Mortgage broker - ask me anything

haras_n0sirrah

SueF1 said:

haras_n0sirrah said:

SueF1 said:

haras_n0sirrah said:

SueF1 said:

Wondering if you can clear something up that is confusing me as I know you said that Santander have a 2 stage UW process. 
Applied 26/08, few days later asked to send updated docs (date missed off accountants certificate) so broker uploaded same day. Valuation done 23/09 and broker says in the queue for UW. 
Does this mean I'm waiting the 2nd stage or the first stage of UW as broker said it's been and back already? I'm just confused as current Santander service levels say dealing with UW from 04/09- does this mean the 1st or 2nd stage as if it means the 2nd stage I'm in for a hell of a wait yet!

the first stage is a doc check - this sounds as though you didn't pass this first time so they came back for more. If it passes the doc check it the goes into the underwriter queue which yes is currently 3 weeks long.

So all my docs were uploaded correctly by 03/09 after they'd done their initial checks. Does this mean it would be referred to UW straight away and therefore if they're working on 04/09 they'll be checking it next....? Or is that wishful thinking. 
Valuation was booked straight away but the wait in this area was 3 weeks hence not being done until last week 23/09

ask your broker what day it went into the underwriting queue. It is I think a couple of days for the doc check queue and this would be on top

Sure my broker is getting p****d off with all the hassle I'm giving her so thought I'd ask your opinion too. Thank you for answering my questions! Really appreciated.

It is incredibly frustrating for us this side of the desk too but the most important thing a broker can do at the moment is set expectations. I told a client (from this website actually) today we won't hear anything until the 17th october - he now knows what the score is and not worry he hasn't heard anything. 

becky8690

haras_n0sirrah said:

becky8690 said:

A question about LBS and their service status. Is the 12 working days for underwriters from the day the application was submitted?

day after I am afraid so if something is submitted on the 1st the 1st working day would be the 2nd so the 12th would be the 17th

Ah yeah excluding day of receipt, just wasn't sure if it meant from day of application or day it entered the queue after initial checks. My broker submitted the application on the 11th September and hard credit search showed up on the 15th September 

SueF1

haras_n0sirrah said:

SueF1 said:

haras_n0sirrah said:

SueF1 said:

haras_n0sirrah said:

SueF1 said:

Wondering if you can clear something up that is confusing me as I know you said that Santander have a 2 stage UW process. 
Applied 26/08, few days later asked to send updated docs (date missed off accountants certificate) so broker uploaded same day. Valuation done 23/09 and broker says in the queue for UW. 
Does this mean I'm waiting the 2nd stage or the first stage of UW as broker said it's been and back already? I'm just confused as current Santander service levels say dealing with UW from 04/09- does this mean the 1st or 2nd stage as if it means the 2nd stage I'm in for a hell of a wait yet!

the first stage is a doc check - this sounds as though you didn't pass this first time so they came back for more. If it passes the doc check it the goes into the underwriter queue which yes is currently 3 weeks long.

So all my docs were uploaded correctly by 03/09 after they'd done their initial checks. Does this mean it would be referred to UW straight away and therefore if they're working on 04/09 they'll be checking it next....? Or is that wishful thinking. 
Valuation was booked straight away but the wait in this area was 3 weeks hence not being done until last week 23/09

ask your broker what day it went into the underwriting queue. It is I think a couple of days for the doc check queue and this would be on top

Sure my broker is getting p****d off with all the hassle I'm giving her so thought I'd ask your opinion too. Thank you for answering my questions! Really appreciated.

It is incredibly frustrating for us this side of the desk too but the most important thing a broker can do at the moment is set expectations. I told a client (from this website actually) today we won't hear anything until the 17th october - he now knows what the score is and not worry he hasn't heard anything. 

Yes she did say right at the beginning it would take some time, doesn't stop us panicking though does it. She is great, I've used her twice before and find her invaluable but it's so nerve wracking this time around, obviously for Covid related reasons!
Thank you for taking the time to explain too, much appreciated.

Dinpraad

haras_n0sirrah said:

Dinpraad said:

haras_n0sirrah said:

Dinpraad said:

My full application for Natwest went in on the 14th September 2020. Natwest requested some clarifications below which have all be fulfilled.
When will Natwest make an offer? Will it before Valuation or after?

We need to clarify your clients solicitors details. 17/09/2020
Assessment await task	A valuation has been instructed and we are now awaiting your client's survey report.	17/09/2020 16:00
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We have received your client's employment contract / reference. We're reviewing this and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23
Assessment inprogress task	We are reviewing the original payslips that you submitted on behalf of your client and will contact you if we need any further information. For current processing timescales refer to http://intermediary.natwest.com	18/09/2020 17:23

You wont get an offer until after the valuation is done

Natwest has asked for proof of deposit. We are  short of £1200  from our existing savings which we will be paying into out joint account when we get paid end of this month. We do not exchange until the 19th of October. Will that be an issue?

If it is the end of this month (i.e. a couple of days) just wait until you have it and then send the full deposit proof

£600 will be paid in by my partner tomorrow. 
My balance of £600 will be paid in on the 7th October when I get paid. Will it pose a problem? Or I should borrow £600 from family member and pay into the account and give it back on the 7th October when am paid.

becky8690

Just one more question about the LBS timescales, its just jumped right down to 20 working days for a standard application for the offer turnaround, again is the from the day after application? Or after underwriters have reviewed 

Times_Are_Hard

I am putting my house on sale via an agent soon.
A mortgage advisor I spoke to said his fees are £130 for the mortgage application and another £500 (can't remember exactly what he said ) for something else. I always thought the lender would give him a commission, so what would the £500 be for?
They all seem to say they have access to special/exclusive/blah blah deals, don't they all because that's what they have on the system they log into?

haras_n0sirrah

Times_Are_Hard said:

I am putting my house on sale via an agent soon.
The first mortgage advisor I spoke to said his fees are £130 for the mortgage application and another £500 (can't remember exactly what he said ) for something else. I always thought the lender would give him a commission, so what would the £500 be for?
They all seem to say they have access to special/exclusive/blah blah deals, don't they all because that's what they have on the system they log into?

Most brokers charge these days (e.g. I dont hide I charge £399 on receipt of a mortgage offer) - those fees you have been quoted are quite high and a lot of estate agents have panels rather than being whole of market. I have no issue with brokers charging fees however make sure you are getting value for your fee. Is the broker contactable and respond quickly to messages and emails? Do they know their stuff? 
Are they whole of market as some small regional lenders are cheaper than the high street.
Can they act quickly especially as rates are rising? What are you getting for your money and then you can decide if it is worth paying 

haras_n0sirrah

becky8690 said:

Just one more question about the LBS timescales, its just jumped right down to 20 working days for a standard application for the offer turnaround, again is the from the day after application? Or after underwriters have reviewed 

That may mean they are starting to catch up which would make my job a lot easier 

ak19841

What are the chances of a FTB getting a 90% LTV mortgage in current climate? I was told that there are only two lenders doing it at the moment too.

haras_n0sirrah

ak19841 said:

What are the chances of a FTB getting a 90% LTV mortgage in current climate? I was told that there are only two lenders doing it at the moment too.

If you are buying a house and your credit is good and the affordability fits then you should be fine.