Clydesdale Mortgage Application to Offer Timeline via broker

dinkylink

Thought I'd bump this in case anyone had a similar query, as I received my mortgage offer via email yesterday.


Took pretty much bang on a month from submitting my initial application through a broker to getting my offer.


Early on things were super speedy with the valuation being instructed early doors (and matching what I estimated the value of the property to be) and my application being 'credit approved' not long after getting the valuation back


Last 2 and a half weeks or so have been a bit more 'sticky'; several updates stating that an offer was expected in the next 24-48 hours but nothing materialising.


Still, got there in the end. I suspect going through a pro-active mortgage broker who kept chasing, got the matter 'escalated' and who spoke to Clydesdale's Business Development Manager certainly helped get it over the line! And overall pretty happy with Clydesdale; a month from application to offer seems very reasonable to me.

haras_nosirrah

I am a broker and just had a clydesdale mortgage offer
from submitting the application to getting to the underwriter took 3 weeks. In total took 1 month to get the offer and there were no underwriter queries. Offer went in 29th june and came out on 30th july

Twiggy026

Our Time Line- Lender: Clydesdale
Application made by Broker: 20/09/2018
Valuation Instructed on: 24/09/2018
Valuation Booked on: 24/09/2018
Valuation Date: 27/09/2018
Verbal Confirmation of Satisfactory Valuation: 28/06/2018
Recevied Email and Phone call from Broker to advice application approved-02/09/2018
Mortgage offer received- 04/09/2018

I honestly take my hat off to Clydesdale. They were super quick with everything can’t fault them one bit. I know people say they are a slow lender but I feel as if that’s as fast as any of the big name lenders especially considering we are doing a 95% mortgage I thought they’d be extra strict and cautious.

WorrierGalore

’m need of some help!

Me and my partner have applied for a mortgage with the Clydesdale Bank. The initial advice and recommendation was last Monday and that was all fine and affordability checks were fine. It had to go to an underwriter due to the stress test resulting in the affordability being an issue. The credit check person (apologies I don’t know their exact role) came back saying it was a decline. Affordability was fine, but it was the fact that we’d recently done a balance transfer each to 0% credit cards and I had recently taken a loan the month prior and they thought we were living above our means. I then explained that we only did this to lower our outgoings in preparation for the mortgage and they agreed that if we cleared 2 smaller credit cards, so just to leave 2 balance transfer cards, 1 loan and a car lease and we went for a 5 year fixed instead of a 3 years then it was approved.

The valuation has now come back and it’s all fine and the adviser has passed it to the ‘processing team’. She’s requested our last 2 payslips each, evidence of deposit and for us to complete and return the KFI and direct debit mandate. She hasn’t asked for bank statements at all, and even when I offered, she said I didn’t need to.

I’m really nervous as I’m just a natural worrier, but also we have agreed a great price for the house due to being FTB and being able to move quickly, so if Clydesdale decline us and we have to start again the we may lose the house.

What are the potential reasons we could be declinedv we’re after a 95% LTV and the deposit is a gift from my partners mum, however they haven’t asked for source of deposit, only evidence of it. Could this result in a decline?

Will this ‘processing team’ be requesting bank statements from me?

My partners last 2 payslips make it look like she’s only been there 2 months (due to her year to date earnings), but she’s actually been there a year, only 10 months of that was via an agency and she went permanent in August. I can evidence this, but I don’t know if all of these things combined will result in a decline?

Our bank statements will show is spending a lot more on food and socialising than we intend to spend once we get the mortgage, and the only reason we overspend on these things is due to the fact we don’t have a mortgage so we have the spare disposable - could this result in a decline due to them thinking we live above our means, even though this isn’t how we’d live once we have the mortgage?

Any answers to the above would be appreciated!