usual wait for mortgage appointment?

spidereyes

Ive just had an offer accepted on a property two days ago and im keen to get the ball rolling with my mortgage application as the vendor isnt in any chain and is looking for a quick sale.

Anyway, I had been planing on using Natwest for the mortgage (part as I already bank with them and they gave us an agreement in principle and part as there arnt too many other high street lenders who will lend to us the amount we want due to circumstances)

Ive been into branch today to book an appointment and spent 45 mins going through the same info I went through when I did the agreement in principle, they said I need to come back to do the full mortgage application with the mortgage advisor, but they said hes not avaliable until after the 6th may.
Annoyingly im away then until the 8th so Ive got the appointment booked in for the 9th may but this just seems like a really long time before getting everything started.

My other option was Leeds building society, however their rates are not as good and I have spoken with a broker previously for some advice who has advised me to avoid leeds as he says they are too slow at processing information, so I dont think that this is really the best option.

Is it really common to have to wait this long for an appointment in branch?
Im just incredibly anxious that the vendor is going to think that Im not serious about buying the property and part of the reason our offer was accepted was that we are in no chain and could proceed fairly swiftly.
I was planning on calling the estate agents tomorrow to discuss a few things so I guess they may ask about the mortgage position, if it is fairly common to have to wait this long then at least that puts my mind at ease slightly.

Thanks in advance.

stephenni1971

Waiting times at banks and building societies are going to be a problem for a while due to new processes coming in.

Why not use a broker?

I've had two new clients this week who weren't prepared to wait for their bank so as far as I'm concerned they can take as long as they like :-)

spidereyes

stephenni1971 wrote: »

Waiting times at banks and building societies are going to be a problem for a while due to new processes coming in.

Why not use a broker?

I've had two new clients this week who weren't prepared to wait for their bank so as far as I'm concerned they can take as long as they like :-)

I was more than happy to use a broker however the broker I approached at L&C told me that as I was going to be away then he wouldnt progress anything until I was back, as he said if they ask for further info whilst Im away and I cant provide it then my application would be cancelled and I'd be liable to pay fees. Feel like im stuck between a rock and a hard place at the moment.

stephenni1971

That's very poor form...

Dave_Ham

That is a lazy response from L&C, by someone not motivated.


Personally in the current climate and with a limited chain, the Estate Agent is going to be all over you like a rash on these timelines.


Speak to a sensible broker and lay out your position and sure there will be quicker options.


Unless your circumstances are very specific, I would be surprised if Natwest is the only viable option.

spidereyes

Dave_Ham wrote: »

That is a lazy response from L&C, by someone not motivated.


Personally in the current climate and with a limited chain, the Estate Agent is going to be all over you like a rash on these timelines.


Speak to a sensible broker and lay out your position and sure there will be quicker options.


Unless your circumstances are very specific, I would be surprised if Natwest is the only viable option.

Our position is certainly not uncommon - my partner is self employed with only two year accounts and the first year profit was low with a dramatic increase for year 2. Most of the high street lenders ive approached previously want 3 years whereas natwest and leeds have both said they would happy lend the amount we wanted as long as the accountats are certified by an accounant which we've had done.

A few others such as nationwide and a few local building socities have said they would accept 2 years accounts but the max amount they are prepared to lend is nowhere near what we wanted to borrow. I suppose that this is probably the way that they calulate my partners income.
Natwest have said that as far as they are concerned affordability isnt an issue for the amount we want to borrow, infact they are prepared to lend more than what we need.

I suppose I stupidly assumed that as I bank with Natwest I would be able to get everything through quickly.

Gordon_Hose

We had to wait 3 weeks back in November for an appointment to see NatWest's mortgage advisor to go through a full application. We bank with NatWest as well!

amnblog

spidereyes wrote: »

I was more than happy to use a broker however the broker I approached at L&C told me that as I was going to be away then he wouldnt progress anything until I was back, as he said if they ask for further info whilst Im away and I cant provide it then my application would be cancelled and I'd be liable to pay fees. Feel like im stuck between a rock and a hard place at the moment.

I agree, lazy work from L&C.

We regularly get on with work in the background whilst our clients are away working or on holiday.

In 2014 you should be able to communicate with your clients wherever they are.

betmunch

I just had a mortgage offered that started 3 weeks ago just as the client was going on holiday for 2 weeks.

I asked for his documents and told him to enjoy his holiday and everything would be done when he got back.

If Nationwide hadnt fallen apart on the 14th it would have been done in time for him to return to, as it stands I am pretty happy with 3 weeks app to offer.

That is what your L&C guy should have done for you. I would expect hes happy taking his salary, while the bulk of us dont get paid unless we do some work.

On a side note, hes totally right about Leeds, they were awful and clueless before MMR, I dread to think what they are like now!!!

spidereyes

betmunch wrote: »

I just had a mortgage offered that started 3 weeks ago just as the client was going on holiday for 2 weeks.

I asked for his documents and told him to enjoy his holiday and everything would be done when he got back.

If Nationwide hadnt fallen apart on the 14th it would have been done in time for him to return to, as it stands I am pretty happy with 3 weeks app to offer.

That is what your L&C guy should have done for you. I would expect hes happy taking his salary, while the bulk of us dont get paid unless we do some work.

On a side note, hes totally right about Leeds, they were awful and clueless before MMR, I dread to think what they are like now!!!

Is it worth me getting back in touch with the L&C and telling him to put in an application now regardless? Am I able to just say find me the best deal with Natwest for example?

Providing documentation isnt an issue we have everything in place and could email it over today, just dont know if thats how it works

amnblog

It is worth you finding a sensible broker - not having to tell one how to do his job.

We would not have a problem getting an applicants case moving without them being around.