Mortgage Advisor just called saying wait times are 30+ days- rights? what to do?

saajan_12

krissy08 said:

So grateful for all the replies- can I keep two applications open with 2 lenders. Go for the quicker turn around time which has a lower percentage and lower fees and keep the other on the slow burn as well.
Is there a negative to this bar the 2 credit searches?

The broker may charge for helping with 2 applications. 
The solicitor may charge for responding to two sets of queries if the lenders have different requirements. 

steampowered

Personally I would just wait out the 30 days.

I don't think you have a case for a refund of the fee. The broker is doing their job correctly by warning you in advance about lender processing times, it isn't the broker's fault that a particular lender is being slow. In life you often "get what you pay for" so it's not surprising that the cheapest lender in the market might be a bit slower than the others.

You are going to need to wait for things like search results anyway. Perhaps you could instruct your conveyancer to be getting on with searches and conveyancing in the meantime, so you might not actually lose any time off the conveyancing process?

rachlikeswinter

krissy08 said:

is the waiting time of 30 days reasonable during this period?

Anecdotally, this sounds normal 'during this period' - as in, the combination of the stamp duty holiday / mass exodus out of cities + lenders still having some staff furloughed, means apparently there's quite a backlog of processing everything right now. I'm not as far along the mortgage process as you, but my broker has already warned me that when banks open at 9am, they submit applications and by 9.30am, the banks are saying, ok no more today please. How accurate that is, I don't know, but basically a lot of people want to move house right now.

I would just wait. 

happysellerbuyer

At least they are being upfront. Stay with them.

Thrugelmir

rachlikeswinter said:

krissy08 said:

is the waiting time of 30 days reasonable during this period?

I don't know, but basically a lot of people want to move house right now.

With many staff home based. Productivity is far lower. 

PERMOTIO

I waited almost a month for Natwest to tell me I'd applied for the wrong product (self-employed, and apparently cannot apply online even though there was no warning and I did/could apply online!). I then waited for almost another month through a broker to go with HSBC. I'd stick with it - whoever you go with, especially if you're a director [adds complexity], you're going to have to wait.