another lender; Not at Santander rates mind you.

They are market share hungry at the moment and hence their exclusive rates they have pumped out, although they are maintaining their selective approach to cases.

This should be sorted by now though..

Good luck

AJS33

They are very concerned with the property that is being sold for some reason as they wern't that concerned 2 weeks ago.

They asked for us to get a letter from the solicitor from the house my partner is selling to say that the sale would be completed by the time we purchased the house we want.

What a joken, no solicitor is going to write that. They have now asked for proof of the deposits we are putting down... Again why was this not asked for 3 weeks ago, why now?

They say that moving house is one of the most stressful things, the moving is not the problem its the bloomin mortgage company that are causing me the stress. I don't think i have every felt so out of control, emotional, angry and generally would like to smack someone or something very hard. I am normally the most laid back calm person ever... If i could find out the name of the underwriter who is causing me this pain i would like to shake her very hard... aaaggghhh

dawn_uk

I put up a similar post this morning so understand your frustration! We were initially going to go with the Yorkshire Building Society but on reading their dreadful reviews, we thought we'd try Santander (who I've also now found have dreadful reviews!). Got our AIP yesterday over the phone but have to wait a week for a telephone application appointment (got to upload documents in the mean time), then will be between 1 day and 4 weeks for a decision. What the hell?! When we've taken out previous mortgages there has never been any waiting about like this. Like you say, if it's going to be a 'no', we don't want to wait for weeks only to be back at square one and annoying all the people in our chain in the process!

Thrugelmir

dawn_uk wrote: »

When we've taken out previous mortgages there has never been any waiting about like this.

Different era. The credit boom is over. Learn to live with it. There are no longer the lenders throwing money out like confetti. So priority will go to those who save (or are existing customers in some form) with a lender. Not to those who just turn up on the door step.

AJS33

Sadly that is incorrect


My partner and i have saved and have a 20% deposit.

He has two mortgages already with Santander

I have a bank account with and have had since i started work over 20 years ago

We got NO priority, they were so slow, they might as well stopped and as for question after question, i might as well as given the underwriter a kidney.

I understand that there are issues with lending, but hey i wasn't the numpty who was trying to lend people 5 x there salary, the banks and building society did that, so what should we pay for their mistakes..

Our mortgage offer was being released last night so hopefully it is all plain sailing now.

Thrugelmir

AJS33 wrote: »

I understand that there are issues with lending, but hey i wasn't the numpty who was trying to lend people 5 x there salary, the banks and building society did that, so what should we pay for their mistakes..

Lending is only one side of the coin. The other is deposits to fund the lending. Without massive state intervention there would be a black hole at the moment. So waiting lists may be the norm again in a decades time.

_Andy_

"We got NO priority"

Why should you?

javorb

santander are a joke ,we tried to get a further advance from them ,after 4 weeks they said they would not do our application ,no reason given ,2 years ago we had 6 defaults on our credit file ,and manage to get a mortgage with 2 further advances ,now i am clear but my wife has one left ,we have over £130000 in equity
,affordability is not a problem,they are concentrating with ftb,if you need more money or rate is coming to an end they are not interested

AJS33

I didn't ask for a priority, if you read the posts, some else said current customers take priority, i answered by saying i didn't i have more than enough stuff with them!!!