Clydesdale Remortgage Nightmare

kvothe

Hi everyone, I've been a lurker for a while. Thought I'd share my experience with Clydesdale (still awaiting an offer).

I went through a broker (a very large broker, which MSE highly recommend). I've used them a few years ago when I bought my house, so I thought, might as well give them the opportunity again.

In hindsight that was my first mistake.

App submitted 20/04
Credit search 22/04
Solicitor instructed (went with Clydesdale solicitor) 30/04

Then it went downhill from there.
Absolutely disgraceful experience with the broker. I've had to chase them multiple times for updates. The case manager was dreadful and the advisor was no better.

The borrowing was lowered 3x after the application was submitted because of a mistake on broker / Clydesdale side.

Long story short, I'm now a week away from moving to a variable rate mortgage with my current lender and Clydesdale have requested yet more information.

I've accepted that I may need to pay the higher interest for a month, maybe two.

My biggest mistake was trusting the mortgage broker. I assumed (foolishly), they'd be competent at their job. I have no doubt some mortgage brokers are, but the ones I've dealt with so far, haven't.

In hindsight I should have started parallel applications, either direct or through another broker.

Just thought I should share my experience. Incase anyone is thinking of going with Clydesdale, just be prepared for an utter incompetent job from their underwriters.

K_S

@kvothe Sorry to hear about the trouble you have had. If you don't mind me asking, out of professional interest, can I ask what the reason was for going with Clydesdale - large loan size, offset, interest only, unusual income type? What is the sticking point that caused all these delays?

lonibra

L&C? They're ok for normal requirements but clearly if you have used Clydesdale and taken more than 2 months in underwriting, yours doesn't fall in that category.

kvothe

@K_S Clydesdale was the recommended by the mortgage advisor (they had the most competitive rates) for the LTV (70%) that I was looking for. It was supposed to be a very standard re-mortgage. Clean credit history, full time employment, good LTV, 5yr fixed repayment mortgage, no htb or share ownership schemes.

The explanations (excuses?) I've received from the mortgage advisors are: Multiple errors on Clydesdale's part, Process failures on Mortgage advisor's part.

@lonibra Yep they were okay, when I first used them a few years ago, hence why I went with them again.

[Deleted User]

I despise Clydesdale.  I have never in my career had a case go well with them. 

lonibra

kvothe said:

@K_S Clydesdale was the recommended by the mortgage advisor (they had the most competitive rates) for the LTV (70%) that I was looking for. It was supposed to be a very standard re-mortgage. Clean credit history, full time employment, good LTV, 5yr fixed repayment mortgage, no htb or share ownership schemes.

The explanations (excuses?) I've received from the mortgage advisors are: Multiple errors on Clydesdale's part, Process failures on Mortgage advisor's part.

@lonibra Yep they were okay, when I first used them a few years ago, hence why I went with them again.

If it is a low LTV strandard remortgage with no complications then you could just apply for another one either directly or through another MB. My MB did a NatWest (I think) remortgage for my friend a few weeks ago and the offer came in 2 days with an automatic valuation. 

london21

Might be worth checking Barclays. I was comparing Virgin money and Barclays and Barclays's rates are very competitive. 

K_S

Deleted_User said:

I despise Clydesdale.  I have never in my career had a case go well with them. 

@Deleted_User I remember the days (not very long ago actually) when they had paper forms to fill for everything.

I now have a great Virgin-Clydesdale BDM and Clydesdale claim to show "common-sense" in lending but as soon as it gets to the underwriters, it's "we can't do that". Thankfully I've now learnt to get the BDM to do all the legwork in advance with the underwriters to make doubly sure it fits before placing a case.

kvothe

lonibra said:

kvothe said:

@K_S Clydesdale was the recommended by the mortgage advisor (they had the most competitive rates) for the LTV (70%) that I was looking for. It was supposed to be a very standard re-mortgage. Clean credit history, full time employment, good LTV, 5yr fixed repayment mortgage, no htb or share ownership schemes.

The explanations (excuses?) I've received from the mortgage advisors are: Multiple errors on Clydesdale's part, Process failures on Mortgage advisor's part.

@lonibra Yep they were okay, when I first used them a few years ago, hence why I went with them again.

If it is a low LTV strandard remortgage with no complications then you could just apply for another one either directly or through another MB. My MB did a NatWest (I think) remortgage for my friend a few weeks ago and the offer came in 2 days with an automatic valuation. 

Yep, I've just done this now. Went direct with another lender. They've said 2-4 weeks turnaround. Fingers crossed!