Mortgage offer taking months ...

Hil6

Any advice on what I can do? Applied for mortgage end of April and still no offer / mortgage deed. Self employed and a BTL going through same time as new residential mortgage. They say something will take 24hrs and it takes a week or two for them to process / look at it. We are near loosing the new house as taking so long. Going through a financial advisor who calls them every day. Don't know what to keep saying to the estate agent 5 months on ...

jim2334

Call them direct, its your mortgage not the FA's and the FA can't be doing that good a job if they can't give you a clear picture of why its taking weeks.

Fiesto88

Which lender is it? Five months is a ridiculously long time to still be chasing an application. Most lenders are very strict in that if they don't have everything they need from your broker within around 10-15 working days, they'll mark the case as inactive and stop chasing.

If it was me, I'd demand that my broker told me exactly what's going on and what they're waiting for. They obviously aren't doing a very good job of escalating things if it's gone on this long and I think I'd have given up and used a different broker long before now.

ACG

Who is the lender?
Do you know what is causing the problems?

If I did not have a mortgage offer within 2-3 weeks without a good reason, I would move on to a new lender. It rarely takes more than 2 weeks to get an offer issued.

Fiesto88

jim2334 wrote: »

Call them direct, its your mortgage not the FA's and the FA can't be doing that good a job if they can't give you a clear picture of why its taking weeks.

Entirely the OP's choice, but personally I wouldn't suggest doing this. Some lenders will not deal directly with the mortgage applicant where the case originated from an intermediary. If they will speak to you, if you're not careful about what you say, you're running the risk of prejudicing your own application. It also creates more opportunities for miscommunication and misunderstanding.

I'd firmly suggest that either the broker gets it moving or you will request to visit their office and have them call to chase things up with you present and able to hear the conversation.

amnblog

Fiesto88 wrote: »

Entirely the OP's choice, but personally I wouldn't suggest doing this. Some lenders will not deal directly with the mortgage applicant where the case originated from an intermediary. If they will speak to you, if you're not careful about what you say, you're running the risk of prejudicing your own application. It also creates more opportunities for miscommunication and misunderstanding.

Agreed, a big no no for the reasons stated above.

That said, even for the most experience advisors these cases happy occasionally. As a minimum your advisor should be letting you know what is going on every week so you at least understand what is causing the delays. If the Lender is not performing, you also need to understand why another Lender has not been approached.

Call your advisor on Monday and let them know exactly what you expect from them going forward.

middy991

Ours went in on the 10th of August but looking on the lenders website documents and post are at least 2 weeks behind

amnblog

Come back in February if you want to compete with our original poster Middy.

That's how long its been.