Issues with the Woolwich for mortgages?

Bananaman02

We are in the process of trying to sell our house, and our buyer is using the Woolwich (which I understand is part of Barclays).

We ar enow 3 months into the selling process, and our buyer is still waiting for their mortgage offer to come through. A couple of weeks ago, they asked for an additional document to indicate a proof of funds from a separate buy to let mortgage that they have. They told them that it could be up to 14 days before it is processed.

Firstly, is this normal or should I be worried? Secondly, are the Woolwich renowned from being a painful lender.

Starting to get concerned that this sale isn't going to go through and we will risk losing out on the house that we have purchased.

Thanks!

amnblog

We frequently get questions from sellers about buyers mortgage progress.


You have no way of knowing what is actually going on with the case, or even if your buyers is telling you the facts as they understand it.


Woolwich are not the quickest and can be painful to deal with as can all lenders.

Bananaman02

Thanks for coming back to me. I have heard from our estate agent that Woolwich are a pain in the !!!, but wasn't sure if they were just trying to keep us reassured.

It's the not knowing that is getting to us. We are left in limbo, as are those in the chain above us. We're yet to get any pressure from them but the delay is starting to concern me given that we had our mortgage offer sorted and processed within about 6 weeks.

Really don't know if I should be concerned...

Bananaman02

Sorry for the bump but is anyone else able to offer their thoughts/help?

Bananaman02

Still waiting

The silence from Woolwich is deafening. This is really starting to take it's toll on us with all the stress. It should not take this long to process a mortgage.

amnblog

https://forums.moneysavingexpert.com/discussion/5252656

Bananaman02

Thanks for the reply - but I'm not sure that the two are linked in any way? That post seems to be a flawless application whereas this one is mind numbingly, frustratingly slow!

amnblog

The other thread shows that making a judgement on the timescales of a Lender is a dangerous business.

Bananaman02

Fair point, but given that my buyer is 3 months into process without a firm mortgage offer is concerning. Really don't know where I, as a seller, stand, and I seem to be only one who is being proactive in the whole thing. My buyer, his broker and his lender all seem so blase from where I'm sitting. If it were me I'd be onto the lender every day - not necessarily to get the offer but an indication as to when we might expect a decision.