Are we being strung along by Accord mortgages?

Lionel_Thinkbag

Applying through London and.Country brokers.

First asked for:
6months bank statements (both of us proof of deposit)
Last 3 payslips for husband (proof of income)
My proof of income - im a housewife so all that was was CHB letter.

Then we were asked.for:

Details of husbands bonuses (written statement)

Explanation why I was on electoral roll at parents house until 2012 (been here at this address since 2009)

Marriage certificate

And Id for me -driving licence (presumably wanted these as I dont have my husbands surname)

In addition, because.we wanted to be thorough and save time (ha!)we also sent (unasked for):

3 p60 forms for husband (2010 -2012 dont have 2013)

Payslips dating back to april 2012. Admittedly there were some missing.

NOW:

Broker just got back and asked for last FIVE months payslips including one from nov or december, husband hasnt got novembers yet and will only get Decs in Jan.

So yeah. Im pretty peeved. I cant imagine what else theyre going to ask for, smear test results? Lol. We had our offer accepted on 3 dec. This is holding everything up. I dont want to get a survey done until theyve valued and agreed to lend otherwise we'll be wasting money.


As far as I know they've taken the application fee, so theyre quids in. feel like theyre messing us about and are then going to refuse. Why not ask for 5 months payslips up front and save all this faff?

Im tempted to ask the brokers to find another lender or just give up entirely.

Can someone offer any advice to stop me going mad?

Thrugelmir

Nothing unreasonable in their requests. Electoral roll registration is a very important issue these days. Differing addresses combined with the fact that use another surname. Would require further checks and confirmations to be undertaken. That's how financial fraud is committed so the lender has to be cautious.

Lionel_Thinkbag

I get that. What I dont get is why they didnt ask for 5months payslips to begin with?

jimbog

Maybe they have found a great deal with a lender who, in return, wants 5 months worth?

pcgtron

On a house purchase about 3 and a half years ago, my broker (estate agent one, I know, Ikknow) was putting through my application with santander. Now, I was self employed at the time and was asked for sa302 etc etc. I sent off everything I was asked for. Then, about 4 weeks in, I got a request for something else which I sent straight away, then another week went by and something else. The flat I was buying was put back on the market by the vendor as they were getting annoyed at how long it was taking. It got to the point that I ended up shouting and swearing at my broker down the phone, telling him to sort me out a mortgage within 3 days or he could shove it and I'd take my business elsewhere. Funnily enough, 3 days later I had a mortgage offer with natwest, and at a percentage point below my santander mortgage. Win win for me. Moral of the story, if you have a broker who hasn't placed your mortgage with the right lender, change your broker

Thrugelmir

Lionel_Thinkbag wrote: »

I get that. What I dont get is why they didnt ask for 5months payslips to begin with?

Without knowing what the payslips show that's difficult to comment on. Maybe that the underwriter is merely seeking further verification due to the other issues that have arisen.

Lionel_Thinkbag

jimbog wrote: »

Maybe they have found a great deal with a lender who, in return, wants 5 months worth?

Sorry,do you mean "they" as in the broker?

The deal is ok,but it was the lender who asked for 3mo payslips not the broker. All of the above was sent as part of the application.

The broker went through everything online first through accord and then we were provisionally approved. Before we sent anything physical.

Im concerned of getting into a situation like pcgtron described, as this could go on indefinitely. Why were they not upftont about everything required? (fair enough my surname and elec roll details were a curveball for them)

I wont be able to speak with the broker again until the 31st.

Lionel_Thinkbag

Thrugelmir wrote: »

Without knowing what the payslips show that's difficult to comment on. Maybe that the underwriter is merely seeking further verification due to the other issues that have arisen.

Fair point, but I just cant imagine what that could be, as the slips show his basic pay and his bonus which has been consistent for 4-5 years now, and they should be able to tell that from all the info they've already had.

This is going to be a fun christmas.:rotfl:

Kynthia

I've heard Accord often take weeks of faffing before confirming the mortgage which was why I paid a little more to go with Santander. It was a much smoother process and we had our valuation and offer 3.5 weeks after we started the application with them.

kingstreet

When I explain to clients Accord's SVR of 5.99% and how a change of circumstances could see you stuck on that when your initial offer ends, they tend to want to go for something slightly more expensive for greater flexibility later.

Nationwide, for example, SVR 3.99% and a lender committed to giving existing borrowers products at least as good as new borrowers.

Done nothing with Accord in the last two years.

-purple-

I had similar problems with Accord after being accepted for a mortgage. It started off with my bank statements. I bank online with NatWest and can print off full statements (that show my address, and everything else required), but these weren't acceptable to them. I then asked NatWest to send me statements in the post, which they did. Accord said that these weren't acceptable because it 'looked as though they had just been printed in branch'. I do think that they need to accept that a lot of people bank online and have opted out of receiving paper statements.

They then said that if I could get a utility bill showing my name and address, they would accept this. I'd already sold my house and was living with family whilst buying, so had no utilities in my name. Cue several processes, with me trying to find something they would accept, and Accord not accepting anything.

The final thing they said they'd accept was counter-stamped info from my bank to show when I'd changed to my current address. My bank told me that they're no longer allowed to counter-stamp and sign any documents.

Having been strung along for four weeks by Accord, I decided to cut my losses, pay a few quid extra each month and go with a well-known high street bank. They accepted me the same day, did their (free) valuation a few days later, and all has been agreed. I only wish I hadn't wasted time (and a valuation fee) with Accord. But I'm pleased I've changed lender as it worried me what the future would hold with Accord (I Googled them a lot whilst I was trying to get the info they wanted).

Obviously this is just my opinion and others' opinions may differ, but I definitely wouldn't go near them again.