Avoid Principality endless nightmare

stingrayj

Never enter a mortgage application with Principality. We've probably just lost our house due to their endless insatiable and unnecessary need for documents, accounts, petty questions (what was that payment for?). So far it's three weeks of hell and now they want signed 2016 accounts and have a load more questions. Seller of house has just given up on us process has taken so long.

ACG

I used Principality for my mortgage and for a couple of clients, they are not the best but they are not that bad. Maybe you just had a bad experience which can happen with any lender occasionally.

Mrs36

I think for self employed applicants (did I see a post on the mortgage thread that said you were self employed?) lenders will also be extra cautious and make more checks. Is there any reason why you can't provide 2016 accounts? I am guessing they would want the most up to date accounts to get the full picture.

Did you go direct or use a broker? If you are self employed and your income is not perfectly straightforward I would not risk going direct unless you are borrowing a small amount or have a very low LTV.

Mattib0110

Just managed to get mortgage with halifax and we're both self employed, partner has low earnings and mine was assessed on a reference as my accounts are low too
May be worth trying them

Futuristic

I think this is where brokers come into hand? They usually have more insights onto the requirements of the lenders. For example my broker told me up front there were better deals available but they will want 2 years of accounts.

minimike2

Their money. Up to them what they ask.

Who packaged your application? Was it items which should have been with the original submission?

stingrayj

This has now dragged on for five weeks. we provide everything they ask for and then something else crops up.

The minutia they ask for is mind boggling.

Now seller has got fed up and gone with another buyer.

Avoid !

peapod21

I'm having the same problem. My wife and I are both employed, but have had similar requests to those you've received. We're existing customers too, but means nothing to Principality.

They provided us an AIP and we went back the following week having agreed a price on our new property. We were planning to use equity from our existing house to clear the credit card debt we had. On the day of the application we were told "our policy has changed and you need to clear the debt before you can proceed". No pre-warning or any prior contact from them. So 7 days later, debt cleared, went back with all documents only to be told "calendar month has just gone over, we need your new payslips and statements". Endless delays and very little in the way of updates.

Now 4 weeks waiting, been told it takes 6-8 weeks, which wasn't mentioned up front.

Avoid like the plague!!

Thrugelmir

peapod21 wrote: »

We're existing customers too, but means nothing to Principality.

There's little reason why it should.

sammyjammy

Been a customer for 7 years, just remortgaged, never had any issues, just for a bit of balance! Ma

Maybe you're just being a little impatient?