Are banks processing applications this week?

Cuddlybearman

I'm (still....sigh) waiting for my buyer to get his mortgage offer through his broker. Was meant to be "within 3-5 working days" which was today. Just wondering are they working or shall I just start chasing again next week?

davidmcn

Somebody posted earlier that they had received their mortgage offer today, so some obviously are. I would expect them all to be working to some extent on all of the non-bank-holiday days.

K_S

Cuddlybearman said:

I'm (still....sigh) waiting for my buyer to get his mortgage offer through his broker. Was meant to be "within 3-5 working days" which was today. Just wondering are they working or shall I just start chasing again next week?

@Cuddlybearman Yes, most lenders are. However, as you would expect it's mostly skeleton staffing.

Cuddlybearman

thanks - what about brokers - since this guys seems to have to wait for his broker every time.......

K_S

Cuddlybearman said:

thanks - what about brokers - since this guys seems to have to wait for his broker every time.......

@Cuddlybearman Well that depends on the broker/firm As a self-employed broker I myself have been working non-stop through the break because there's a lot of business out there but not everyone will do the same or want to do so. 

Blue_bell_20

Most solicitors are probably off until the 4th (at least the few I have emailed are off). Could this be the delay? I’m at the start of this buying process, so I don’t fully understand if the offer goes back to the broker or the solicitor- it could be the solicitor that is the hold up?

My mortgage advisor is working during this time and he said lenders still are. Although I also have a friend who works in a mortgage department for a lender and she’s off for Xmas, so likely reduced capacity.

Cuddlybearman

ok thanks @K_S  - lets hope his broker is as pro-active as you lol. Actually just to get your opinion on something.....

Ive been waiting for my buyer to get his mortgage offer since October - he originally applied directly to Nationwide for a buy-to-let mortgage and he willingly showed me all the emails, etc from nationwide and it all looked well prepared. Then about 4 weeks ago I got a call from my EA to say that he "didn't like the questions from nationwide and they were asking for more deposit so has gone to a mortgage broker" who applied with him to Satander. They drive by survey was done on the 10th Dec and now just waiting for them to reply (told him on the 17th Dec it would be 3-5 days)

So in your professional opinion - a) why would Nationwide change their mind b) is it a good sign that he has used a broker? and c) is the fact they have done a survey mean that they are ok with his application?

 I mean would a broker not even bother if there wasn't a good chance it would all work out?

Sorry - I'm expecting paperwork to all be done next week and him not have a mortgage is making me feel sick!!

K_S

@cuddlybearman

a) Nationwide doesn't offer buy-to-let mortgages, just residential. A related lender called The Mortgage Works does BTL mortgages. So it's possible there's some confusion there.

b) I'm probably biased but yes, if someone's using a broker and they put in an application, generally speaking I'd rate the chances of success higher than someone going direct. Brokers only get paid if the mortgage completes, so there's no reason to progress an unrealistic application.

c) Not necessarily.