Mortgage application delay

Chick

Hi there everyone,

I'm currently buying a flat and I applied for a mortgage with RBS half way through march- I paid the arrangement/fixed rate fee and valuation fee on 21st march.

However, I am still waiting for an mortgage offer to come through- I have recieved nothing in writing at all concerning this. I went through a broker for this mortgage which I am starting to regret- having chased both the broker and RBS i've been reassured of what has been done e.g. valuation etc. and a promise of an offer by the 3rd week of april.

This has not materialised, I am concerned the sellers are getting nervous as this is holding things up (I am a first time buyer). What more can I do, apart from withdraw my application and go with another lender?
However, fixed rates are going up and also I presume I would lose my valuation/arrangement fees which are nearly £700- I cannot afford to lose a penny at the moment.

Any advice gratefully received- I feel very naive to the whole mortgage procecss- is it normal for a mortgage application to take over 6 weeks?

Thanks, Chick

stanmoresaver

Unfortunately this often the way- especially with Public holidays dotting the process.

I am a Mortgage broker, and would suggest that, if the valuation has been done, then, as long as there are no problems with survey, then the application should be ok-

Ask your broker
1/ Are there any problems with the survey
2/ Are there any problems with my referencing


Get the broker to make a reassuring phone call to the agent!

Good luck, Getting a mortgage is a stressfull process- but when it is all done you will realise that- hopefully- it was only a storm in a tea-cup.

Fay

Chick, we had the same problem, and we started the ball rolling on the 28th feb. Our mortgage providers have been a nightmare, they didn't tell us the mortgage had been declined, then they never told us it had been accepted, they then didn't sent the payment request for the arrangement fee...they still haven't sent our offer out, despite the fact we were set to move this week (not happening now).

Our solicitor actually called them yesterday and has got them to fax her a copy of the offer-perhaps it would be worth arranging for this to happen?

dougk_2

I had a similar problem. Strange how when our Mortgage Advisor threatened to take the matter to the FSA that things speeded up and we got an offer two days later!

Ask you Mortgage Advisor to contact the lender and speak directly to one of the underwriters and get an update. Don't accept a shabby service and complain (in writing) if necc.

stanmoresaver

dougk wrote:

I had a similar problem. Strange how when our Mortgage Advisor threatened to take the matter to the FSA that things speeded up and we got an offer two days later!

Ask you Mortgage Advisor to contact the lender and speak directly to one of the underwriters and get an update. Don't accept a shabby service and complain (in writing) if necc.

This is what your mortgage broker should be doing!!!!!!!!!

As i said above,I am the Principal of a Mortgage Brokerage- This is what you have paid your broker to do. Any decent broker would be pro-active in these matters.

Chick

Many thanks to all who offered some advice- I did get my broker to chase it up and the mortgage offer arrived yesterday.
Is a relief to get it sorted, can't believe how long it took and the constant chasing up has put me off using a broker in the future.

Thanks! Chick

ReportInvestor

The other big advantage of using a broker is that you probably won't have to spend another full morning going through the Key Features documentation required by the new regulator.

So it should be a shorter session, and hopefully less stressful, when you come to remortgage .