Mortgage co has set up DD...

Aliceinwonderland_3

...does this mean our application is likely to be successful? (We have had an agreement in principle). I'm waiting to hear back from DL about our application for a remortgage with them but noticed today on my bank account that they have set up a DD. I know they have been very busy and this has probably delayed getting back to us. I haven't managed to speak to them on the phone yet as the waiting times are long and I have two small children who won't wait that long!

I was a bit concerned because we couldn't provide all of the exact information they wanted (e.g. they wanted my H's audited accounts as he is self-emp. We provided his accounts, which are drawn up by a chartered accountant, but aren't audited in the accountancy definition of the word).

Also, when they wrote us to sending us the documentation to sign and send back, they noted we had requested a "fast track valuation". We hadn't- I just assumed they decided on this. Does anyone know what this means? I saw from a post a few days ago that a DL valuer had been sent to the visit the property. We haven't heard anything from them about this.

Thanks for any comments. I know I could sit tight and wait to hear from them but I'm getting a bit nervous about having organised it direct myself an am wishing I had gone through a broker who could hand-hold us through the process. I'm a bit worried our current deal runs out on the 31 May and we're now 4 weeks down the road with DL, leaving us not much time to sort an alternative if something goes wrong.

allan673

phone them up and ask for an update, they will tell you what stage the application is at.

cubegame

Hopefully it does, because we're in the same situation. DL have set up a Direct Debit and we're still awaiting a response from the underwriters.

I have asked them outright but the answer was "it's part of the application process" which is about as vague as possible!!

Good luck.

NewMummy

Hi, we had our DL mortgage agreed officially yesterday via phone, waiting for the official offer to come thru post now. I noticed the DD setup last week, I called them and they told me they set it up for everyone who applied to speed up process. So that was a bit of a let down at the time. We applied 3 weeks ago now, so it took that length of time to hear back, they've said due to high demand/popularity of the 5.29% they are now aiming to get back to applicants in 10 working days...

Aliceinwonderland_3

NewMummy wrote: »

Hi, we had our DL mortgage agreed officially yesterday via phone, waiting for the official offer to come thru post now. I noticed the DD setup last week, I called them and they told me they set it up for everyone who applied to speed up process. So that was a bit of a let down at the time. We applied 3 weeks ago now, so it took that length of time to hear back, they've said due to high demand/popularity of the 5.29% they are now aiming to get back to applicants in 10 working days...

That is a bit disappointing. I was hoping the fact they had set up the DD was good news. I suppose I will just have to sit out the lengthy wait on the phone to get through to a customer services advisor. It's 4 weeks since we applied online, and 3 weeks since I returned our documentation. Even with Easter, we must have been waiting 10 working days now. I'd better go and find our documentation...

cubegame

Aliceinwonderland wrote: »

That is a bit disappointing. I was hoping the fact they had set up the DD was good news. I suppose I will just have to sit out the lengthy wait on the phone to get through to a customer services advisor. It's 4 weeks since we applied online, and 3 weeks since I returned our documentation. Even with Easter, we must have been waiting 10 working days now. I'd better go and find our documentation...

Hold on tight. We applied at pretty much the same time as you, near the end of the 5.29% offer. I had a phonecall at lunchtime offering the mortgage subject to valuation.

I've phoned them every couple of days throughout but I don't think this speeded up the process. It's just that they have been so busy.

Good luck again!

NewMummy

Aliceinwonderland wrote: »

That is a bit disappointing. I was hoping the fact they had set up the DD was good news. I suppose I will just have to sit out the lengthy wait on the phone to get through to a customer services advisor. It's 4 weeks since we applied online, and 3 weeks since I returned our documentation. Even with Easter, we must have been waiting 10 working days now. I'd better go and find our documentation...

It is worthwhile waiting on the phone to speak to someone, I think the longest I've waited has been about 20 minutes, and I have a 7 month old, so I know how you feel!! The guy that called me back yesterday was very nice though, he asked a few questions and then got back to me about 10 minutes later. I chased it up a few times (nicely!!) and eventually got there, but certainly hold tight - it's a good deal and worth the wait. We were the same timescale as you, 3 weeks from sending our documentation, so I don't think they should be much longer, they contact you by phone so just remember to check for messages if your out for a bit. Hope you hear something soon, I know how frustrating it is!! Good luck!

ETA: i noticed from your first post the fast-track valuation, our letter said that too, and I'm not sure why, we haven't found our property yet and they know that, they said they'll keep my offer on file for 3 months.

Aliceinwonderland_3

Well that was lucky. I got through first time, which is just as well as I'm potty training my 2 year old and I've a noisy 6 month old too!

They looked at our file and said it is just waiting for underwriting (and that they have a backlog due to demand in the 5.29% offer). The customer services rep thought we would hear on either Friday or Monday.

Fingers crossed!

Thanks for your comments.