6 months dealing mortgage advisor and still nothing

grimeire

Hey all,

About 6 months ago we went to a mortgage advisor and gave him all the stuff he needed for us to get a mortgage. At the time he said there should be no problem with us getting a mortgage. Since then we have had to send him on stuff he already has multiple times as the one we provided previous were out of date such as bank statements. He is saying the delay is due to the banks being slow at the moment but that makes no sense if someone is to buy a house surely the banks are not going to take 6 months for the mortgage to be approved.

Is this guy telling the truth that its the banks that are slow or is he trying to draw the process out or something as he gets a bigger commission the higher the increase rate which as we know is due to go up?

He has been telling me for the last month that the next few days we should have the paperwork from the bank haven to sign with our solicitor but nothing as of yet. Am i wasting my time here and should i just go to a bank.

Henry Ford III

Explain this to the mortgage advisor and tell them you will be taking your business elsewhere unless they get a result in a hurry.

Klopp

We went with a Broker and although it was frustrating having to constantly send new statements and payslips each month, we had both our approval and contracts signed within 7 months. PM if you want the details.

grimeire

https://www.boards.ie/discussion/comment/119683702#Comment_119683702

I already have and he says this is normal and since i have not gone through the process before i dont know.

If i knew it was going to take this long from day one i would of went else where but i wonder would it take this long if i went else where. From what @Klopp said it took a similar amount of time for them.

grimeire

We went to a bank after suggestions here but still are a few weeks away from getting money. This so far seems like a much easier process than going through a broker.

We are still waiting on the mortgage from the broker. We signed the mortgage loan offer nearly a month ago but still have not got it signed off to drawn down a payment. Since signing the bank have come back wanting documentation such as ID, proof of address all again even though they were provided multiple times already. Everytime we provide something it takes them about a week to sign it off and then they come back with some additional stuff that was not mentioned before.

If we dont have it signed off and the payment taken out by middle of this month our interest rate goes up by more than 0.5%. From when we initially went for the mortgage the interest rate has gone up more than 0.5% to what we are currently getting. With all these stupid delays from the bank I can only assume they have trying to delay this process as much as they can so we get stuck with the higher interest rate. Ill be shocked if they dont come back with more stuff again as its been a never ending process of back and fourth with this bank.

We first met this broker in march and still have not gotten money. For anyone else seeing this go directly to a bank if you need a mortgage as there wont half as much back and fourth and they seem a lot faster.

Jim2007

https://www.boards.ie/discussion/comment/119843808#Comment_119843808

When dealing with financial institutions it is best to leave the conspiracy theories at home, because they invariably lead to bad decisions. Mortgage products are modelled and priced for the long term and the cost of financing rises with the interest rates. It does not make a blind bit of difference to be people working your mortgage decision.

What is not clear to me is if you have already signed a mortgage offer, why you are still seeking a mortgage?

buffalo

Started a process to move our mortgage with a broker on 1st September... still waiting on even an application number from the new lender.

Broker says this is normal at the moment, everyone's busy. Anyone else finding that the case?

grimeire

https://www.boards.ie/discussion/comment/119845204#Comment_119845204

Because we went to another bank before we got this offer and we still not have gone money and its been a month since we gave it back to them. The amount of BS they have come back with I dont see us getting money any time soon as its been delay after delay with them and the broker. If i dont get money to pay block layer, plumber and other trades soon they wont be back before christmas.

https://www.boards.ie/discussion/comment/119845739#Comment_119845739

Yeah my broker said that too but my brother got a mortgage and the money within 8 weeks from permanent TSB so i think it depends on the bank. Who is the new lender. If its Haven then thats who we are having all the trouble with.

buffalo

https://www.boards.ie/discussion/comment/119848855#Comment_119848855

The new lender is PTSB, so doubly baffling. When was your brother's application - in the last three months?

grimeire

https://www.boards.ie/discussion/comment/119849080#Comment_119849080

About 2 months ago but he has been banking with them for years and has loans already with them which i am sure sped up the process.

Im surprised your broker said go for them they had one of the higher interest rate our broker said. We are suppose to be getting 2.55% fixed for 5 years from Haven but it was 2% a few months ago and changes to over 3% in the next week or so.

Jim2007

https://www.boards.ie/discussion/comment/119848855#Comment_119848855

So you are seeking financing for a self-build, which is very different to what most people are looking for. And the banks are not just going to hand you out money with out verification that the building work has been done etc.... So yes it is going to be more a complex and draw out process than most will experience.

spakman

https://www.boards.ie/discussion/comment/119848855#Comment_119848855

I'm switching to Haven through a broker and it's been a nightmare. Going on since March, still trying to get the mortgage drawn down and it's impossible to know if the delays are with broker or Haven. I suspect both are as bad as each other.

If I don't draw down by Friday the rate will increase and I have little to no expectation of it happening.

buffalo

https://www.boards.ie/discussion/comment/119845739#Comment_119845739

AIP arrived today, about ten weeks from the start of the process. And we were very organised with our paperwork!

grimeire

Finally got our first stage payment from Haven last Friday at 2.55% fixed for 5 years.

CryptoToFollow

Switched from KBC to AIB a couple of months ago. It took about 9 weeks from start to finish but I done the work myself. Uploaded all documents to AIB mortgage platform and made calls when needed to push things along.

spakman

https://www.boards.ie/discussion/comment/119849664#Comment_119849664

Funds transferred to solicitor today at the old rate - although I won't relax until its all complete.

spakman

https://www.boards.ie/discussion/comment/119903832#Comment_119903832

Well the funds are drawn down and 2 letters from Haven confirming rate of 2%, so v happy with that!