does mortgage process take a long time?

R

rosey

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hi,
would be great if anybody could give me some advice.I approached a mortgage broker after last xmas about getting a mortgage. It's a relatively small mortgage-100,000.
The broker gave me list of all details I needed to give banks. By Feb 11th I sent them in to him. Since then, it's been a lot of coming and going-he said he had offers from 3 banks and I chose the best rate...I got a valuation on the property I am buying and submitted it to him-more than a month ago. he came back looking for more up to date bank statements...this has been going on...this week he came back and said I hadn't filled out a direct debit form-which I did and sent on to him.
He is also now looking for a record of payment about a loan from my local credit union-I already submitted a letter from the C.U saying when I took out the loan, the amount outstanding and the amount I pay back weekly. This can also be seen in my bank statements- the mortgage guy says bank may ask for it- but don't worry about it at the moment...is this guy messing me around??it's nearly May now and I first submitted all the documentation he asked for in Feb.Is this usual?
Any advice would be much appreciated
Thanks, Rosey
 
can't see what's in it for him that would make him mess you around. It's been well publicised that the banks are getting much fussier about mortgage applications though so he's probably muddling through that with you.
 
While outstanding requirements such as direct debit details may lead to a delay in issuing the cheque, they should not lead to a delay in issuing an offer. To be honest it sounds like the broker didn't ask for all facts in completing the documentation correctly initially. Therefore he is coming and going esp. as lenders have varying requirements. That along with lenders being more hesitant when underwriting is more than likely leading to the delays.

I'd suggest if you received a good rate and are anxious to proceed, taking it on yourself to proactively follow up with him on a daily basis. Put the pressure on and submit any outstanding documents which he may require as quickly as possible.
 
I was onto a bank yesterday directly and they said it should take about a month.
 
Rosey, it shouldnt really be taking this long. Mortgage Approval in principle takes a couple of days at most and once you have provided the lender with the valuation and other conditioned paperwork, a full loan offer should issue within one week.


Emmet Pullan

[broken link removed]
 
Sorry to hear about your bad experience Rosey! I am having total opposite with my broker, she is a pleasure to deal with. They are called HC Financial, I am dealing with Galway office but pretty sure they have other branches too. I managed to get everything organised in 2 to 3 weeks including signing the contracts with my solicitor. Only thing left is to tell them when we need the cheque! Good luck you sound like u need it!
 
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