Principality Building Society

melj16

Just wondering if any has had any experiences with this lender.

I am currently in the process of a mortgage application with them.

Did full application on saturday, they requested my documents this morning, have posted them all today for delivery tomorrow.

Broker suggests a 5 working day turn around to process them and then instruct valuation.

so far so good.

I've been planning and preparing for a house purchase for months now, so am very anxious about the whole process.

Just wondering if anyone else has dealt with this company and hoq quick they were etc. Hopefully everything will continue to go as smooth as possible

ACG

Theyre fine, my mortgage is with them and ive never had any issues. I have just had an offer on a mortgage today for one of my clients, that took a little bit longer but we were not in a rush so just took my time with everything.

Theyre quite handy if you need to get hold of them too, i get the impression everyone is in the same office, no 5 hour waits and press 1 for this and 2 for that etc.

mrsmchapman

We have just got our mortgage via them and so far no major problems, we are due to complete on Friday. One small issue we had was that our survey took 3 weeks due to be extremely busy.

melj16

thanks for the replies.

So far so good, they seem pretty efficient, both principality and the broker London and Country.

Timeline so far:

Sat 13th July: Application submitted

Tuesday 16th: documents requested (and i sent them all off that day)

Wednesday 17th: documents received by L&C

Thursday 18th: documents sent to Principality

Monday 22nd: documents all processed and valuation instructed



Now the hard part......the property in questions is at auction on wednesday. I just have to win the auction now....eeek!!

ACG

Have you got good solicitors onboard?
Getting all of the legal work done in 3-4 weeks isnt the norm... most look for 5-6.

Dont scrimp on solicitors if your hoping to complete in 4 weeks.

melj16

I am using a local solicitor. paying £550 (searches are already done)

Do you think I should make sure they will get all the legalities done asap in order for me to complete on time. They are aware it is an auction, so I assumed they would realise the completion time.

I was tempted to use the solicitors that L&C recommended, but they were a couple of hundred quid more..... hmmm

ACG

£550 isnt cheap, so theyre charging a decent fee which means they should be giving you decent service.

If the searches are done, you should be fine. They tend to be the longest bit. Might be worth speaking to the solicitors just to make sure they can complete on time but i cant see there being any problems.

melj16

ok thanks for the reassurance. I will definately get onto the them tomorrow just to make sure.

I know this is a long shot, but have you had much experience with Auctions/guide price and selling price.

What significance does the guide price have to the selling price, or does it not have any at all?

I know i'm trying to hardest to believe that I can win the auction but noone can really predict what will actually happen on the day I suppose. Never in my life been as nervous as I am for this damn auction! ha

ACG

Be realistic...
Is the guide price £50k below the actual price on the rest of the street? If so is there a reason for it? If not, then chances are its going to go above the guide.

melj16

the guide price if £45k ( i know its going to go for way more than that) there are no properties on that street or surrounding streets that have sold in a long while. My sister bought a similar house on the other side of the estate in October last year at £67.......I'm hoping around that figure too.

Thrugelmir

melj16 wrote: »

Do you think I should make sure they will get all the legalities done asap in order for me to complete on time. They are aware it is an auction, so I assumed they would realise the completion time.

Worth getting them to read through the legal pack.

Once you've put the deposit down then you're committed.