Porting with Leeds Building Society

Goath

Hi all, I am currently in the process of porting our mortgage to another property with the above BS

We are with LBS and staying with LBS porting our mortgage as we are moving

Our broker put the application in 10 working days ago, and LBS have requested that we fill in an “Existing Property form”

We completed it as soon as we got it, and at the request of our broker emailed it back, this will take 3 working days for them to process.

Then a survey has been arranged and money was taken for this, and a chaps fee.

The process is sooo slow, and I am so nervous that for what ever reason our app is going to be declined. But I asked our broker that now they have arranged a survey does that mean (pending survey of course) that our app has been accepted.



She said no not yet.

So has anyone else been through a similar situation, with LBS and is our application process near the end?

Thanks

YHM

LBS aren't the quickest. But it sounds like you are well on in the process.

Your broker wont tell you its been accepted, until she knows its been accepted.

Goath

Hi thanks for your reply.


I just wondered if , that as they have sent out the Existing property form would the end of the application process be soon IE they don't sent them out until the end. or they would they not bother doing the valuation if its going to be declined (excluding valuation results) or needs lot more information from us.


Its just that I am so worried it will get declined, and we are having to wait so long for them to process anything. Is there any reason we would get declined (I know, that no one could possibly know for sure) as we are existing customers, and the house we are moving to is cheaper that what we got our current house for.

YHM

Are you not selling your property?

My understanding of that form is that its part of the underwriting process, but any used for people with secondary properties in the background (BTL, 2nd residential etc)

Goath

YHM wrote: »

Are you not selling your property?

QUOTE]


I am yes, this is the 1st time that I have sold and bought at the same time.
what I really want to know, is that is it likely that there are more forms, and loops to jump through or am I nearly at the end of the application process, or as they have taken a valuation money from us is it likely to go through and not be declined (for what ever reason excluding valuation results) as I have sat worrying and waiting for nearly 2 weeks, and just want it to be completed so we can move forward with whole process


Also I did query the nature of the form with my broker, and they told me that LBS are aware that im porting my mortgage however the form could be worded better and not to worry.

Thrugelmir

What reasons do you have to think that you might be declined? Due process does take time, i.e. underwriting. Hardly surprising considering the amount of money involved.

Suggest that you take up yoga. The mortgage is only the first step in what can be a fraught and stressful process. Listen to the professionals you are employing and chill.

Goath

Thrugelmir wrote: »

What reasons do you have to think that you might be declined? Due process does take time, i.e. underwriting. Hardly surprising considering the amount of money involved.
.

Articles like this

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11336328/Now-millions-face-mortgage-porting-woes-when-moving.html

Thrugelmir

Goath wrote: »

Articles like this

Doesn't answer my earlier question. Why would you personally be impacted? Do you have a lifetime tracker interest rate that's unprofitably low, high debt levels etc. Lenders are a business. Porting isn't a right, unless it's a contractual term of the product you currently have.

Goath

None of those, a 5 year fixed (two years in) no debt...

Goath

Well It was all a worry over nothing
I have had a email back from my broker to say that LBS have accepted our application and an offer will be sent out soon to Myself, the Broker and the Solicitor.......................




..........Does anyone know how long that will take??? oh I cant bear waiting!


Thank you

YHM

A day....or two