Mortgage from woolwich slow

madding2014

Hi Guys,


I'm hoping someone can help ease my mind.
We have applied the mortgage from Woolwich at 1th Oct, it running quickly at beginning, the valuation is instructed and pass at 10th Oct.
But as the broker put my name wrong on the application, so we change the name and put the application in system again, after more than a week (21th Oct) the underwriter come back to us and said the application decline as the affordability, and suggest me to increase the term from 25 year to 27 year, my broker has done it, which cause the application come to the queue again.
But after that I don’t see my case change for my case in the trackit system for around 2 weeks. I have request the broker to chase the woolwich daily, but don’t see any feedback.
We are FTB, the house price is 230000, and we request the 207000 mortgage, my wife is house mom and take care of our 2 years baby, I have full time job and salary is 50300£, we don’t have any other loan, and balance on credit card is 0, credit score is 960 in Experian. Both the broker and I have check on affordability on Barclay’s website, and it is easy to pass, not sure why we decline by the affordability.


The offer has accept by the seller 6 weeks ago, we don’t want missing this house; if possible we can apply the mortgage from other lender? Or If I still need waiting from Woolwich? What’s the best way to us?
Many thanks for your advice.

mouthscradle

Maybe your broker needs to be a bit more proactive in chasing them up? We just had our mortgage approved by Woolwich - from application to offer being received only took 9 working days. Our broker was proactive about contacting them every couple of days though.

ACG

Woolwich are fine at the minute??
I sent through a document and within 2 hours it had been sorted. Admittedly this was a post offer document rather than pre offer but I cant see it being a huge difference between the 2.

Dave_Ham

Woolwich is all about pester power.


If you leave them to it, very rarely do things gets executed quickly. If you chase them, you get frustrated quickly but things do happen and the offer is more forthcoming..


Chase your broker to chase them and to be fair they should be doing this in any case...

madding2014

Thanks, mouthscradle and ACG


Just get the update from broker that she speaking to a supervisor and hoping to have a decision on your case by tomorrow.


Just wonderful my case decline by the affordability, it is easy to pass on the affordability calculation on the website. why woolwich does not check the affordability before the valuation.

madding2014

Thanks, Dave Ham




Just check and found that increase the term for 2 years only reduce £40 payment monthly, not sure if it can help for the affordability. or it is the excuse the underwriter want to delay my case?
We have a two years baby and title the child benefit, if it can calculate as our other income?
Thanks for advice.

Dave_Ham

It is impossible for us to see on here if affordable, as keying error, interpretation of details and/or lender error may play a part.


It is not unusual to have to talk through with Woolwich the details of a case to ensure it is all correct.


Their affordability calculator is not the easiest for a novice to navigate either.

SuperSaver123

We had similar issue with Woolwich. Failed affordability by £20 per month. But we used husband's London weighting or location allowance (one of these is allowed by Woolwich but cannot remember which one, my husband gets both). After that it all went very smoothly with Woolwich. Other banks caused more trouble (we had more complicated deal with 2 other banks involved as well).

I don't think they take child benefit as they ignored ours, not 100% sure though.