been approved waiting for mortgage offer:::

samanthaxxx

My mortgage broker has applied to Future Mortgages for me and my partner. Two weeks ago after waiting ages we were told this has been approved however we are still waiting for the offer in writing. This is very frustrating as survey searches etc have all been done and the people we are buying from keep hassling for a completion date. Is anyone out there having or had the same problem? :mad:

herbiesjp

Future can be very slow unfortunately.

Keep hassling the broker to chase them, sometimes they will ask for more information, so be prepared to hunt down for some more supporting documents

Conrad

Future are innunadated as they are one of only a handful of lenders still operating in the sub prime sector. The money men behind Future issued strict edicts instructing underwriters to look under every floorboard, with the aim of taking of building a mortgage book which will have a low future deliquency proportion.

You can hassle your broker but this can be counter productive as the Future staff are distracted away from actual processing and moving cases forwards.

samanthaxxx

Thanks guys for your replies I just don't understand if its been approved what the delay is

Conrad

Sam, it's approved 'in principle' meaning based upon the facts as YOU present them it looks broadly ok, however such details can be double checked.
Furthermore they need to carefully assess the case as a whole before giving the green light - this is to ensure something has'nt been missed.

I always advise clients to take a relaxed attitude, not easy I know, but for thier own health I try and get them to let things take whatever course.

samanthaxxx

Thanks Conrad for replying back again not sure if you are talking about being provisionally approved which was done ages ago. They have had all our statements wage slips etc etc for about a month and then sent us a form to sign and return which was three weeks ago which our mortgage broker told us was all they needed then two weeks ago our broker phoned them and they said we had def been approved and the offer would be with us in the next 24 hours but still no joy. We have sinced asked our broker to ring them but I think she is getting fed up too.

minimike2

herbiesjp wrote: »

Future can be very slow unfortunately.

Keep hassling the broker to chase them, sometimes they will ask for more information, so be prepared to hunt down for some more supporting documents

You missed out the other dozen 'o's in there!

herbiesjp

minimike2 wrote: »

You missed out the other dozen 'o's in there!

Or the dozen "very"

minimike2

Samantha, just to put it into perspective for you, the last client I placed with Future had to wait two months for thier mortgage offer.

What happens, is they ask for x,y and z. Two weeks later, they decide thats not enough and ask for a,b and c. Then, after another week, they say its going to be ok, but then a week after that they call you and ask for 1,2 and 3.

This is typical of how they work. I used to tolerate it because of being able to get 100% and other high LTV deals through them. After the fiasco with the last client (who, because it took so long, thier deal actually fell through due to things that happened because of the time it took to process), I no longer entrust them with any of my clients business.

samanthaxxx

I think its already been about two months from originally applying so hopefully it won't be much longer. The reason my broker went with them is because my boyfriend had a couple of bad debts a few years ago all paid off ages ago only small amounts but mortgage broker said High Street Banks wouldn't want to know. The property we are buying is £210,000 want to borrow £150,000 and putting down a deposit of £60,000 which was a settlement from my divorce. I have had mortgages for the last 22 years and never ever missed a payment on anything and I also thought that having a large deposit would be more than enough I never thought it would be this difficult I feel so sorry for first time buyers they don't stand a chance.
We are in rented accom at the moment and I feel so fed up it makes me feel like telling them to stick it where the sun don't shine and staying put for the next few years untill all this credit crunch is over. :mad:

ixwood

samanthaxxx wrote: »

..
We are in rented accom at the moment and I feel so fed up it makes me feel like telling them to stick it where the sun don't shine and staying put for the next few years untill all this credit crunch is over. :mad:

Could be the smartest move of your life!

Save like mad so you're prepared when the time is right and sit back and let the crash and crunch do their worst.