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Delaying tactics for mortgage
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NorthernLights2c
Posts: 5 Forumite
Hi,
We are applying for a mortgage with our existing mortgage provider, what a nightmare and is continuing.
You would think that a 30% ltv would be quite easy to get, but no.
We have always paid every month over the last 10 years never defaulted, great credit rating.
Originally the application was a telephone call with mortgage consultant and then various details sent via branch to head office. p60 account details, savings etc .
every time we phone up for a decision there seems to be another piece of info they need (after telling us they have everything needed) and then this takes up to a week for a decision.
We were expecting the decision last Tuesday, but then they wanted more details about the wife`s part time job - all 4 hours a week of it, and told phone next tuesday. In fact have phoned them today to see how things are progressing? Today they need yet more info?? this time they are querying a regular £12.01 monthly payment direct from my salary to GMB. Told them this is a union subscription, which they are now happy with, but will now take another week to process "the new information" WHY they have had all my bank details/payslips for 5 weeks and have only just asked? And they NEVER phone us, simply wait for us to contact them
Are they delaying on purpose?
Just incompetent?
Or another reason??
We are applying for a mortgage with our existing mortgage provider, what a nightmare and is continuing.
You would think that a 30% ltv would be quite easy to get, but no.
We have always paid every month over the last 10 years never defaulted, great credit rating.
Originally the application was a telephone call with mortgage consultant and then various details sent via branch to head office. p60 account details, savings etc .
every time we phone up for a decision there seems to be another piece of info they need (after telling us they have everything needed) and then this takes up to a week for a decision.
We were expecting the decision last Tuesday, but then they wanted more details about the wife`s part time job - all 4 hours a week of it, and told phone next tuesday. In fact have phoned them today to see how things are progressing? Today they need yet more info?? this time they are querying a regular £12.01 monthly payment direct from my salary to GMB. Told them this is a union subscription, which they are now happy with, but will now take another week to process "the new information" WHY they have had all my bank details/payslips for 5 weeks and have only just asked? And they NEVER phone us, simply wait for us to contact them
Are they delaying on purpose?
Just incompetent?
Or another reason??
0
Comments
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They probably have too much work and too few staff.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
NorthernLights2c wrote: »great credit rating.
Says who ?
Take no value from a credit agency rating.0 -
Says the credit reference agencies, who I believe the banks also use?0
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Not if you're talking about the CRA made-up numbers they don't.
Lenders score you themselves based on your application data and the raw data from your credit file, not what a CRA says you score with no information about your employment, deposit etc.
There is no "999 You're In" when it comes to mortgages. You can score 999 from Experian and have no job and adverse credit, for which you would not get a mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Just hope that its they are very busy people and keep missing the info they need.
Surely they would have said NO a long time ago if they did not like us? Or do they do this and then say no in the end???:mad:0
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