Post Office Mortgage

leyton-cats

Well I've just joined the party, submitted my application which was accepted this morning. I guess from the current chatter that nothing much will happen for the ten days or so.

Mini25

leyton-cats wrote: »

Well I've just joined the party, submitted my application which was accepted this morning. I guess from the current chatter that nothing much will happen for the ten days or so.

I'm 4 weeks in and told today that they have nearly a three week backlog looking at the valuations. And they haven't looked at any of our paperwork yet so hope they don't ask for anything else or there will be another delay.

Mini25

lizebert wrote: »

Still not heard anything. Absolutely ridiculous :mad::mad::mad::mad:

I'm the same it's madness isn't it, I phoned today and they said it will be another 2 weeks at least till they assess the valuation and other documentation that I sent it, so let's hope they don't ask for anything else from me.

scouserblaine

what can i expect from the final underwriting process?

had a call with the post office on friday, and they mentioned that there is a final underwriting process - what can i expect from this?

thanks!

leyton-cats

Quick question about how an underwriter might view my current accounts.

Over the past couple of month's I've been cashing in various stocks and shares unit trusts, and selling some gold jewellery and other items, transferring monies from an inhertance, and paying off credit cards. I'd opened a new current account to collect all these monies to hold the deposit and monies for the various costs of buying a flat.

I realized that an underwriter might wonder what all these transaction might be about. So my question is this, should I include a covering letter when my bank statements are requested, to explain the sources of these monies, or should I just sit tight and wait for the underwriter to ask.

If I write a covering letter should I include all the recipts and unit trust statements?

Dynite

Has anyone rang yesterday/today and know what date they're working on?

lizebert

Dynite wrote: »

Has anyone rang yesterday/today and know what date they're working on?

We were told the underwriters were looking at 10th/11th July today. Ours was the 11th so fingers crossed...!

lizebert

scouserblaine wrote: »

what can i expect from the final underwriting process?

had a call with the post office on friday, and they mentioned that there is a final underwriting process - what can i expect from this?

thanks!

A long wait...

bingobangobongo

I have been on to the post office every day about this, our full application was submitted on the 28th July ("keyed in" on the 29th July)

They are currently working off the 23rd July and are hoping to start on the 24th July today but who knows.

The problem I am reading is that even if they get a valuation done next week, it might be 2+ weeks before we get an offer? How long are people waiting from valuation to offer?

I have already had the vendors estate agent on the phone asking me why we have not had a valuation done and what is keeping us with the mortgage.

I'm tempted to ditch this post office application and go through a broker and see what rates they can get somewhere else. Is that possible? Any issues with having 2 applications?

The PO said they would refund the valuation fee if the valuation had not been carried out.

lk92k

bingobangobongo wrote: »

The problem I am reading is that even if they get a valuation done next week, it might be 2+ weeks before we get an offer? How long are people waiting from valuation to offer?

Valuation Completed: 10th July
Documents Received/Keyed On System By Post Office: 15th July
Today: Still awaiting mortgage offer, so 3 weeks and counting

Although, a few days after my valuation was completed I contacted the Post Office to ask if there was anything of concern, which there was - I am buying a relatively old house. They gave me a brief outline of what was picked up on the survey but couldn't go into any detail until the underwriter had accessed it (i.e further survey etc.)

If I had known what I know now I definitely would not of gone down the Post Office/Bank of Ireland route