Are there ever any completely straightforward mortgage applications?

JaneyLouWho

I'm wondering if spending time on this forum is giving me a warped view of the difficulty of mortgage applications? Perhaps its just the people experiencing (or anticipating) problems with the process that post here? It would be really reassuring to hear from brokers or applicants who had smooth rides - particularly if they don't have perfect credit records. Is it possible that even with an 8 year old repossession in my past I could submit an application, not be required to submit anything in addition, and then just recieve an offer in due course?

Please reassure a natural born worrier?

Timeline to date -
Skipton DIP issued 14/7
Offer accepted 15/7
Mortgage interview 18/7
Application submitted 25/7
Valuation instructed 26/7
Valuation expected ???

glosoli

Applications go through without issue all the time, whether it be through a bank directly or through a broker or an easy case or a difficult case. However with mortgages as any mortgage advisor would tell you there is a lot going on behind the scenes, and literally hundreds if not thousands of criteria / policy points (which are always changing) which can cause stumbling blocks sometimes. Half the battle is having an advisor who is dealing with you knowing what they are doing and providing regular updates.

Yes it is possible that things could go through without anything additional being required.

ACG

Most of my clients have adverse to some extent. Around 90% go through smoothly. Without trying to big myself up, I do think because we do this every day we manage to pre-empt a lot of potential issues up front and run them by the underwriters/account managers before applying.

Ihave had cases go to offer within 48 hours, and I hve had cases take 48 days to get offer (maybe an exageration, but there have been some which have felt like that).

I like skipton, I have had a case go to offer earlier this week which as outside criteria. However I was able to speak to an underwriter before applying and get them to accept it. Their underwriters use common sense and are normal people.

happytails

Ours went through smoothly - 19/07 broker submitted application. Had valuation and official offer today 27/07

A good broker is worth their weight in gold! Took the stress and most of the worry out of it for me x

Thrugelmir

JaneyLouWho wrote: »

I'm wondering if spending time on this forum is giving me a warped view of the difficulty of mortgage applications?

Yes would be the answer. Seems as if your application is progressing ok.

JaneyLouWho

In that case, I've never been more excited not to hear anything!

ACG - with your Skipton case earlier this week, how long did that take from application to offer? I saw on their 'service standards' they aim to underwrite in 2 days and offer within 5 - is that just for applications submitted by brokers? And is it one of those nice 'aims' we all have to write about in policy documents to stretch our teams but which are hardly ever achieved in practice?

ACG

It took a bit longer because it was not within criteria.

Don't worry, I'm sure you will be fine. They're not slow. Once they gets documents, it's about 48 hours to review if not sooner.

The longest bit will be the survey.

ambc

I've found that with with our application taking so long, I'm now more than experienced enough in dealing with Skipton to know that they do move relatively quickly once they receive the documents they've asked for.

JaneyLouWho

Haha! Good to hear.

Thrugelmir

JaneyLouWho wrote: »

Valuation instructed 26/7
Valuation expected ???

Totally down to availability of an external surveyor. Surveyors go on holiday, are off sick, are extremely busy down to sheer level of work load........

kingstreet

In other news...

... a case Halifax offered on 25 July had been downvalued and no-one told us...

... a client for whom we have an agreement in principle has now decided to tell us since we did it, they've bought a caravan on finance at £519 a month...

... a client who gave us his Clear Score login to prove his credit worthiness has now admitted he has a 2012 £5k card default after we've tried to obtain agreements in principle for a 90% mortgage...

... a NatWest HTB application with a perfectly entered property address has been offered without the flat number and it was supposed to exchange contracts today...

... we're asked by developer to send copy of valuation report to solicitor when we've already emailed them the offer where the valuation is the last three pages.

I'm sure there are "normal" applications out there somewhere. They just don't come anywhere near us!