Mortgage delay, is there a regulating body?...

RaspPav

Hi, we are in a complex situation but now find ourselves with a mortgage offer on a let to buy mortgage & a normal mortgage on the property we are buying (which was arranged some time ago).

The company we are with have really messed us around & insist on a 4 day turn around for every query. We have gone through a broker & even he is unimpressed with this firm & has lodged a complaint with the company themselves. I just wondered if there was a regulatory body we could complain to?

Basically it’s been almost 8 weeks from when we got our DIP & we provided any documents ASAP. We were advised to pay for valuation up front to get a decision quicker (not sure if the ins & outs of that) but it’s been a disaster. First valuation to almost 2 weeks to arrange & then over a week for a decision. Second valuation (after we’d done required work. Took almost a week, then the surveyor didn’t submit his report until 3 days after he’d promised (we had to pay extra for this service I’ll add!). Then it took another week to get a decision which was the mortgage offer. We were told the letter would arrive in a few days. Over a week later & still no letter! As of yesterday they were still following some checklist to create said letter!! Our worry is that our other mortgage on the property we are buying is due to expire in 2 weeks so we really need to exchange ASAP! I feel that this company has needlessly prolonged decisions & acted negligently, they are aware of the situation, which as I said, is more complex than I note here yet they refuse to give priority. Even our broker can’t get through to anyone beyond frontline staff.

Our original mortgage took less than 3 weeks start to finish & we had a decision on the same day as the valuation with the paper offer following 2-3 days later. We also had another buy to let mortgage which was declined after much negotiation but at least they acted quickly upon queries received & we had that decision in just over 3 weeks. I therefore feel that this other company has been completely unreasonable!

I’m wondering who to lodge s complsint with as I can’t find a specific mortgage ombudsman. We payed so much money for this valuation to ‘speed things up’ but there’s been nothing but delay. All the other paperwork I’m told was fine from the start so there have been no delays or queries there. So it should’ve been straight forward from that perspective.

I’m so worried right now as our vendors have threatened to pull out. I can’t blame them but despite telling them we have the offer we don’t have the all important piece of paper to enable our solicitor to proceed (everything else is in place!).

I’m so shocked at this company’s service 😔.

Hope someone can help...

amnblog

Your post is a little puzzling as many Lenders have 4 days service level agreements when reacting to post.

Turnaround of valuation depends on availability of valuers and appointment slots, not under the Lender's control. Problems with the valuation, remedial work, and reassessed will naturally delay everything.

Sometimes Lender's find themselves at the end of a glut of business due to competitive rates and this can stretch their resources moving them away from their targeted response times. You can often get a swifter service if you are happy to pay a higher rate with an alternate lender.

You should really be looking for your Broker to manage this for you. They know how complex your situation is and what may cause delays in the process, plus the Lender's agreed service standards. What has he or she said about the situation? Have they complained to the Lender?

Technically, you can complain to the Regulator about service levels, but I don't see much of a case here. Why would a Lender 'needlessly prolong decisions'?

RaspPav

Hi Amnblog

I’m sorry but I don’t agree. The delay in literally every step has been unacceptable. They tell my broker it’s 48hrs but I get told it’s 4 days, they’d exceeded 4 days in every case! As I’ve already said, my broker has already complained. Compared to the 2 other companies it’s a really bad service.

I just need to know which regulator to pass the details to. It’s really unacceptable to take over a week to issue a letter. My solicitor is flabberghasted that they are taking so long. We are now 9 days since the offer was officially signed off, yes there was a weekend but still, that’s not acceptable. All other companies have a channel to follow if there’s a genuine urgency which there is here. I have also seen other recent cases with this company where the actual offer letter has been received 2-3 days after the offer was signed off.

Tomg84

Unfortunately some companies are quicker than others. Service levels are one thing - sometimes they'll be quicker - others they'll be slower - especially with complex cases. Four days does sound long but not totally unreasonable. I am sure they're not deliberately delaying your application but as mentioned above its a question of resources that they have.

You can complain obviously to the mortgage provider and you should do this before you go any higher which I think would be to Financial Ombudsman Service..

RaspPav

Tomg84, thanks, I just wanted to know who to complain to. There have been further developments this morning & lets just say my blood is boiling! This company have no clue what they are doing. I’ve had 2 different responses & my broker a different one again. So stressed right now ��

Thrugelmir

RaspPav wrote: »

Hi Amnblog

I’m sorry but I don’t agree. The delay in literally every step has been unacceptable. They tell my broker it’s 48hrs but I get told it’s 4 days, they’d exceeded 4 days in every case! As I’ve already said, my broker has already complained. Compared to the 2 other companies it’s a really bad service.

You aren't the lenders only customer. Constantly haranguing people simply for doing their jobs is a certain way of receiving a bad service. No one likes to deal with an abusive customer whose expectations are unrealistic.

Lenders have internal processes and proceedures to follow in accordancance with set policy. These aren't going to broken just for you. If you don't like the service you are receving. Vote with your feet and move elsewhere.

RaspPav

Thruglemir, firstly don’t assume I’ve been abusive as that’s extremely rude & not true!! As for haranguing, I feel after spending an extortionate amount of money up front to expedite a service that I should expect what I paid for, furthermore we’ve been given promises & assurances of the deadlines but the company hasn’t adhered to them. Final & formost this company clearly either don’t know or don’t follow their policies as both myself & the broker get told completely different things each time we phone.

It’s all very well saying vote with your feet but you do not know and are not in my situation nor have you read my thread! This was offered 10 days ago now but no paperwork has materialised & we have only 1 more week left to exchange in order to complete before our other mortgage offer expires! I think my complaint is justified!!