Brokers chase lender?

heytink

Hi all,

Some background, we submitted all our docs and full application to TSB on 19th June, but due to several cancelled and rearranged valuations this whole thing has dragged on and on.

Finally got the valuation done on Monday (27th Jul) and have had the report to say all okay. Our problem now is that a simple no chain on either side scenario has dragged on far too long and we're worried about the vendor pulling out as we still don't have an offer as of today. :mad:
Our brokers keep telling us 'we wont know anything until TSB let us know' but to me this seems an annoyingly passive and cavalier attitude considering this is such a delayed application and we are in danger of having the seller pull out.
What I want to know is is this true? Can brokers not chase lenders at all, do they just have to sit and wait for news like us? Are they just being lazy? Dont want to keep harassing them if there really is no more they can do...

amnblog

A broker may be able to ask the lender to give a case priority if it can be confirmed that an exchange date is imminent.


Other than that - we don't control the size of the queue or the staff at work at the lender.


Being chased several times a day by the client does not speed up matters.

ACG

Lenders find it very hard to put an application at the top of a pile due to treating customers fairly (TCF).

If they put yours at the top, everyone elses gets pushed back. As the delayed valuation is (presumably) not TSBs fault then there is no need for them to put yours higher in the queue. The fault lies with whoever cancelled the appointments, whether that be the vendor, agent or surveyors.

Some lenders will push applications up if there is a good reason but I suspet TSB being the size they are, are not one of them.

heytink

Hi thanks for the replies.

The initial and biggest delay in the valuations time-wise was actually because the valuer on the day was ill and so didn't turn up, but also didn't let estate agents, brokers or myself know it hadnt gone ahead, so it wasn't rescheduled for some time until it all came to light. This definitely caused weeks worth of delays. But then who does the buck stop with? Colleys or TSB for this?

amnblog

Doesn't sound like it stops with the broker!

Derboy

Doesnt seem that long to wait to me.

heytink

Well the initial valuation was booked in for 24th June and then due to Colleys valuer not turning up that day it didn't get done till 27th July, so over a months delay on the valuation. Everyone else I've spoken to seems to think that is a substantial delay considering our full application and all supporting documents were submitted on 19th June..Now nearly August, no mortgage offer and the seller is getting impatient.

Contemptuous

I don't understand why your broker didn't contact the lender in that time for an update? Then the valuation issue would have come to light.
It sounds like the fault basically lies with Colleys for failing to communicate the issue with the sick valuer, but if I was paying for a broker to do the legwork for me I would have expected them to liaise with TSB during that whole month where the case did nothing.