Post Office Mortgage

kingstreet

A condition will require work to be done within a set timescale and this is normally not followed up.

A retention will see some of the mortgage funds witheld until work is done, then released following a reinspection or submission of invoices to evidence repair.

In the event of the latter, the applicant would have to increase their deposit to cover the retention to enable completion to proceed or have the vendor get the work done beforehand and have the retention lifted.

Bouncybubbles

I applied for an aip online off my own back prior to putting the house up for sale just to ensure we could remortgage. A straight decline online didn't even get an AIP. Estate agent put us in contact with a broker after two weeks we have full mortgage offer in our hand. I don't think PO are very good

lizebert

Anyone had any news? We phoned today and they confirmed they have all they need from us, but we're STILL waiting. Valuation was done 3 and a half weeks ago! We've been told to call back if we've not heard anything in the next 24-48 hours...too right we will!

lizebert

Dynite wrote: »

!!!!!!.

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

Can you not re-negotiate with the sellers? That's what we've done, although ours was only 5k under...

bingobangobongo

Rang today and they are working off applications submitted on the 25 July. So it has taken them 2 days to move through a single day's worth of applications. Not good.

Mine won't be looked at until Tuesday/Weds. I'm really worried it will be another 4 weeks+ before I get an offer - our Vendors and estate agent are already questioning why the valuation hasn't taken place.

Not sure what to do.

Dynite

From my experience, they've always done my stuff ahead of the date they're working on..


With regards my under-valuation - we're waiting to hear from the vendors.. Nerve wracking.

Mini25

Great thought we were finally getting somewhere as case was with underwriters now they've requested further info, which brokers have now sent so I phoned post office for them to say they have a 3 yes 3 week backlog on all post so it will another 3 weeks will we hear anything. So very much doubt we will be going with our moving date for the end of the month. :mad::mad::mad:

Mortgage_Mark_2

bingobangobongo wrote: »

Rang today and they are working off applications submitted on the 25 July. So it has taken them 2 days to move through a single day's worth of applications. Not good.

Mine won't be looked at until Tuesday/Weds. I'm really worried it will be another 4 weeks+ before I get an offer - our Vendors and estate agent are already questioning why the valuation hasn't taken place.

Not sure what to do.

Average timescale from mortgage application to mortgage offer in the whole industry at the moment is 4-6 weeks. Post Office mortgages are the Bank of Ireland, who aren't the fastest...

Zoology_Dragon

I've been trying to stay sanguine about the whole process but even I'm starting to lose my patience now. Our full application went in over a month ago (end June, early July), we had a ridiculous delay because despite our broker asking them if they needed more documents, they decided that they wanted my husband's signed contract for his current job, a job he leaves at the end of the month. They already have three payslips and bank statements for current job and HR contact for his new job but they insisted on a contract too (that ironically is also massively out of date as he's had an extension and promotion since then). They then caused further delays as they insisted on a physical paper copy (that he's never said, it's all electronic), they wouldn't accept the PDF sent directly from HR. If anyone can shed any light on why they need this I'd love to hear it. Our broker said it was because they "didn't know who he'd be employed by depending on when we complate", but 1) they had proof of employment and salary and 2) guess what? Now he definitely won't be employed by the old employer as a result of all the faffing!

Barricade

It seems we got in just in time, despite us having a delay of around 4 weeks at the end of June. If I had to do this again... I probably wouldn't choose PO/BoI again.

Good luck everyone.. Keep the faith!