Awaiting Mortgage offer for over 10 days

[Martin@AS Financial]

I don't know what it is with banks these days but the following are two gems I've had lately:

1. Bank refused to open a children's savings account for a new born because the new born baby wasn't present at the time of application;
2. Bank wanted a signature for the account form a 4 year old because they lived at the same address as the mother!

Talk about crazy form filling and complete lack of common sense!

Martin
Contratax Ltd

It's getting pretty silly isnt it.

Most lenders these days need proof of deposit when buying which is understandable. However, an Adviser here at AS has a client that has saved it over the last 5 years. The lender has asked for 5 years of bank statements to show the build up all of which need to be stamped and signed by the Adviser as being a true likeness of the originals. That in itself will be a lot of work as it's 300 odd pages.

[NickFitz]

It's getting pretty silly isnt it.

Most lenders these days need proof of deposit when buying which is understandable. However, an Adviser here at AS has a client that has saved it over the last 5 years. The lender has asked for 5 years of bank statements to show the build up all of which need to be stamped and signed by the Adviser as being a true likeness of the originals. That in itself will be a lot of work as it's 300 odd pages.

How do they cope with the fact that many people don't even get paper statements now? I haven't received a paper statement for at least three or four years, so who's to say what the "likeness of the originals" is?

If I set my browser to use a different font when I visit online banking, is that still original?

This isn't just flippancy - browsers can be configured to apply CSS styling information specified by the user (it's a facility used by, for example, people with poor vision who need increased contrast) and CSS is capable of adding "generated content". I could very easily make any viewing (on a computer under my control) or printout (again, if made from a computer I control) of my bank statement from an online banking site include appended zeroes in specific places, or even replace any values with arbitrary figures.

Is it necessary in such a case to ask the bank to send five year's worth of statements, printed out by their own fair hands?

[smatty]

Accord kept me hanging on for over 4 months then offered me 75% of what I was asking (which of course was no good at all). They also charged me £130 for the privilege. Absolute time wasters. Really....get out now while you still have your sanity (-£130).

That is pretty shocking, we've had both offers just waiting on final paperwork so sticking with it.

How do they cope with the fact that many people don't even get paper statements now? I haven't received a paper statement for at least three or four years, so who's to say what the "likeness of the originals" is?

I sent them a CSV file from one of our banks and they refused it saying they wanted a proper statement. Not sure how they could tell the difference, it'd take me about 30 seconds to knock up a realistic looking statement.

[Martin@AS Financial]

How do they cope with the fact that many people don't even get paper statements now? I haven't received a paper statement for at least three or four years, so who's to say what the "likeness of the originals" is?

If I set my browser to use a different font when I visit online banking, is that still original?

This isn't just flippancy - browsers can be configured to apply CSS styling information specified by the user (it's a facility used by, for example, people with poor vision who need increased contrast) and CSS is capable of adding "generated content". I could very easily make any viewing (on a computer under my control) or printout (again, if made from a computer I control) of my bank statement from an online banking site include appended zeroes in specific places, or even replace any values with arbitrary figures.

Is it necessary in such a case to ask the bank to send five year's worth of statements, printed out by their own fair hands?

Good question.

Banks have finally got with the times and will work off online bank statements as long as they show the http address, name and acc no.

It really wasn't so long ago that some lenders still insisted that if you could not get paper statements, you had to go to your bank and get them to print and stamp each statement.

[sapsam]

Contract Financials Free but lot of hassle

Our survey is done on the 16th June and I was told by Contractor Financials the underwriting is done before the survey but I'm still awaiting mortgage offer.I have just received an email for CF saying it with underwriters and will take 4 more working days.
Last week I was told It would take 2 -3 days to get a mortgage offer and CF emailed me saying they haven't got any update from Halifax.I called Halifax my self only to be told they sent out an email to CF the day before asking for my contract extension.
I started feeling they just send me emails as I'm posting in this forum(they know that) and they may not be chasing Halifax.
Is it just my application which is taking long?is it CF giving standard 3 more working days as update? or its the case for all other applications as well?I'm so confused , IFA's please advice...

I will second your experience CChann, My experience is the same I was told I will have my morgage offer ready by end of the day on 24th June, I emailed them, no reply so called the following day, then told It will be ready by end of the week. Then apparently the offer was produced for the wrong amount. I dont get reply's to emails, have left message to call back as they seem to be always busy on other calls, have just left 3rd message for call back since Friday, hoping dont have to leave another one. I had provided all my document in April for application and now its July still no mortgage offer is sight.

If you want poor service and wait forever to buy your property then choose Contractor Financials. If you are in a hurry than dont touch these guys with a barge pole.

[d000hg]

If you don't have anything nice to say, don't say anything at all.

That wasn't a very nice thing to say.

[cablarnshowntone]

halfix mortgage

Just thought i'd pitch in here and say that it is pretty normal to expect 3 -4 weeks for the mortgage application to go through with Halifax at the moment. This is mainly due to the new BoE rules requiring closer scrutiny of applications by the underwriters and partly due to the volume of applications.

I am personally also being led to believe that my papoerwork is in good order which means that I may see an offer come through earlier than the expected 3 -4 weeks. The dury is still out on this but my next update is due on Monday and my applicatin went in to Halifac on the 9th July .

Regarding communication with Contractor Financials, I think it is sensible to say that they are a busy office and as such to expect immediate responses to emails and phone enquiries is probably a bit unreasnable. For example it takes them a few hours to do handovers on the phone with the lenders due to the volume of processing presently.

[Mark McBurney@CMME]

For example it takes them a few hours to do handovers on the phone with the lenders due to the volume of processing presently.

They certainly are a busy office - not sure I understand this bit though? Handovers?

Regardless, Halifax are amongst the quickest around at present in processing terms, with the average mortgage offer taking c.4 weeks, but it certainly isn't uncommon to get a mortgage offer in 2/3 either.

Most lenders suffered badly with the changes as a result of MMR in April, however Halifax appear to have got back on track quicker than most, and are now running at around the same processing timescales as pre-April.

[Daventry]

They certainly are a busy office - not sure I understand this bit though? Handovers?

Regardless, Halifax are amongst the quickest around at present in processing terms, with the average mortgage offer taking c.4 weeks, but it certainly isn't uncommon to get a mortgage offer in 2/3 either.

Most lenders suffered badly with the changes as a result of MMR in April, however Halifax appear to have got back on track quicker than most, and are now running at around the same processing timescales as pre-April.

Hi,

Since my previous attempt of purchase fell through after I got my mortgage with Halifax, CF did submit a new application for the new flat I've found.
They said the previous one was done before MMR so now this one has to go through MMR and it's not just a Change of Application but a new one.
On 11th July they told me Halifax would instruct the valuation within 48 hours. I'm still waiting for that to happen...

I don't know who's to blame here, but I'm so fed up with both CF and Halifax...

Regards

[Mark McBurney@CMME]

Hi,

Since my previous attempt of purchase fell through after I got my mortgage with Halifax, CF did submit a new application for the new flat I've found.
They said the previous one was done before MMR so now this one has to go through MMR and it's not just a Change of Application but a new one.
On 11th July they told me Halifax would instruct the valuation within 48 hours. I'm still waiting for that to happen...

I don't know who's to blame here, but I'm so fed up with both CF and Halifax...

Regards

Hi Daventry,

That's correct - with any application submitted prior to 26th April, if there are any changes to the application, Halifax require a new submission, rather than just a change of property.

Re: timescales - at what stage was the new application on 11th July? Halifax usually instruct valuation within a week of application, so I'd call CF to confirm, there may well be a reason?

Either way, you should find it a fairly quick process once the new valuation has been completed, having been assessed for the previous property.

Best,

Mark