Does chasing make a difference?

BishopBrennon

 Reading this forum, lots of people talk about phoning their broker/solicitors/potential lenders on a near daily basis for updates. Does this actually make much difference to the pace of things? Unless there happens to be a slip up in communication, surely relevant updates or requests for future details will be passed on almost immediately to the applicant? Wouldn't constantly phoning up just divert attention away from processing the applications and slow things down overall? I wonder if it's just about trying to get a sense of control over a highly stressful process that is largely out of our hands or whether chasing actually does help things move along. 

I have recently got a mortgage offer and I'm now just waiting for a completion date so this is more out of academic curiosity. I guess I was fortunate in my case that Covid provided ample explanation of any delays so I wasn't too anxious waiting for updates as there was at least a reason for it to be going slow (rather than wondering if there was a problem with my application). 

Thrugelmir

Unneccessary contact does only one thing, waste peoples time. These are unusual times that have created all sorts of challenges and unavoidable delays. I'd be a rich man for every time that I picked up the phone during my working life to be asked "Have you read my email".  My standard response being "No I haven't. With fewer interuptions I'd get to it quicker though". 

J4mesg

BishopBrennon said:

 Reading this forum, lots of people talk about phoning their broker/solicitors/potential lenders on a near daily basis for updates. Does this actually make much difference to the pace of things? Unless there happens to be a slip up in communication, surely relevant updates or requests for future details will be passed on almost immediately to the applicant? Wouldn't constantly phoning up just divert attention away from processing the applications and slow things down overall? I wonder if it's just about trying to get a sense of control over a highly stressful process that is largely out of our hands or whether chasing actually does help things move along. 

I have recently got a mortgage offer and I'm now just waiting for a completion date so this is more out of academic curiosity. I guess I was fortunate in my case that Covid provided ample explanation of any delays so I wasn't too anxious waiting for updates as there was at least a reason for it to be going slow (rather than wondering if there was a problem with my application). 

I found escalting with lender business manager helped a great deal. They would only escalate if within 2 weeks of move mind you.

[Deleted User]

The reason people chase is usually because they haven't been informed of proper timescales. 

Option A: I've uploaded document to lender, will call you when I've got some news
Option B: I've uploaded document to lender, they are taking 7 days to review paperwork so I will call you a week on Friday to let you know what's happening.

It's very easy to slip in to option A, but generally clients chase more as they don't know if its delayed or not

MovingForwards

I let my broker get on with it, I knew they would be extremely busy dealing with my application and other clients. As it was my broker kept in touch with me.

I also let my solicitor get on with his job. Only once did I prompt him and that was because I was following up on a query I had.

My purchase was in Scotland, there's a lot less information on MSE / online in general about buying in Scotland compared to England and Wales.

mortgagetakingages

If your broker keeps you informed and sticks to dates to update you leave them be. I kicked my original ma for never keeping to dates because i don't want to chase!

amnblog

Regardless of how pro active you are as a Broker, some applicants call multiple times a day - not helpful - but goes with the territory.

annetheman

I haven't spoken to my broker in months - last time being around June. That's because I found out the name of the freeholder and have been going directly between the bank and the freeholder to secure a date in August for the survey causing delays.

I would actually have trusted my broker to do this go-between work - that is what I'm paying for after all - however, he had a baby not long ago and I realised early on that I happen to be much more proactive so I just thought I'd do it myself. Seems to be working for us both.

When I get to your space (between exchange and completion) I imagine I will follow up with solicitor much more anxiously, because anything going wrong at that stage will have dire consequences. I have asked all the questions I wanted to about the lease but I know that period of time will be torturous and I do anticipate my solicitor will have to get used to me!