Clydesdale Mortgage - Timeframe

Shinobi1

Hello,
Has anyone got recent experience with Clydesdale - I applied over 5 weeks ago via broker and still waiting on decision. Apparently its with underwriters.

Just wondering how long they take.

Thanks

~shoozy~

Hi I applied through Clydesdale and to be honest my broker has had to chase multiple times for things.

I applied on 10/08 and got the mortgage offer on 12/09 I think? But that was only with the broker chasing regularly.

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!

Thrugelmir

WorrierGalore wrote: »

Any answers to the above would be appreciated!

Please start your own thread rather than latch onto others multiple times. You'll be far more likely to receive responses then.

If you are unsure how to do so. Just ask,

ftbwannabe

Shinobi1 wrote: »

Hello,
Has anyone got recent experience with Clydesdale - I applied over 5 weeks ago via broker and still waiting on decision. Apparently its with underwriters.

Just wondering how long they take.

Thanks

Just to unhelpfully add that I'm waiting too. This is week 4. Again it's with underwriters (though I don't really know if that means anything, isn't it with underwriters the whole time?)
My broker's chasing them, but only when I chase her to do it, & I don't want to chase them into impatiently declining me. Seeing other people waiting is both reassuring and depressing - chin up while we wait! Good luck :beer: