Acceptance chances for Chelsea/Yorkshire Building Society

SG27

james_09 wrote: »

I have just switched my mortgage to YBS. It took over 3 months to get approved and was an absolute nightmare. The so called "mortgage advisers" you deal with at their branches are useless, they can't make any decisions without running past head office which usually takes days to get an answer. I would often call in office hours to get the answer phone or someone who could not help be but promised to call back and never did.

The main issue for me (although there were various other problems) was I had just recently bought a small percentage (5%) of the firm I have been working at for the last 10 years. Their system immediately classed me as self employed and refused to count any income prior to me buying in. This is despite my salary remaining the same, plus additional income in the form of dividends.

No matter what I sent them (including various letters from my firm stating I had worked there continuously for 10 years and that my salary was still fixed) it made no difference. They classed me as newly self employed having only worked for 3 months!

In the end they would only count £6k of my total income towards the mortgage. Luckily my wife's employed income was high enough to borrow the rest.

I think it's probably fine if your circumstances are very straight forward.

The online central processing team are much better. Had my offer within a week. Although they do seem to want know every detail for example both me and my partner had to explain all transactions over £200 in or out of our accounts for the last month. And there was lots of them as we were getting deposit sorted from various savings accounts!

FreezingWarm

In My Opinion, YBS have been great so far.

I applied online before Christmas, so inevitably expected a delay. This is quite a theme with YBS, and in honesty, I did have to phone and chase on multiple occasions. I can only assume that this was due to the Xmas period, and probably the large number of applications due to the attractive rates they offer.

As someone mentioned earlier, it seems (if you have a straightforward application) the online process is quickest, and the Central Processing Team are quite efficient.

I received my offer c.10-12 days after survey, and now awaiting exchange/completion.. Fingers Crossed...

Good Luck!

McBozo

useless the lot of them.

amnblog

Jammy jam, remember the saying about omelettes and eggs?

No credit score no lending.

You could obtain your Experian reports first and ensure they are 100% 'green dots'

warmsnow

Hello I have an offset mortgage with YBS and I wanted to share my experience with the board. So you know which way I'm heading, I would definitely recommend them

First the negatives. During one of my chats with the mortgage department, I think to their open ended question about credit history I said something vague like, "oh I think my wife's ex boyfriend may have forgotten to pay the council tax ages ago". My wife had said it might turn up on her credit history so I divulged. A few days later they declined our application! We ordered my wife's credit reports and of course there was none of this nonsense on there. I explained this to ybs and they reviewed the application and subsequently approved us

They really want you to have no hair on you. But the products are great and the staff are helpful, so out of the three, stringent lending criteria seems to be the most acceptable to be tough on

As someone earlier has said, don't waste your time with the branch mortgage adviser, just call up the mortgage department and have time to spare

If you do build up cash, an offset can make a huge difference and very few banks offer them anymore

We have a five year fix with offset savings. One negative with the offset savings is I've been trying to move some money to my nationwide current account in order to pay for our extension. Payments are slower than other providers. They batch process three times a day around 10-11am, 1-2pm and 8pm. Usually no matter when I make the payment on day 1, it seems to take till 4pm the next day for the money to arrive. The only difference I see is the smaller the payment the earlier it arrives. This is in contrast to faster payments instant capabilities

Good luck everyone

Slayerx

Warm snow I believe that faster payments are now more frequent or will be very soon.

I work for the YBS and recently completed on a 95% mortgage but the application was treated in the same way a customers would be.

I found the process to be pretty good, they did ask a few odd questions at underwritting but other than that and having to do some chasing they were pretty good.

As a FTB I can't compare to other lenders and I work for them so people might feel I have a bias.

toddler9

I posted a thread on here some 3 years back. We applied for a FTB mortgage at 90% LTV with YBS - approx £80k loan vs £50k combined annual income.
The initial meeting was 3 hours long in the branch with their "mortgage advisor" going through seemingly every piece of paperwork we'd ever owned. Everything was fine.
Then on final application and another 2 hours in the branch we got a computer says no answer. The MA couldn't give his any more info and we were turfed out onto the street in shock!

Initially after my complaint to the CEO I was told that they don't lend to people with overdrafts- authorised & interest free or not. I didn't accept this. After further investigation turns out the in branch "mortgage advisor" had completely screwed up our info on the system for the full application. I then sent them an invoice for our time wasted during the tedious application appointments and for the credit reports we were told to buy and check after the decline. I got a cheque within the week.

Natwest accepted after 1 hour on the phone...