Loughborough building society

Chloe30018

Hi has anyone got any reviews or recent timescales with Loughborough mortgages? Just curious to how they work? Do they underwrite first and then instruct valuation? Does anyone have any recent dealings with them for timescales ect. Thanks 

ACG

I have used them a few times. 
Its about 3 working days to assess applications. They instruct the valuation after underwriting. 
I generally like them, but they will go through your bank statements line by line. Commitments also comes off your gross pay which is unlike most lenders. So their affordability model can be a bit mean compared to other lenders. 

Chloe30018

Am I right in saying that if I passed the initial affordability, that my broker submitted to get an AIP, we should be ok going forward? It seemed to be a thorough process at the start before any documents were submitted regarding commitments ect. 

ACG

Theoretically yes. That assumes your broker has done affordability correctly, loughborough are quite picky on that. 

Chloe30018

Brill thanks for getting back to me.. 

just one last question. We transfer to and from saving pots quite regularly during the month which can be seen on our statements, is it likely they will ask for the statements for these accounts too? They also havnt yet asked for my buisness account statements, is this something they always require? 

ACG

Ive not sent a self employed applicant to them for a while. 
They did get very strict over them (like a lot of lenders) after covid. I am not sure where they are at now with self employed sorry. Although they did just check business statements more for turnover, ie if you declared £50k a year and turnover was £2k a month they would have had an issue. 

As for the savings to pots - probably not as they are savings accounts, but they do generally want all bank statements.