Lender cancelling mortgage application

abs95

Hi
my boyfriend has had his initial approval from the forces help to buy whilst he’s been on leave the last 3 weeks (his friend had logged on to his JPA  on his behalf). This was done around 3 weeks ago. However, due to the coronavirus he is now working from home and is not allowed back onto camp so hasn’t been able to get onto JPA to forward the approval to our mortgage advisor.
our mortgage advisor informed us that our lender is only keeping our application open for 10 more days until they cancel it. He had said that he managed to hold them off for a while whilst my boyfriend was on leave but they’re not holding on much longer. 
my boyfriend is going to call JPAC on Monday to see what can be done but was wondering if anyone else had any ideas or what he needs to ask them? 

Thanks! 

[Deleted User]

Depending on the lender not a lot can be done.  Some have a system driven time limit where if the case isnt fully packaged prior to a deadline then its just cancelled.  
Its generally to discourage applications going in before they are ready to be assessed fully.   Lenders want to offer a case on 1st touch of a file.  Having to go back in 3 or 4 times to see if documents have arrived yet is just a waste of their time.

In an ideal world all documents should have been in place prior to application submission.   It might mean that the application needs to be rekeyed and would be subject to new underwriting.   For instance, some lenders dont do new builds at the moment, some restrict ltv limits.   Has the broker indicated if the lender is able to redo a new application or have they withdrawn at the moment? 

abs95

Deleted_User said:

Depending on the lender not a lot can be done.  Some have a system driven time limit where if the case isnt fully packaged prior to a deadline then its just cancelled.  
Its generally to discourage applications going in before they are ready to be assessed fully.   Lenders want to offer a case on 1st touch of a file.  Having to go back in 3 or 4 times to see if documents have arrived yet is just a waste of their time.

In an ideal world all documents should have been in place prior to application submission.   It might mean that the application needs to be rekeyed and would be subject to new underwriting.   For instance, some lenders dont do new builds at the moment, some restrict ltv limits.   Has the broker indicated if the lender is able to redo a new application or have they withdrawn at the moment? 

That makes sense. My boyfriend put the application in before he was on leave as he had been in Kenya for 8 weeks previously so only had a couple of days to apply for it before going on leave. The lender has withdrawn all new mortgage applications so if it does get cancelled then I don’t think we’ll be able to reapply for a while 

[Deleted User]

Its the way things are unfortunately.  Everyone is fairly understanding that things are at a bit of a standstill at the moment.  Id be surprised if any delay caused any real issues anyway. 

Ive just had a case where i raced to get the mortgage offer out and then found out that the particular solicitors werent bothering to start any new cases at the moment anyway.   

There would be a delay somewhere along the process even if the mortgage was sorted instantly

abs95

Deleted_User said:

Its the way things are unfortunately.  Everyone is fairly understanding that things are at a bit of a standstill at the moment.  Id be surprised if any delay caused any real issues anyway. 

Ive just had a case where i raced to get the mortgage offer out and then found out that the particular solicitors werent bothering to start any new cases at the moment anyway.   

There would be a delay somewhere along the process even if the mortgage was sorted instantly

I know it’s so frustrating that everything is out of control. Our solicitors have put our application on hold as we’re not exchanging yet and our house developer (we’re buying a new build) is shut as well so everything else is delayed as it is!