How quickly can you get a mortgage offer?
Discussion
What is the quickest one is likely to be able to get a mortgage offer?
I'm supposed to be completing on a house on 31st and have had a mortgage company messing about for the past 6+ weeks.
The application should be pretty much done now but they seem to just start asking more and more things.
So... If I was to tell them to sod off, what are the chances of me getting a mortgage sorted out and completing by 31st?
I'm supposed to be completing on a house on 31st and have had a mortgage company messing about for the past 6+ weeks.
The application should be pretty much done now but they seem to just start asking more and more things.
So... If I was to tell them to sod off, what are the chances of me getting a mortgage sorted out and completing by 31st?
It depends on a lot of factors.....the main one being the new company being able to organise a date to value the property.
The actual speed of the underwriting will primarily depend on your circumstances and the LTV.
I've had offers for clients within the same working week, but it's impossible to comment further without knowing the full details.....
The actual speed of the underwriting will primarily depend on your circumstances and the LTV.
I've had offers for clients within the same working week, but it's impossible to comment further without knowing the full details.....
blank said:
Borrowing £125k on a £200k new build house.
Less than 4x salary and no financial skeletons.
The valuation for the current lender was done on Friday, would a lender be likely to use this or do they have to commission their own?
I'd say that it may be possible to get this done, but lender selection is vital.Less than 4x salary and no financial skeletons.
The valuation for the current lender was done on Friday, would a lender be likely to use this or do they have to commission their own?
The lender would only use the previous valuation if it was done by a company that is on their panel.
Drop me a mail if you want any help with this
blank said:
Thanks for the offer, Sarnie. I've had a chat with the Halifax and am thinking things over.
It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
Accord have great rates but are VERY thorough bordering on pedantic at times. Also, as they are a broker only lender I assume there is a broker involved? What is he doing??It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
Edited by Sarnie on Monday 21st October 18:07
Sarnie said:
blank said:
Thanks for the offer, Sarnie. I've had a chat with the Halifax and am thinking things over.
It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
Accord have great rates but are VERY thorough bordering on pedantic at times. Also, as they are a broker only lender I assume their is a broker involved? What is he doing??It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
The broker is on to them (may have complained in fact) but they're waiting on something from my employer.
They will only post (won't fax or email) and won't tell me what they're asking. They only decided they needed to contact them (for I think the 3rd time in total) on Thursday and the recipient at work hasn't seen it yet!
blank said:
Thanks for the offer, Sarnie. I've had a chat with the Halifax and am thinking things over.
It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
Accord - great rates. Their processing leaves a lot to be desired though.It is the lender (Accord) that are complicating things, asking employer for lots of information about salary, overtime, bonuses. It seems they're well known for it!
petemurphy said:
Hopefully the diff will be Barclays are in our high st with a bloke to talk to whereas he was talking to India with woolwhich
All goes to the same place in the end. The processing departments for Woolwich are all in India.Their pre-sales are all here - great, very helpful. Once they get your app, then... well lets just say I don't use them for clients requiring a quick turnaround.
They claim to have no complaints from brokers, yet I don't know of one who doesn't.
vinnie83 said:
Accord - great rates. Their processing leaves a lot to be desired though.
Haha seems a common opinion then!Wish I'd looked into them a bit more earlier on.
Looks like we might finally be getting somewhere with them having the information they need. Have heard that before though...
petemurphy said:
ah well hopefully the difference is theres someone in front of him to punch rather than on a phone
Sorry to let you down, but the person in the branch has little incentive to do a great job as he earns sod all from your mortgage and has large targets to get. It's easier for them to run the numbers game.A broker works for the client, and will (assuming you have a good one) argue your case and chase things up. The chap at the bank is simply there to get their monthly target, and will find it easier to move to the next client than give themselves a headache with one problematic client.
Besides, the chap to punch will only have to call the same call center in India as I would. The difference is I have a lot more to lose in the client than the chap at the bank.
Don't hold your breath on this one.
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