Gatehouse Bank HPP?

Alisha__2

Hi All,
Submitted application and supporting documents on Wednesday to Gatehouse bank for Home Purchase Plan. They do not have many reviews online except 4/5 reviews (all negative - due to their slow processing). Does anyone have experience to share? Any information would be helpful to decide whether to continue with them or withdraw.

ACG

I think they are a relatively new bank.

If they are, there are going to be teething issues.

Alisha__2

Yes, they are relatively new and launched HPP in December 2018. This may be why I cannot find many reviews. We are first time buyers and keen to get every thing done as soon as possible. Applied directly to the bank without going through a broker. Mortgage adviser at the bank said it would take 4 to 6 weeks and that is OK for us. But the reviews have made me apprehensive.

ACG

We were given access to them about 2 weeks ago but have not used them yet.
There will no doubt be problems for the next 6 months plus. I think there is a difference between a company being run badly and a company lending out millions and finding their processes need tweaking and changing. Chances are it will not be as slick as someone like Halifax or Natwest, but that is all part and parcel of choosing a new lender.

Alisha__2

We considered Al Rayan and Gatehouse bank only (wanted to go for Sharia compliant plan). Gatehouse rates are lower as compared to Gatehouse. Do you have any experience with Al Rayan or can you comment on which one to go to for some one who does not want to take any chances of getting stuck in the process? Also read some reviewers complaining about slow processing by Al Rayan.

msnau

We used Al Rayan a couple of years ago. It was pretty straight forward. They are more phone than web based so had to call them to get things done.
Havent used Greenhouse yet. Am considering them to setup a savings account.

Just a word of caution: Al Rayan was mentioned negatively in the Dailymail today. I dont know what the implications are. After all the doom and gloom, the article's last few paragraphs state there is no suggestion that it has breached any UK laws, and the bank has said it does not support extremism or violence.

Alisha__

thanks every one for the replies. Just wanted to update, in case some one else might consider to apply with them. I must appreciate that the Gatehouse direct mortgage adviser was quite helpful and responded quickly to our emails. At application submission stage, we were told it would take up to six weeks to receive an offer. We received the offer on 20 august i.e. approximately 6 weeks after the application was forwarded to the underwriters. they did ask for further information and supporting documents every time we chased the MA for updates and requested to help and expedite the case. Was relieved to finally receive the offer of finance. Now i am off to chasing our solicitors to act more swiftly. Hoping that our experience with the bank stays positive in the future too.

Amber.imtiaz

Hi Alisha
What’s your progress on the application plz
We are in a similar situation alrayyan or gate house only
With gate house is that ok if u can share your circumstances like any credit commitments, credit score, total available credit,employment type . Additional documents asked During under writing
Solicitor used and the name of your advisor
Sorry for asking so much but I am so happy to find some one with gate house

Alisha__

Hi Amy,
Our progress with gate house bank for offer of finance went according to the given timeline i.e. 6 weeks from submitting application to receiving the offer. This could take a week or two less if it was not summer holiday season when we applied and people providing job references etc. were not on holidays when contacted.
We did not use a broker and applied directly to the bank. The bank's mortgage adviser dealing with our application was Robert Siddall. He was very helpful and responded quickly to my emails (I could never get hold of him on telephone). The solicitor acting on behalf of the bank have also been efficient so far.

Unfortunately, it is our solicitor who has been the most inefficient and proving to be a bottleneck in the process. We aimed to complete by the end of September and tried to get conveyancing and mortgage application done in parallel. But I did not believe in chasing the solicitor daily and chivvy them. It has turned out to be my biggest mistake and due to solicitor NOT doing anything unless repeatedly contacted, we are still waiting to receive contract papers from him. I would never recommend the solicitors I have used.

Other information related to our circumstances:
My husband and I applied as joint applicants. We applied for 80% LTV
Both work full time with combined gross annual income just over 100K
I use a credit card for payments on my regular business trips overseas and always pay in full. We do not have any other credit commitments.
We do not have any adverse credit history. Our credit scores are very good. However, I am not even sure if the bank used scores like those on Experian.

Additional documents/information asked during application were related to clarifications for transactions in and out of our bank accounts. But we had satisfactory proofs and legitimate reasons for all the incoming and out goings and we always dealt with and responded to the requests quickly.
Since I was on maternity leave at the time of application, my employer was also contacted for job reference before valuation survey was booked by the bank.

Best of luck with your application. Whether you choose Gatehouse or not, my two cents would be to regularly chase both the advisor and the solicitor for updates.

stj1995

Alisha__ said:

Hi Amy,
Our progress with gate house bank for offer of finance went according to the given timeline i.e. 6 weeks from submitting application to receiving the offer. This could take a week or two less if it was not summer holiday season when we applied and people providing job references etc. were not on holidays when contacted.
We did not use a broker and applied directly to the bank. The bank's mortgage adviser dealing with our application was Robert Siddall. He was very helpful and responded quickly to my emails (I could never get hold of him on telephone). The solicitor acting on behalf of the bank have also been efficient so far.

Unfortunately, it is our solicitor who has been the most inefficient and proving to be a bottleneck in the process. We aimed to complete by the end of September and tried to get conveyancing and mortgage application done in parallel. But I did not believe in chasing the solicitor daily and chivvy them. It has turned out to be my biggest mistake and due to solicitor NOT doing anything unless repeatedly contacted, we are still waiting to receive contract papers from him. I would never recommend the solicitors I have used.

Other information related to our circumstances:
My husband and I applied as joint applicants. We applied for 80% LTV
Both work full time with combined gross annual income just over 100K
I use a credit card for payments on my regular business trips overseas and always pay in full. We do not have any other credit commitments.
We do not have any adverse credit history. Our credit scores are very good. However, I am not even sure if the bank used scores like those on Experian.

Additional documents/information asked during application were related to clarifications for transactions in and out of our bank accounts. But we had satisfactory proofs and legitimate reasons for all the incoming and out goings and we always dealt with and responded to the requests quickly.
Since I was on maternity leave at the time of application, my employer was also contacted for job reference before valuation survey was booked by the bank.

Best of luck with your application. Whether you choose Gatehouse or not, my two cents would be to regularly chase both the advisor and the solicitor for updates.

Hi Alisha,

just wondering if things are still (hopefully) going smoothly one year in?

my husband and I couldn’t go for al rayan as we’re self employed and they wanted two years accounts.  Gatehouse is our only option. I’m just reading the (still sparse) reviews and getting a little put off. We’re first time buyers so really have no clue what to expect from a mortgage provider. 

stj1995

Amber.imtiaz said:

Hi Alisha
What’s your progress on the application plz
We are in a similar situation alrayyan or gate house only
With gate house is that ok if u can share your circumstances like any credit commitments, credit score, total available credit,employment type . Additional documents asked During under writing
Solicitor used and the name of your advisor
Sorry for asking so much but I am so happy to find some one with gate house

Did you end up going for Gatehouse?