How long does a full mortgage application take - 3hrs??

charlamine

We are currently going through the new home buyer service recommended by Belway homes. Yesterday we provided financial details to establish affordability to allow us to reserve our property.

After reservation they called me this afternoon to go through further details, confirm the details provided yesterday and said they were going to run agreement in principle which I asked them to hold off on until I confirm I wish to proceed. I assume that if I am right this means they have selected a lender for us based on our affordability?

They then said that if the AIP was passed broker would come out on Friday at 6pm for a 3hr meeting to go through application. I assume this will be for a full application - but 3hrs seems quite excessive when I have already spent best part of an hour on phone going through All financial information in some detail. Upon research on review sites lots of negative reviews about this 3hr meeting being used for sales pitch on all sorts of insurances.

I suppose my question is, is a 3hr full application meeting fairly commonplace, if it is then fair enough but if not and its going to be used as a sales pitch I would rather go elsewhere. A 6pm meeting will take us to 9pm which will be really difficult when that corresponds with our 3 year olds bedtime and dinner etc. They cannot offer a weekend appointment for 3 months and can't do it on my day off in the week as they said both my partner and I need to be there.

Last time I applied for mortgage I completed it all over the phone, we both signed paperwork they sent and sent in documents they requested via e-mail and in the post so things seem to have changed!!

ACG

I usually set aside an hour for the factfind (which I assume you have already done) and then anywhere from 30-90 minutes for the recommendation.

The difference in time is usually dependent on whether its just a mortgage or mortgage and protection and whether its a client with questions... or a man :P

Seems a little excessive. They should not really be doing a DIP until they have told you the rates/fees and you are happy with them I wouldnt have thought.

betmunch

3 hours appointment to convert a DIP to a full app is nonsense.

All the basic details have been done so its an hour at the absolute max and then thats only if the client has a bunch of questions!

One can only assume there is more to it than just the application, but even doing insurance as well I would stuggle to drag it out for three hours!

I would can then.and ask whats going to take three hours as you say you have the kids bedtime to think of

amnblog

Sounds like the service you are being offered is not the service you want.

Use another broker.

I'd estimate it takes our clients less than an hour to get a case going with us and they do that when it suits them.

Jon_B_2

Standard new build broker.

They are good for mortgages and are generally free as the developer pays for them.

Where they make their real money is selling protection insurance. Ours spent 90 minutes detailing all sorts of scenarios to sell various insurances.

It was a nice chat and I enjoyed a few coffees. He then went home later than planned with no sales. You can waste their time too...

The quotes they return for life insurance for example is typically double what you could find through a specialist broker like Cavendish Online.

charlamine

Thanks everyone I thought it sounded excessive. When I speak to them today looks like I need to establish what lender they are applying to, and establish why they need 3hrs. If they want to waste 3hrs they will have to come during the day when I work from home and deal with only me when oh and little
One are at work/pre-school. Then oh turn up at the end for a yes I exist, happy for mortgage to proceed etc.

As a first time buyer I fell fail to the insurance spill and had a heart attack when I realised how much more expensive it was and also that the broker recieved a certain amount per month of the payment so I won't be doing that again! So it will be the waste of all our time!

charlamine

Jon_B wrote: »

Standard new build broker.

They are good for mortgages and are generally free as the developer pays for them.

This one is not free costs £349! Which is why I want to make sure I am getting a good one as the fee is payable on application so if it fails I won't have the budget to pay another broker! If they are going to be fully sales orientated I am worried I won't get the deal which is in my best interest but rather the one that suits them?

When going through the affordability they said they could only take my oh salary for 48 weeks per year rather then 52 (he is employed to work 50hrs per week and apparently they can't take that into consideration) he consistently works 55/60 or more hours but they refused to take that into consideration in additional earnings. which makes me wonder if they had already pre-chosen a lender to go through at affordability stage!

kingstreet

We are newbuild specialists and we do much of our work by email and phone. Our single face to face meeting lasts around forty-five minutes.

MrsDB

I am buying a new build and my broker is free for me as get commission payments for mortgage and life insurance policies I take out.

My broker booked in the appointment for us to come to our house but before hand he called and went through our details of income and also an affordability questionnaire the week before. He asked us what years etc we wanted the mortgage over and then came out to us with the mortgage options and life policy options. He clarified a few details for us and then submitted the full application, for his face to face appointment he was there just over an hour as was chatting etc. 3 hours does seem excessive