Clydesdale mortgage process different from other lenders?

rosieposey1972

Hi, does anyone know how long Clydesdale are taking at the moment with regards to how long to issue an offer?

We approached them via our broker who specialises in contractor mortgages and they had a look my husbands credit file and went into his contract in detail and based on this information gave us an amount that they would be prepared to lend us ( and how much deposit they wanted which was 30 percent)

I know that apparently Clydesdale bank don't do aip's so i don't think that their discussion with our broker was an aip but they did give him that answer based on the info we had given him.

Anyway we sold a few weeks ago and got all if the paperwork in for our application just over a week ago. Our broker emailed us to say that Clydesdale were doing the valuation this coming week and we paid them for that (400 went out of our account).

Does anyone know how long after valuation how long it takes to issue an offer as I believe that Clydesdale do things a little differently and I would have hated to pay that 400 for the valuation for them to turn us down so it would be nice to know which order they do things in as it will give me an idea of his far into the process we are?

Anyone that has dealt with Clydesdale or knows how their mortgage application works I'd be really grateful to hear from?

ejmolly

Hi

I came on to search exactly the same thing! We also submitted an application to clydesadle last week via broker as my hubby is an IT contactor. The broker told us 4 weeks from submission to offer approx. I have no idea if this is true though.

Hopefully the fact that they are doing a valuation is a positive thing!! We are in a slightly different position in that as we are in Scotland and have a home report valuation already done in past few weeks we don't require another valuation and only have to pay £100 for a transcript.

I am a control friek and finding it rather difficult that this is out of our hands now! Best of luck. I would be interested in hearing if you get any more info this week!

sbmcb

Can I ask which broker you used? We are starting the search now-hubby is a contractor?

ejmolly

We are using contractor money. So far they seem to have been ok to deal with if a bit slow in getting in touch with at times.

ejmolly

Rosieposey1972 - have you had any reply from Clydesdale yet? We are now 2 weeks in and despite our broker telling us they would email us every 2 days to update we have heard nothing!

Gary123456790

Hi All,

I also have an application in with Clydesdale through contractor money.

Evidently once they receive the application they check it for anything major that would mean they cannot lend then move on to the valuation. Once they have the valuation back they consider the application in full and then issue the offer.

The property we are buying is in a neglected state and the valuer wanted a damp and timber report - I have just had this carried out and submitted it to Contractor money who have sent it on to Clydesdale. They will then send this on to the valuer for comments.

My timescale so far is
25 June Application Submitted
28 June Asked for more docs
01 July Valuation booked then cancelled as vendor was ill
08 July Valuation carried out
15 July Clydesdale review valuation and request damp and timber report
19 July Damp survey carried out
22 July Damp report received, sent to Contractor money / Clydesdale

Hopefully it wont be too long until we hear if we have the mortgage offer.

Gary.

ejmolly

Well into our third week now and hit a small problem. Clydesdale Are now saying they will not accept our home report valuation transcript despite meeting all the criteria ( done within 3 months, approved surveyor, 60% ltv)

The broker is going to try and argue this for us as no reason given why declined and meets all the criteria! Hope doesn't cause too much of a delay!

rosieposey1972

Ok we got our offer yesterday, the application was submitted on the 8th of July ( it did take us a good week to get all of the seemingly endless paperwork that they require before the 8th though) and our contractor broker phoned yesterday to telling they had the offer.

I think the valuation was done on the 17th so it's pretty good going considering its a contractor mortgage! Hopefully we will get to move in three weeks! Good luck to everyone else waiting to hear

Gary123456790

Hope you get somewhere with your valuation ejmolly.

We have had a delay in that e surv said they hadnt received the damp and timber report - Clydesdale send it on the 24th July but e surv didnt acknowledge receipt until 29th.

Anyhow the reply from e surv is back with Clydesdale and we should have a decision today or tomorrow...

Gary.

ejmolly

Congrats rosieposie, hope your move goes well!

We finally got valuation sorted. After a few days of trying to get a reason for not accepting the transcript and us refusing to pay for another valuation they told us they could only do for properties in Scotland! The house is 2 miles from where we currently live so most definitely is in Scotland. someone must have made an admin error somewhere.

So valuation now back and has gone to the underwriters. Eek! Not sure if all contractor applications go to underwriters? Hopefully should hear back within a few working days.

Hope you hear back soon too Gary.

Gary123456790

Hi all,

We haven't heard yet, Contractor Money have said it is over the expected timescale when we should have heard but Clydesdale havent issued the mortgage offer yet.

They may keep a retainer due to some damp/timber work required to the property but they are keeping us waiting and worrying that they wont issue the mortgage offer.

Hopefully monday!

Gary.