Is anyone else having timing issues with Woolwich?

lawlie

I am tearing my hair out, but feel like there's nothing I can do.

It will have been 3 weeks tomorrow that we got our valuation back that valued up, and still no mortgage offer.

They requested last week proof of overdraft and tenancy agreement to show our rental payments which we provided immediately. Everytime our MA calls up they just get some fob off saying it will be 48 hours etc. etc.

Is anyone else having this issue with Woolwich?

I'm now really worried there is a problem and we'll be declined, despite being assured that we were credit-checked and they wouldn't have booked the valuation if they had not done their underwriting.

I am so angry!

ACG

lawlie wrote: »

Everytime our MA calls up they just get some fob off saying it will be 48 hours etc. etc.

Sounds like Woolwich.

I tend to find Woolwich difficult to work with but they always get there in the end - its never easy.

They usually ask for 3 months bank statements showing rental payments for evidence of payment, not a tenancy agreement/proof of overdraft.

Dont worry about them asking for further info, if they were going to decline it - they would do. They are not asking for more documents to be a pain the ......

I always see lenders asking for further info as a positive rather than a negative as it means they are looking to accept but just want confirmation.

kingstreet

lawlie wrote: »

Is anyone else having this issue with Woolwich?

All the time.

Our one Barclays case is the bane of my life.

This is the only lender which makes me feel completely powerless and unable to think of any way of progressing things other than by giving it what it wants so the box can be ticked.

Poor communication, poor knowledge with underwriters offering to accept things they shouldn't and slavish adherence to criteria - original declaration and DDM on BTL cases.

ACG

I sent them 4 cases last month, then my BDM left... they are now getting nothing unless it is straight forward or I am stuck on options. My BDM used to literally work miracles to get my cases through.

I really cant be bothered dealing with a lender whos underwriters do not understand mancunian and I dont understand indian. If I dont get a new BDM who will babysit my cases its not worth the hassle.

kingstreet

At their request, we email something direct to our Indian UW last Thursday. Heard nothing since.

Called today and our UW has disappeared off the face of the Earth and all the promises made to us appear worthless.

lawlie

Grrr. Thanks though, it's good to know that you guys are having problems with them. My MA also said that Woolwich/Barclays were the bane of their life.

The biggest laugh is, when I checked the Woolwich intermediaries website yesterday, the timescale for residential assessments was down to two Business Days!

ACG

You cant email the underwriter directly... they explode!

You have to email to the generic email address so that it can be ignored/forgotten/deleted. My BDM told me to copy her in on every one of the emails so she had a copy and can chase up when issues arise.

I dont think they like you sending more than 4 cases at a time as scan and send can only store 25mb - i filled that up with 2 cases, so you have to delete sent email and then there is no record... which is what I think they were after :-p

jellyfish76

I had my Woolwich valuation done today so it will be interesting to see how long I wait I now.

The MA in branch advised that it would take 3 weeks for a valuation and 6 weeks in total...

antonyc79

Oh dear that's not good to hear, put all the application in last Thurs in branch the advisor said by next Thurs ie tomorrow the underwriters should have it done and instruct the valuation. Sounds like it might be longer than that !!

amnblog

antonyc79 wrote: »

Oh dear that's not good to hear, put all the application in last Thurs in branch the advisor said by next Thurs ie tomorrow the underwriters should have it done and instruct the valuation. Sounds like it might be longer than that !!

I would not want to deal with them without a broker in the loop.

They are unreliable and tricky to deal with.

Their range of products and underwriting however make them impossible to ignore as a lending source in my opinion.

I frequently see them go to offer in 8 days. Unfortunately they can also frequently generate a back story on a case progression that is unbelievable.

I would have tips for a broker when dealing with Barclays Woolwich but not ones that can help the client to influence matters.

Dave_Ham

Echo above, Woolwich are like marmite and we love to hate them.

There are specific things we do to try and "manage" the Woolwich process to expedite the case, although it does provide light entertainment in the office when "managing" the situation.

Specific parts of their criteria does indeed mean they are our "go-to" in certain situations.

Administratively more work though so appreciate why one broker working alone would give them a wide berth.

I am hearing some horror stories on dealing with them directly in a branch, on here and offline locally.