Experience of dealing with Scottish Widows about their Professional mortgage?

dharm999

Having looked at various options, and having had a long discussion with a whole of market broker, we are applying for a mortgage wth Scottish Widows.

The broker has had discussions with SW and has sent them all relevant details, to try and get a decision in principle before we formally apply. Our broker contacted SW nearly three weeks ago, and is still waiting for a decision, is this normal for SW? The broker has been phoning every day but is getting nowhere with them, is there anything else I can do?

Senior_Paper_Monitor

We have done quite a bit of business with Scottish Widows over the last year or so.


We have an excellent Business Development Manager relationship and normal expect responses via him to/from the credit committee/underwriting in 3 -4 working days when presenting non-standard cases (at which they were very good at considering).


However, service levels and response times 'fell apart' after MMR and are only jut getting back together. They seem to have over-reacted to MMR more than most - in particular they will no longer take the salient facts and respond to us with a 'you can borrow this much'. They tell us policy, we have to calculate (and they have no online calculator yet) although Halifax is supposed to be an approximation for them, and then apply.


In short - its not easy at the moment (even with established contacts) and we are rather 'finding our way'.

ACG

I have used them once recently, my account manager told me before I even submitted the case they are snowed under.

dharm999

Thanks for the replies, so we will keep chasing and hope we get an answer soon

dharm999

Well, SW turned me down, on affordability grounds, after messing me around for 6 weeks. Broker was useless, and I was at my wits end. I read the mortgage article on MSE and thought I would give London & Country a try, they couldn't be any worse than my current broker. Well, they have been fantastic, and, fingers crossed, I should get my written offer in the next few days, 10 days after application. The guy I was dealing with has been the complete opposite of the previous broker and I can't recommend him highllky enough.

My case isn't straightforward, and virtually everything that could go wrong has gone wrong, from problems verifying ID to undervaluation, so there is hope for everyone, if I can get through it, and get a mortgage, anyone can!

kingstreet

If the property was downvalued, that was down to the surveyor.

I suggest you avoid any lender which might employ the same firm of surveyors. Otherwise, the same thing will happen with your next application.

dharm999

kingstreet wrote: »

If the property was downvalued, that was down to the surveyor.

I suggest you avoid any lender which might employ the same firm of surveyors. Otherwise, the same thing will happen with your next application.

The mortgage will, hopefully, be with Halifax, and they use Colleys for valuations. They valuation that they did, I was told by a surveyor from Colleys, was in all probability done by their computer valuation system given it was too 'specific' (£281,500), with no human intervention to check it was sensible, and it bore no relation to reality. Aa house two doors down, similar condition but smaller size, sold for £40k more than the valuation only 12 months ago, and prices have increased since then. I had to get an independent valuation done, to prove that their valuation was wrong.

Oddly enough, they overvalued the house I am buying.