Post Office Mortgage

Dynite

BingoBangoBongo - just to give you an idea - you're about a month behind most of the other people on this thread who submitted their applications around the end of june/early july, most of which are still waiting.

bingobangobongo

They do however seem to have the best rate out there for a 75% LTV. I'm not sure I could wait another 4-5 weeks though!

kingstreet

That rate must be loads better than the rest for people to suffer the kind of treatment mentioned on here!

Dynite

The post office service has been incredibly poor [in the sense that it's been entirely absent!]

The online tracker hasn't updated for me since 1st July when I paid the fees despite the application having progressed since then.

Not even had any contact to explain why we're still waiting considering the website originally said 3 days for a result. They then changed to 7 days but clearly that isn't the case. The least they could do is to email everyone an automated email/update the website keeping people informed of what's going on and how much longer the delay is going to be.

Also, all this "keyed on the system" date is a complete crock and excuse to try to obfuscate their delays.

Zoology_Dragon

kingstreet wrote: »

That rate must be loads better than the rest for people to suffer the kind of treatment mentioned on here!

In your professional opinion is the turnaround time very bad compared to other lenders?

We chose them because I'm on a fixed term contract and our broker picked them out for us as the most easy-going on that matter.

bingobangobongo

Rang today and they are currently working off the 24th July (full applications submitted on that date).

kingstreet

Zoology_Dragon wrote: »

In your professional opinion is the turnaround time very bad compared to other lenders?

We chose them because I'm on a fixed term contract and our broker picked them out for us as the most easy-going on that matter.

Our longest recent case was Nottingham Building Society. Thirty-five days from application to offer.

We warned the client in advance it would take that long due to simple maths, too many applications not enough staff.

TBH as newbuild specialists we're looking for an offer inside two weeks, so the client can exchange contracts within the 28 day deadline. Many lenders just cannot support that and we were recently told by one very large lender not to put business to them as they were very unlikely to be able to meet that requirement.

Usually there's a timeline which increases as the rate falls. The worse the rate, the quicker the offer and vice versa. What we try to do is get the best rate we can in the shortest possible time. You just can't do that with some lenders, so we avoid them.

We do a lot of fixed/temp, contractor and unusual cases. We haven't felt the need to use BoI/PO yet.

Dynite

!!!!!!.

Valuation has come back 15k under our offer. Pretty gutted and annoyed.

Zoology_Dragon

bingobangobongo wrote: »

Rang today and they are currently working off the 24th July (full applications submitted on that date).

That puts us at another week before they get to ours again which fits with what we were told.

Kingstreet - thanks for sharing your perspective, it' s really interesting. I think in an alternative life I would enjoy working as a mortgage broker; I'm very numerical, logical, methodical (currently work as a research scientist). I reckon having to deal with people would be the hardest part

lk92k

sideline question... does anyone know the difference between a 'condition' within a mortgage offer or a 'retention'?