Metrobank mortgage - buyers slow progress

Jennifer89

If anyone familiar with applying for mortgage with Metrobank? Since last 2 weeks our buyers have had no update of valuation date since they informed they paid the valuation fee. We are starting to grow frustrated that valuation date has not been booked..  We have tried asking if there is anyone they can escalate with at Metrobank, the estate agent says no and that we will just have to wait.. 

Has anyone else used Metrobank before for mortgage? Are they typically so slow with providing valuation date? 

Thrugelmir

Two weeks since they applied for a mortgage? That's not very long. 

Jennifer89

Thrugelmir said:

Two weeks since they applied for a mortgage? That's not very long. 

What is an average time? Maybe I have just been lucky as never had to wait long. Getting valuation date was always straight forward..

[Deleted User]

Average application to offer is probably closer to 3-4 weeks.  However within that you have some going through in a few days, and some taking months (especially if self employed).

Im guessing if Metro are being used then its either 90% lending or something specialised as they dont tend to source well at low ltv levels. 
90% or specialised will require more careful underwriting than a standard case so it will be longer than normal

280FBBA

Jennifer89 said:

If anyone familiar with applying for mortgage with Metrobank? Since last 2 weeks our buyers have had no update of valuation date since they informed they paid the valuation fee. We are starting to grow frustrated that valuation date has not been booked..  We have tried asking if there is anyone they can escalate with at Metrobank, the estate agent says no and that we will just have to wait.. 

Has anyone else used Metrobank before for mortgage? Are they typically so slow with providing valuation date? 

I guess it all depends on the lender and their timelines. Often lenders have questions or require more info from the applicant - each back and forth can add days/weeks to the process.

Given you say they have taken the fee might be a good sign that they might have progressed the application to near final stage ? Tbh during Covid it is hit and miss, haven’t heard much about Metro but if not a mainstream lender they probably have low staff numbers anyway. 

gkeevash1

Had an application with Metro, they were extremely slow and pretty useless, only when the application was escalated it progressed.  Their process is slow, every time Metro made a RFI, which they did in dribs and drabs our application went to the bottom of the pile. This was the feedback from our independent Mortgage Advisor.

Also each time the picked resume the application process they do a soft search, I have 14 soft searches and 2 hard searched all in the apse of ~20 days.  

Decided to go to Lloyds via initial online contact and assigned a Lloyds Mortgage Advisor and had an offer within 4 working days.