Mortgage broker - ask me anything

Meg7711

 Natwest issued my offer twice with the same spelling mistake in my surname. The broker contacted them twice, ID was provided, two hard searches were done, and today they removed 2nd hard search (for a correct surname) from my files and issued the offer on the same wrong surname. 

Could you please tell me who I should contact to or what to do and expect in this situation?

K_S

Meg7711 said:

 Natwest issued my offer twice with the same spelling mistake in my surname. The broker contacted them twice, ID was provided, two hard searches were done, and today they removed 2nd hard search (for a correct surname) from my files and issued the offer on the same wrong surname. 

Could you please tell me who I should contact to or what to do and expect in this situation?

@meg7711 Your broker should be handling this tbh. If it's one of the volume brokers and you aren't getting any attention or clear answers on this, might be worth dropping a 1* review on their Trustpilot page, that usually prompts them to respond.

What kind of error is it - is it the last name being misspelt, an old last name being used, middle name being misplaced, or something else?

Meg7711

The surname has an additional letter. I had one hard search done with the incorrect surname, then the broker informed natwest about the mistake, and they did 2nd hard search with a correct surname. 2 weeks later, the offer was issued with the incorrect surname. The broker informed them about it. Today I noticed that the 2nd hard search with the correct surname was removed, and an offer was issued in the afternoon. The broker misspelt the surname when AIP was made, and then he did not check it and applied for a mortgage. I spotted the mistake when I checked my files on Equifax, and they told me they had contacted the bank immediately. 

atlasmm

Our broker advised today that the valuation was done, I find this strange before the mortgage has been underwritten as surely if it’s rejected at the underwriting stage, the valuation taking place first means the lender has wasted time/money (albeit it was only a desktop valuation as it was completed the day after application)?

Is this standard practice (Leeds BS)

K_S

atlasmm said:

Our broker advised today that the valuation was done, I find this strange before the mortgage has been underwritten as surely if it’s rejected at the underwriting stage, the valuation taking place first means the lender has wasted time/money (albeit it was only a desktop valuation as it was completed the day after application)?

Is this standard practice (Leeds BS)

@atlasmm Yes this is standard practice for many mainstream lender apps - the valuation is automatically instructed on application and then the valuation and processing/underwriting happen in parallel, independent of each other.

Smaller building societies and specialist lenders sometimes do it in sequence - initial assessment/underwriting and then the valuation.

Catty288

@K_S we have been asked by our conveyancer if we have any completion date in mind and have replied with ‘as soon as feasibly possible’. What is the quickest timescale that they could get this done? Should we have given an actual date? We are buying out another party who also wants this completed as soon as possible. Partner is already on deeds. No chain. My name is to be added to deeds instead of other party and changed from tenants in common to joint tenants. We already live in the property. All searches have been done several weeks ago, except maybe the bankruptcy search. TR1 is signed and other party’s solicitor has confirmed receipt (finally!) today, mortgage deed signed and returned last week. All document reviews and queries have been dealt with last week. As far as we are aware, we are only waiting on funds to be transferred, although there may be other documents needing signing that we are unaware of as have never done this before. If they have asked for a completion date, are we correct in assuming that? 

K_S

Catty288 said:

@K_S we have been asked by our conveyancer if we have any completion date in mind and have replied with ‘as soon as feasibly possible’. What is the quickest timescale that they could get this done? Should we have given an actual date? We are buying out another party who also wants this completed as soon as possible. Partner is already on deeds. No chain. My name is to be added to deeds instead of other party and changed from tenants in common to joint tenants. We already live in the property. All searches have been done several weeks ago, except maybe the bankruptcy search. TR1 is signed and other party’s solicitor has confirmed receipt (finally!) today, mortgage deed signed and returned last week. All document reviews and queries have been dealt with last week. As far as we are aware, we are only waiting on funds to be transferred, although there may be other documents needing signing that we are unaware of as have never done this before. If they have asked for a completion date, are we correct in assuming that? 

@catty288 Sounds like most of the work is done.

A transfer of equity usually involves the party being bought out being sent a document to sign and returning it to the solicitor. If the solicitor has that as well then completion should be doable soon as.

joseyjo72

Our mortgage offer expires (plus 28day extension) tomorrow. If I can get the conveyancer to give a likely completion date, they will extend by a further week. (While we reapply just in case). My estate agent is suggesting that if we don't quite make that date for completion but that funds are requested to get to our solicitor on/before the expiry date, then we can complete a few days later. Is this correct as it seems to contradict what I've read online but I would imagine my estate agent would know from experience...
Thanks

K_S

joseyjo72 said:

Our mortgage offer expires (plus 28day extension) tomorrow. If I can get the conveyancer to give a likely completion date, they will extend by a further week. (While we reapply just in case). My estate agent is suggesting that if we don't quite make that date for completion but that funds are requested to get to our solicitor on/before the expiry date, then we can complete a few days later. Is this correct as it seems to contradict what I've read online but I would imagine my estate agent would know from experience...
Thanks

@joseyjo72 It might be possible in theory but it's down to the solicitor whether it's practical to go down that route in this particular case. Best speak to your sols straight away.

joseyjo72

K_S said:

joseyjo72 said:

Our mortgage offer expires (plus 28day extension) tomorrow. If I can get the conveyancer to give a likely completion date, they will extend by a further week. (While we reapply just in case). My estate agent is suggesting that if we don't quite make that date for completion but that funds are requested to get to our solicitor on/before the expiry date, then we can complete a few days later. Is this correct as it seems to contradict what I've read online but I would imagine my estate agent would know from experience...
Thanks

@joseyjo72 It might be possible in theory but it's down to the solicitor whether it's practical to go down that route in this particular case. Best speak to your sols straight away.

Thanks, I will ask them then