Anyone had a Clydesdale mortgage application?

Heam2005

Hi all,

We currently have a Clydesdale mortgage application in, they keep coming back asking for more information which we provide. We have been asked 3 times now for more info.
They said today it will be with the case manager to asses on Friday before close of buisness then maybe onto the underwriter to make the final decision.
Our house is sold and we are due to move out at the end of the month but this doesn’t seem like it will be sorted in time.
Have you had a Clydesdale mortgage application? How did it go?
Do the decline a lot of applications? I’m worried that’s why they keep asking for more info.

Thanks

cool_techie

Heam2005 wrote: »

Have you had a Clydesdale mortgage application? How did it go?

We are currently at the application stage for a Clydesdale BTL mortgage using a MA. Applied on the 2nd and they did a Drive-by survey today.

Not sure, if they follow the same timelines for both sets of mortgages though.

When did you apply and is it by yourself or via MA?

Thanks,
CT

Heam2005

We applied via a MA/Broker on Friday 22nd February, just feels like a very slow process that we don’t even have an indication with what’s happening with it apart from them asking for more info, I’m hoping now the last bit of info they need they now have so can move forward!

Lilla_D

As a broker myself, unfortunately all I can do is confirm that Clydesdale is a very slow lender and has rather inefficient processes. Applications can take ages and yes, they do come back for further info a lot. They normally approve cases in the end, but it's normally a long process.

The reason why I still recommend them is because they can accept a lot of different tricky situations and when it comes to BTL, there are not many other lenders who can do a rental stress test at 125% using the actual interest rate.

As much as they are slow, they are a very useful lender, so just take a deep breath, be patient and then be patient a bit even longer, you'll get there in the end.

Dean000000

Lilla_D wrote: »

As a broker myself, unfortunately all I can do is confirm that Clydesdale is a very slow lender and has rather inefficient processes. Applications can take ages and yes, they do come back for further info a lot. They normally approve cases in the end, but it's normally a long process.

The reason why I still recommend them is because they can accept a lot of different tricky situations and when it comes to BTL, there are not many other lenders who can do a rental stress test at 125% using the actual interest rate.

As much as they are slow, they are a very useful lender, so just take a deep breath, be patient and then be patient a bit even longer, you'll get there in the end.

I owe my current position to Clydesdale.

My FTB mortgage was with them, tho at 6.99%

They are a good lender, stick with them

Heam2005

Thanks for your replies!
Hopefully we hear some good news soon, it’s been a long 2 weeks and I know in the mortgage world that’s nothing but I think I’m just stressing the fact we have to be out our house at the end of the month.
We do have my parents house to go to inbetween but the stress of moving everything twice is not fun!

butterflybook

As a broker i agree they are very slow and tedious however they do usually get there in the end. The really good when manual underwriting is needed so stick with it :-)

Heam2005

Update - Friday morning was told our application was sent to underwriter and was told we would probably have a descision Monday/ End of day Tuesday - hopes were up and have been told today it’s still with underwriter.
I’m hoping we find out tomorrow!
We have just over 2 weeks left in our house now so things are beginning to feel more real that we may not have somewhere straight away!
Has anyone had experience with Clydesdale underwriting? How long did it take you?

cool_techie

Heam2005 wrote: »

Has anyone had experience with Clydesdale underwriting? How long did it take you?

Our application (remortgage from owner occupied - with other lender - to BTL) journey with Clydesdale has been as below:

02-Mar: Applied via Mortgage Broker (MB advised i would receive a call for valuation survey)
06-Mar: MB advised, they would not call since they did a Drive-By survey in the morning
14-Mar: Noticed credit search done by Clydesdale on Experian. Note on the search mentions, 'First Mortgage'
18-Mar: Got a call from Connells Surveryors (referred by Esurv on behalf of Clydesdale) asking for a Survey date at our property.

Updated MB and he says, this is all evidence of underwriting going fine and that the 2nd survey is a legal requirement.

Has anyone encountered this - 2 valuations being carried out by Lender on its own? If yes, how did it go?

Thanks, CT

glosoli

cool_technie,

I would predict what has happened in your instance is they originally done a drive-by/automated valuation, and latterly realized the application was a switch to a Buy to Let from residential, which requires a full valuation to be done.

They require a full valuation on a Buy to Let, as this contains a rental figure, which is part of their affordability assessment.

cool_techie

glosoli wrote: »

cool_technie,

I would predict what has happened in your instance is they originally done a drive-by/automated valuation, and latterly realized the application was a switch to a Buy to Let from residential, which requires a full valuation to be done.

Thanks glosoli.

Would this also be the case, if the current residential mortgage is with another lender and a BTL one is being applied to with Clydesdale?

Regards, CT