YBS online mortgage application

isa484

Hello,

My partner and I are applying for a mortgage with Yorkshire Building Society. We decided to do it online because it's easier and because we don't need advice.

The problem is that we are selling two houses to buy one. There's only space in the online form to describe one property sale. So, at worst they could assume that we're _not_ selling the other property, and intend to have two mortgages (which we can't afford).

I haven't submitted the application as I'm sure it'd get rejected on this basis. I phoned YBS to ask what I should do -- they assured me that there is a 'human element' and that after I submit the application, an underwriter will phone me and that is the time for me to give the information.

I asked "so it WON'T just get rejected?". He said it wouldn't.
I asked "should we go to a branch and apply there?". He said that the fact we're selling two properties would 'come to light' if we went to a branch, but that it's not necessary as you'd only do it in a branch if you wanted advice on the right product.

I'm not quite sure what to do, because I didn't feel very reassured by the call at all.

Does anyone have experience with YBS who can confirm that they will definitely call for more information?

Should we just avoid pain and go to a branch and sit through all the advice?

I'd appreciate any help

amnblog

'We decided to do it online because it's easier and because we don't need advice.'

First assumption was wrong.

Go to Branch or use a Broker.

isa484

Decided to post an update on this. Our mortgage application was just approved :T

We were both uncomfortable, but we decided that we should probably listen to what we'd been told by YBS on the phone. They'd already run credit checks on us so we didn't want to start all over again (and had no confidence that other building societies would have better forms). Neither of us have had good experiences with brokers in the past.

We submitted our application without the information about the second sale, and straight away followed it up with an email via their contact form, and a phone call the next day to make sure it got to the right department.

Later that day they did indeed assign a person to us, with a number to contact them on. Which I did, and prodded them about the second sale info.

They also, for people's information, do accept electronic bank statements and payslips.
I had assumed that they wouldn't so I had also ordered a paper copy from HSBC (as they will not certify copies in branch) and arranged for an accountant at work to certify a payslip printout for me. Unncessary, but it turned out that getting "original or certified copies" in this age of electronic everything isn't that hard.

From us they needed

• 1 bank statement and 1 payslip each
• Solar panels info

They asked for an MCS report on the solar panels but on finding they were hot water only and owned, they said they didn't need that.



They queried my pension deduction on my payslip (as it's not obvious that that's what it is) and one item on my partner's bank statement.


They approved our application the day after the valuation people did their survey. The company doing the valuation and survey (SDL) have also been good at keeping us updated, and checking if there was anything in particular we wanted them to look at.



So... my take away from this is that it all worked out, and given that, YBS are in my good books. They did keep us updated and their underwriters were nice.
But given my epic delight at getting approved (for a mortgage that either of us could afford alone, with perfect credit and a 35% deposit), this probably wasn't the easiest way to go about this.


I hope this helps someone. My summary of my waffle is:

• YBS were nice to us
• The right people are hard to contact at YBS until you've submitted the application, then they're easy to reach. And nice.
• Their online form doesn't allow for selling two houses.