Ulster Bank mortgages _extremely_ slow

[Deleted User]

Hi all,

Currently applying for a mortgage via ulster bank. They are dragging their feet at every opportunity.

First it was a 2 week backlog. Fair enough I thought, just wait.

Then, it took them a week and half to key our application onto the system.

Now it's with the underwriters. I was promised an update on Friday and now here we are at close of business on Monday and still no update.

Am I being too impatient? It just seems like days and weeks are ticking by and nothing is happening. A week here, a week there. There's only 4 days remaining in this working week and I was hoping for the bank's valuation survey to be at least arranged this week.

Anyone else finding this with Ulster Bank?

I'm absolutely crapping bricks here - if they decline our application we are back to square one and have to ask the seller of the house to wait more. He's already waited a very long time (coming up on 2 months now). I'm getting really nervous about the whole thing and I'm sure he is too...

Help

amnblog

are you applying direct or through a broker?

[Deleted User]

Through a broker. They have been chasing the bank daily for the past week.

amnblog

and how often have you been chasing them?

[Deleted User]

I have been chasing the broker daily to chase the bank. I get the feeling the bank doesn't want to talk to me directly as I am using a broker. Could be wrong.

Would it annoy the bank for me to also chase them?

amnblog

It would annoy everyone.

Tips

1. As the broker why things are so slow and what is being done
2. Ask them to chase daily and update you twice daily - even if nothing has moved
3. Ask the broker if your interests may be better served by switching to another lender
4. Make sure the vendor is kept up to date.

Thrugelmir

Like all lenders there's a constraint on the amount of funding available. Ulster Bank are a subsidiary of RBS. The scaling back of RBS's operations as a whole is well documented. So delays in processing are the inevitable outcome.

avenida

Hi

Just wondering did you eventually get your mortgage with ulster bank and how long did it take?

Our buyers are going to apply for their mortgage with ulster bank and our agent has told us they are really slow.

[Deleted User]

Hi avenida,

Our timeline from start to finish is below. I've bolded the relevant lines for contact with the Ulster Bank. What isn't included are the multiple !!!!-ups by Ulster bank and my financial advisor so documents were rejected by the bank multiple times and had to be resent. Most of that was down to an incompetent financial advisor. Then when the mortgage offer was made, the bank offered us the wrong package (2 year fixed, not 5 year fixed as we wanted), so it had to go back to them to re-issue the offer.

So glad that's all over and we are in the house now

Hope this is helpful

First Viewing: 19/04
Second Viewing: 20/04
Offer submitted: 20/04
Offer agreed/sale agreed: 22/04
Coownership application submitted: 24/04
Coownership application paid(£250):29/04
Coownership survey arranged on: 01/05
Mortgage agreed (in principal): 02/05
Coownership survey completed: 03/05
Coownership interview: 08/05
Coownership agreed: 09/05 (text), 15/05/13 (letter received)
Mortgage application submitted: 16/05
Bank underwriter stage: 14/06
Retaining wall structural survey: 18/06
Bank surveyor visit: 21/06
Mortgage offer (initial) received: 26/06 - 2 year fixed not 5 year as requested
Mortgage offer (adjusted) received:02/07
Contract signed, deposit+fees paid:05/07
Co-ownership signed: 09/07
Seller signed: 14/08
Move in date: 16/08

avenida

sirgib wrote: »

Hi avenida,

Our timeline from start to finish is below. I've bolded the relevant lines for contact with the Ulster Bank. What isn't included are the multiple !!!!-ups by Ulster bank and my financial advisor so documents were rejected by the bank multiple times and had to be resent. Most of that was down to an incompetent financial advisor. Then when the mortgage offer was made, the bank offered us the wrong package (2 year fixed, not 5 year fixed as we wanted), so it had to go back to them to re-issue the offer.

So glad that's all over and we are in the house now

Hope this is helpful

First Viewing: 19/04
Second Viewing: 20/04
Offer submitted: 20/04
Offer agreed/sale agreed: 22/04
Coownership application submitted: 24/04
Coownership application paid(£250):29/04
Coownership survey arranged on: 01/05
Mortgage agreed (in principal): 02/05
Coownership survey completed: 03/05
Coownership interview: 08/05
Coownership agreed: 09/05 (text), 15/05/13 (letter received)
Mortgage application submitted: 16/05
Bank underwriter stage: 14/06
Retaining wall structural survey: 18/06
Bank surveyor visit: 21/06
Mortgage offer (initial) received: 26/06 - 2 year fixed not 5 year as requested
Mortgage offer (adjusted) received:02/07
Contract signed, deposit+fees paid:05/07
Co-ownership signed: 09/07
Seller signed: 14/08
Move in date: 16/08

Thanks that's helpful and worrying. We are now at the stage where are buyers should be getting their co-ownership letter any day now (or so I'm told) so basically it took 6 weeks for your mortgage application to be processed although I see they offered you the wrong deal.

We are looking at a repossession but that will probably be long gone by the time we are waiting on Ulster Bank.

Thanks again, such a stressful time.

Hope you are really happy in your new home.

[Deleted User]

Definately a stressful time. Good luck, and I hope you get the home you want!