Re-Mortgage application

UK007BullDog

Well you better look quickly as the rates are being pulled and there are hardly anymore competitive rates.#
Instead call the underwriter and ask them where the holdup is. It could be the surveyor or it could be the estate agent or the seller.
The bank "adviser" seller has no more interest in you as he/she made their "sale" and out now to hunt for the next customer/victim.

_Andy_

UK007BullDog wrote: »

Well you better look quickly as the rates are being pulled and there are hardly anymore competitive rates.#
Instead call the underwriter and ask them where the holdup is. It could be the surveyor or it could be the estate agent or the seller.
The bank "adviser" seller has no more interest in you as he/she made their "sale" and out now to hunt for the next customer/victim.

Not entirely true - HSBC advisors don't get their sales points until completion.

UK007BullDog

_Andy_ wrote: »

Not entirely true - HSBC advisors don't get their sales points until completion.

Dont want to split hairs on this but the adviser/seller can only meet targets if there is enough stuff funneling through the pipe to come out the other end. Its a numbers game and all the lenders are the same regards to this.

If you know of a lender which does not have targets for their staff please let me know so I can apply for the job.

Been there and wore the T-shirt.

_Andy_

UK007BullDog wrote: »

Dont want to split hairs on this but the adviser/seller can only meet targets if there is enough stuff funneling through the pipe to come out the other end. Its a numbers game and all the lenders are the same regards to this.

If you know of a lender which does not have targets for their staff please let me know so I can apply for the job.

Been there and wore the T-shirt.

Agreed and yes of course they have sales targets - my point was just that it's in the advisor's interest to get the mortgage completed to meet their targets (which are based on completions not front-end).

UK007BullDog

That may be for that lender and I cannot say as I never worked for them, the ones I did work for they counted both, front and end which was not the greatest because if both did not fit, no bonus and name on the shame wall.

aloiseb

Name on the shame wall?????
That is awful. I was deluding myself that banking was a service industry.......but how can anybody provide a proper service under this kind of pressure to sell, sell, sell?
Ah well, it explains a lot!

jonesMUFCforever

aloiseb wrote: »

Name on the shame wall?????
That is awful. I was deluding myself that banking was a service industry.......but how can anybody provide a proper service under this kind of pressure to sell, sell, sell?
Ah well, it explains a lot!

I take it then you don't visit branches very often and don't get any phone calls off anyone?

AndrewSmith

aloiseb wrote: »

Name on the shame wall?????
That is awful. I was deluding myself that banking was a service industry.......but how can anybody provide a proper service under this kind of pressure to sell, sell, sell?
Ah well, it explains a lot!

It's called the real world. You get nothing for nothing in this world. Banks are a business just like anything these days. Schools, Doctor's Surgerys, Solicitors, even the man who empties your rubbish bins will have daily targets to make the provision of the service viable.

It is not about 'name and shame' it is just the way of the modern world.

Back to the OP, the lender has no obligation to give you anything at all and has every right to ask you for any information it sees fit to ascertain an overall picture of your financial situation.

People somtimes forget that they are actually being 'loaned' the money and that it is not their given right to be offered it. If they ask for bank statements it is because they feel it necessary as part of underwriting. If you say no, they decline your case. simple. A lender reserves the right to refuse or decline any application without giving a reason. It is their perogative. Not saying I think this is right or wrong, just telling you how it is.

Dont forget that they know nothing about you except what they see on a credit report, and you are asking them to lend you a large sum of money. They are merely trying to protect you from over committing yourself, and themselves from having yet another bad debt on their books in times of financial turmoil.

If you have nothing to hide (which I am sure you don't) then you have nothing to be concerned about.

wisbech_lad

steve-d-h wrote: »

Hi this is my first post hope someone can help me

me and my wife are currently going through out first re-mortgage and have supplied the following information

passports, utility bills, 3 months wage slips, P60's etc

but now the bank is asking for 3 months bank statements, what can they want these for? if we send them are we within our rights to blank out all personal spending information?

I don't see how the bank statments will show them any more information to what we have already provided

thanks in advance for any help given

You are in your rights to blank out spending information, they are in their rights to decide that you are not people they want to lend a large amount of money to.

As others say, they want to know that you can pay them back. Payslips can be forged, loan repayments or other regular outgoings "forgotten" about

In the bad old days, you would need to bank continuously & save deposit with a building society before they would give you mortgage, they wanted to see savings (to the deposit) equal to the likely repayments