Loan pack frustration

Dortilolma

This is a rant more than anything else, I'm just getting very frustrated at this point.

We've been sale agreed for two months and everything is/was coming together nicely. It's been three weeks since all the documentation went to the bank for the loan pack to be issued. I know it's not that long but the thing I'm finding frustrating is the underwriters came back with a question after 1 week, which we answered to their satisfaction and then we heard nothing for another week. After that week they came back with another question.

Surely if they have questions at the end of the evaluation they should all come together. And if they are answered to their satisfaction surely that means they can move along and issue the damn loan pack and final letter of approval.

We've been through the underwriters process twice already (we changed the mortgage amount we wanted) and this is the third time they are going through our application. Each time seems to take longer than the last!

I wouldn't mind waiting but now the vendors are getting nervous and think we won't get the final approval. It's just adding to the stress!

Sorry for the rant, and thanks for reading.

ork1

Hi-
yes, you are not alone... we are in the same position- contracts signed-

you send them in documents- they get back to you a month later with another list of documents having said originally everything was in order- I would not mind, but the details they are looking for now have already been verified by the previous documents- it's like they are racking their brains for every possible document they might need.

Also, we were told they wanted us to get their brand
of life assurance- waited a month for the guy to get in touch and gave up and got another.

I am so exasperated that if they ask me for one more document I will ask them if they would like my first born son while they're at it.

Dortilolma

I am so exasperated that if they ask me for one more document I will ask them if they would like my first born son while they're at it.

HA! They might take you up on that.

Thanks for replying - its helpful to hear of other people in similar situations.

The back and forth followed by the days of waiting for a phone call are the worst.

Supercell

We went through all that a year and a half ago, its really painful but stay the path and try not to overthink it. You'll be in your new home far longer than this is taking and a year or two down the line you'll be wondering what all the fuss was about. There is nothing you can do , so try to do something else and keep the head occupied with other thoughts.
The vendors will have been through the same once and their Estate agent no doubt will have been through it many times and will be advising them what its like these days so don't worry about that.

The day you collect your very own house keys and step through the door as a homeowner will make up for all this, trust me!, maybe buy a nice bottle of Champagne to have when you first walk through the door, something to think about

Duckjob

ork1 wrote: »

Also, we were told they wanted us to get their brand
of life assurance-

I would think pressuring you to take their life assurance when you're getting a mortgage off them would (or should) land them in trouble with the financial regulator. Open to correction though.

ork1

you would think so- a relative had the same experience with the other major bank recently too.

Aykina

Duckjob wrote: »

I would think pressuring you to take their life assurance when you're getting a mortgage off them would (or should) land them in trouble with the financial regulator. Open to correction though.

It should!
I had same experience recently whilst finalizing mortgage with major bank. Hard sell, implying that final draw down dependent on this, that I needed to buy extra income protection and they even tried to scare me into moving my pension from existing provider to them!!! I was furious and told them to stop wasting my time... but if you were more vulnerable, shudder to think how they'd take advantage. Branches are just sales outlets now.

I did consider reporting to regulator - but as it was verbal would be a waste of time and added stress... Might call them anyway, just to add my voice.

They're f*$%^@s, they really are. Plan to really focus on paying mortgage off quickly and never again... Whole experience made me feel for people struggling with arrears and how they must be treated.

Lyn256

Sorry to hear about your troubles guys-we had similar in that we were looking for a very small mortgage (in relation to the property value) and we could not get a mortgage from anyone (even with an excellent broker) in the end we've borrowed what we need from our family (so lucky that we can) and should be in a position to get a mortgage in about 6 months.

Anyway, the point that I'm trying to make is that the EA pushed our bid (cash buyer) on the house we're buying over other buyers as the vendor has a very anxious disposition and she felt that the hassle of waiting for a higher bid from mortgage approved buyers would have been too much stress on the vendor (the vendor's doctor also advised her to stop the viewing process once she got her bid-she was too stressed)

No wonder cash buyers are so valuable at the moment

House buying and selling is stressful enough with out the hassle the banks are giving buyers

Dortilolma

Wow, I feel a bit silly for complaining. Our circumstance is really quite mild. We've been pretty happy the mortgage provider so far - no massive pressure on insurance or anything.

I got a call the other day to say that the final approval has gone through and the loan pack sent - so all in all three weeks for that pare of the process.