YBS Mortgage Help

james_09

Sorry for the long post. Having a nightmare with Yorkshire Building Society and not really sure what to do. We put our house on the market early April and accepted an offer from a cash buyer within a few days.

I called YBS (our current lender) on their national line before the house went on the market to see what we could borrow and ran through affordability checks. I was given an estimated lending amount based on our income (no credit checks run). A telephone consultation was scheduled for 8th April with a mortgage adviser at a local branch to run through credit checks e.t.c to get an offer in principal.

The broker never called, so I telephoned the branch and the next available appointment is on 23rd April!

23rd April - briefly went through my income details again (worryingly half way through the call the broker asks me who my current mortgage is with!). The broker said there was not time to go through the whole application and I needed to arrange another 1.5 hour appointment, earliest was 30th April. Estimated borrowing based on exactly the same income dropped £20k.

30th April - went through the whole process again right up to the credit checks, but adviser said to hold credit checks until we had found a property as an offer in principle only lasts a month now (really?). Had payslips for my wife and realised my wife’s salary was actually slightly higher than I had advised. Estimated borrowing dropped a further £10k.

1st May - Found a property and offer accepted, no chain and no chain from our buyer either. Realise I have no offer in place and try to get hold of YBS. Earliest appointment was 16th May!
Kick up a fuss and get a short telephone consultation booked for 9th May (today at 3pm) with application still booked on 16th.

Today - Broker calls 3 hours early at 12pm and I miss the call, I phone back literally 2 minutes later to a receptionist with “all of our mortgage advisers are busy”. Explain that I have literally just missed a call, but insistent that I can’t speak to anyone. Arrange a brief call for tomorrow at 12pm.

I am not even at the point of a credit check or verifying my income (I’m a director/shareholder of an ltd so I already know I will be referred to an underwriter with loads of additional info requests).

Every time I speak to the building society I have to go over all the same info again and I don’t seem to be any further along the process than I was a month ago. I don’t actually need a full offer yet as land reg searches etc will take time, but I do need to know what I can borrow.

I’m tied in to £3,800 early repayment fees if I don’t stay with YBS. You cannot even call to speak to someone for 5 mins without booking an appointment 2 weeks in advance. I have the mortgage brokers e-mail address,but he ignores all my e-mails.

I’m starting to incur legal costs on both sale and purchase and have no idea what to do as we need to borrow close to the last (lower) estimate. Our buyer is getting impatient.

If lending amount drops again I need to know sooner rather than later so we can pull out before incurring further costs.

Anyone else having fun with YBS??

amnblog

The use of the word 'broker' perhaps gives the wrong impression.

It is the bank and the bank's 'adviser' you are having trouble with. A broker would not deal with YBS as they distribute only to the end user not through brokers.

You are discovering that it is about getting the lending - not about attractive advertised rates.

james_09

Yeah sorry mortgage adviser.

I would happily hand this all over to a real mortgage broker and get shot of YBS in an instant, if I could avoid the early repayment fees.

amnblog

So you are trying to port an existing mortgage with them?

james_09

Yes. We are trying to port our existing and borrow more.

amnblog

Then you have to wade through this treacle or pay the £3,800

I hope you don't lose the deal as a result.

A WARNING TO OTHERS GOING DIRECT TO LENDER

ACG

I refuse to deal with YBS - imagine the underwriters to be 10x worse than the sales people...

amnblog

ACG wrote: »

I refuse to deal with YBS

Not even a sneaky one with Accord?

james_09

It's actually got me thinking if it might be worth paying the £3,800.

Our current fixed rate runs out Sept 15 which I will be porting (190k @2.19%) and borrowing a further 210k at what ever rate they can offer.

If I was applying for a new mortgage I would prob go for a 5 year fix. As it stands I believe I have to get a new mortgage with part of the rate still fixed to sept 15 and the extra at a different rate. Is the extra borrowing usually fixed to the same term?

Potentially I guess I could save more in the long run getting a decent 5 year fix now on the total than trying to remortgage again in sept 15?

ACG

amnblog wrote: »

Not even a sneaky one with Accord?

My hairline isnt great as it is.

dimbo61

With a £400K mortgage I would try and get the best long term fix on the market.
£4K erc is only 1% and you may find a better lender for the whole mortgage debt.