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mortgage DD set up but broker unaware of mortgage status. help!
kimplus8
Posts: 993 Forumite
currently buying my first home.
I have already received notification from my bank that my mortgage provider has set up a DD from my bank account and I assumed this meant it was all going through, as I figured that they wouldn't bother setting up a DD unless they had approved the mortgage.
However, today I contacted my broker to confirm what was happening and they said this didn't mean anything and that lenders always set the DD before approving the mortgage.
I'm now so confused and disheartened as I thought everything was moving in the right direction.
It will be almost 2 weeks tomorrow since I put in my full application and I have sent in all the extra documents they requested etc.
I even started my MFW diary. :-(
no point to this really except needing a hand hold so I don't go insane waiting.
surely they don't just set up DD's willynilly and would have to have some indication that the mortgage was commencing before setting it up?
I have already received notification from my bank that my mortgage provider has set up a DD from my bank account and I assumed this meant it was all going through, as I figured that they wouldn't bother setting up a DD unless they had approved the mortgage.
However, today I contacted my broker to confirm what was happening and they said this didn't mean anything and that lenders always set the DD before approving the mortgage.
I'm now so confused and disheartened as I thought everything was moving in the right direction.
It will be almost 2 weeks tomorrow since I put in my full application and I have sent in all the extra documents they requested etc.
I even started my MFW diary. :-(
no point to this really except needing a hand hold so I don't go insane waiting.
surely they don't just set up DD's willynilly and would have to have some indication that the mortgage was commencing before setting it up?
Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!
0
Comments
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Some banks do set up the DD, it can happen where the application does then get declined. Its just an automated process for some banks.
Who is the lender?
Has the valuation been carried out?
If so, when?
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
We enter direct debit details and preferred payment date as we submit the application. It's just a mechanical process.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Lender is Cumberland. Valuation already happened as I am in Scotland.ACG said:Some banks do set up the DD, it can happen where the application does then get declined. Its just an automated process for some banks.
Who is the lender?
Has the valuation been carried out?
If so, when?Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0 -
Sorry, I cant really help. I dont think I have ever used them.
I would imagine after 2 weeks they woul have done an initial review so should be ok. But I cant say for sure.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
I’ve just got to keep everything crossed I guess and hope it is all going along okay and is just slow.ACG said:Sorry, I cant really help. I dont think I have ever used them.
I would imagine after 2 weeks they woul have done an initial review so should be ok. But I cant say for sure.Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0
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