Mortgage application is taking so long....

Punkcandykane

Me and my partner are first time buyers.....we applied for our mortgage with Accord on October 26th. Since then all we have had is waiting around and only getting updates when I have called/emailed. We are with L&C and from reading a few posts I am aware that this was probably a mistake as they are slow/not good with updates.

I understand that there is a pandemic and also the Christmas period etc. We were told our offer would be arriving on 22nd December as the lender was satisfied with all the documents and questions answered. I chased on December 28th to be told we needed to submit credit reports as the lender still could not find my partners credit file. We were asked this in November and provided upto date info/address info and were told it was fine. Its super frustrating as only today has the report been sent to the lender.

Frustratingly the reason they could not find his credit was due to the fact the performed 2 hard searches with the incorrect address.

Sorry for the long post but I guess my question is: is 10 Weeks just waiting for a mortgage offer normal or is my frustration justified?

Thanks

annetheman

If you do some browsing, you will find this isn't just an Accord thing. Many applicants - FTB and others - are experiencing very long waits for application outcomes. Justified? I have no idea, but I do know that there's not much we (applicants) can do about it except wait and respond to any requests quickly.

You may find comfort in participating in some of the threads already in circulation like the Waiting for mortgage offer one - or if there is an Accord one, that might be a good sounding board for frustrations. 

Edit to add: https://forums.moneysavingexpert.com/discussion/6193180/accord-mortgage-timeline/p1

I feel your pain.

rachlikeswinter

Unfortunately things are just really really slow across the board right now. For context - I applied for my mortgage on 8th October, after a DIP on 25th September, and got my offer on 30th December. 

There was an article in the guardian today that stated mortgage approvals (and therefore, applications in general) are at a 13-year high. 

Hang in there!

Punkcandykane

Thanks for the advice. 
Looks like my frustration/worry was justified.
Just had a call from L&C to say the mortgage was declined due to credit. I really dont understand how this has happened. For accord to have done all of thier end, to be told we are just waiting the offer to then a decline due to credit. It feels like a mistake has been made somewhere.
Just got to wait to see if there are any other options for us now.....otherwise we will have to pull out.
Thanks again for the advice

annetheman

Punkcandykane said:

Thanks for the advice. 
Looks like my frustration/worry was justified.
Just had a call from L&C to say the mortgage was declined due to credit. I really dont understand how this has happened. For accord to have done all of thier end, to be told we are just waiting the offer to then a decline due to credit. It feels like a mistake has been made somewhere.
Just got to wait to see if there are any other options for us now.....otherwise we will have to pull out.
Thanks again for the advice

Sorry to hear that but as you say it doesn’t mean the end - if you have your full credit reports you can have a look at what it might be (anything within 12/24 months?) and contact a broker specialising in adverse. There are some here who are great. Best of luck 🤞🏾 

Punkcandykane

Thank you. It just seems ridiculous as the score isn't low at all but there is on £50 default which has been paid from 2018. We are going to add a notice of correction to the credit file as we were never contacted regarding the £50 and only found out about it when starting to look at buying a house etc. 
Hopefully that will help explain to lenders.
This is our second mortgage application so im really starting to think its not going to happen. I will have a look at some brokers.

Thanks

kingstreet

Punkcandykane said:

Thank you. It just seems ridiculous as the score isn't low at all but there is on £50 default which has been paid from 2018. We are going to add a notice of correction to the credit file as we were never contacted regarding the £50 and only found out about it when starting to look at buying a house etc. 
Hopefully that will help explain to lenders.
This is our second mortgage application so im really starting to think its not going to happen. I will have a look at some brokers.

Thanks

Don't! Get broker advice first!

Punkcandykane

Thank you we are going to look at a broker. My partner wants to continue with L&C but I have convinced him that we need someone who can give us some solid advice. 
I am really not happy with L&C at all so would be good to get another opinion.

K_S

Punkcandykane said:

Thank you we are going to look at a broker. My partner wants to continue with L&C but I have convinced him that we need someone who can give us some solid advice. 
I am really not happy with L&C at all so would be good to get another opinion.

Punkcandykane said:

This is our second mortgage application

@punkcandykane If you've got 2 declines going through L&C (or any other broker), I think it's probably wise to move on and find someone else. One 2+ year old satisfied default of £50 shouldn't (on its own) put you in adverse territory. Good luck!