Mortgage is taking a very long time with underwriter

star133

Hi 👋🏻 
there is a lengthy saga with our house buying & selling 9 months to be exact ! 

Brief summary - 

We went to exchange & complete 3 times….. chain broke down….original mortgage expired…. Terrible communication through out the chain. We are all now leaving paying much more money for our properties. 

new mortgage application sent on the 23rd of June , it’s valuation is fine all supporting documents are now fine ( although they were splitting hairs over one document saying - Mr J bloggs and the other saying Mr Jon Bloggs… they are now satisfied after further evidence given. credit history is well above average scores for the pair of us. 
yet underwriting is taking far longer then expected. We were originally advised to go with this lender due to speedy turnaround times. With exchange and completion due to  happen by the end of this month. Luckily for us it’s looking like next month except today I’ve had a phone call from the chain saying they are ready for the 4th of August. According to our broker on this online system they have updated saying it can take a further 6 to 10 days for mortgage offers to be issued. I’m beyond stressed ! I don’t understand how they conduct their workload. ( this particular lender has put out on their website they are having issues with delivering mortgage offers due to extremely high demand ) 

Is there anyway of escalating things ? Or is it a case of just sitting and waiting. It’s been beyond stressful the past 9 months and I can’t believe so much can happen to the same people. 

Thankyou for reading all of the above , I’m very stressed and this a very good way of venting 😅

  

rincha

Hi, maybe get your broker to get the BDM to escalate the case. 

Banks Business development manager 

K_S

@star133 If a full application went in less than a month ago, and there have been a couple of queries, then unfortunately the timelines seem fairly normal for lenders like Nationwide, Virgin, Clydesdale, NatWest (though they've sped up a lot in the last week), etc. So I wouldn't expect much luck with an escalation.

Santander had a flood of applications for a week recently when they were significantly cheaper than the competition and that's clogged up their pipeline as well.

I'm intrigued to know which lender your broker suggested was 'quick' in late June. To my knowledge it was just Halifax, Leeds, Skipton, Accord and perhaps HSBC.

star133

K_S said:

@star133 If a full application went in less than a month ago, and there have been a couple of queries, then unfortunately the timelines seem fairly normal for lenders like Nationwide, Virgin, Clydesdale, NatWest (though they've sped up a lot in the last week), etc. So I wouldn't expect much luck with an escalation.

Santander had a flood of applications for a week recently when they were significantly cheaper than the competition and that's clogged up their pipeline as well.

I'm intrigued to know which lender your broker suggested was 'quick' in late June. To my knowledge it was just Halifax, Leeds, Skipton, Accord and perhaps HSBC.

Thankyou for your reply I’m very stressed.
this is actually with Santander. We were made aware that a load of applications went in around the same time as ours did. We keep being told different time frames for review. I’m very anxious that we will now be the ones holding up the chain 😩

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