How long should mortgage top-up process take?

B

BitORed

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I applied for a top-up on an existing Ulster Bank mortgage 6 weeks ago (via a broker). Still waiting for contracts to be issued to my solicitor, and UB had some questions relating to my curent a/c transaction yesterday.

How long should this process take? Is 6 weeks excessive? My broker says all banks have delays at the moment due to the extra checks they're now doing. Does anyone else have similar delays?
 
Six weeks seems quite long but it is dependent on whether the lender received all the relevant information in the original application. If an incomplete application was received and it has been going forward and back between the lender and broker, it will take much longer.

Be proactive with the broker. Submit any required information as quickly as possible. The broker is working for you. Put the pressure on. Be persistent.
 
Although Ulster Bank are generally slow and inefficient, six weeks is excessive. Ring your broker and ask them to explain when they submitted the application and when they received a reply from Ulster Bank.
 
I am getting a top up from UB as well so far it has taken my 2 months they are seriously slow- now it is the life assurance slowing me up but that was sorted 2 weeks ago!!
 
Luckycharm said:
now it is the life assurance slowing me up but that was sorted 2 weeks ago!!
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If your life cover is arranged, it will need to be assigned to your lender prior to cheque drawdown. Give the life assurance company a call and ask them if this has been done. If this has been done, let your lender/broker know (just in case they haven't received it/misfiled it etc).

If it hasn't been done, advise the life assurance company that it is delaying your drawdown and request that they prioritise it.
 
PM1234 said:
If your life cover is arranged, it will need to be assigned to your lender prior to cheque drawdown. Give the life assurance company a call and ask them if this has been done. If this has been done, let your lender/broker know (just in case they haven't received it/misfiled it etc).

If it hasn't been done, advise the life assurance company that it is delaying your drawdown and request that they prioritise it.
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Ulster Bank only need a fax copy of the life assurance policy schedule. So none of the above applies.
 
Dave Vanian said:
Ulster Bank only need a fax copy of the life assurance policy schedule. So none of the above applies.
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Life assurance was done through Ulster bank - they said it was sorted 2 weeks ago- dealing with branch - then rang them directly and they said waiting on it- communication there is not great.
 
Contacts finally issued today, almost 8 weeks after original application.
 
You can really find yourself chasing your tail with UB. They moved all their operations from Belfast to Dublin circa 3 years ago. I worked there for a while previous to the BIG MOVE. I was part of the first group(5 people which steadily grew to 13 who were the trial run as such for the broker unit. We were responsible for processing 50+% of the business in UB that year.) Come April onwards there was a big panic to get the whole mortgage dept moved to Dublin. Somewhere in the region of 150 -250 people not quite sure of exact figures. During this panic people were hired and thrown at the work load with little or no training. On top of this the same year a new IT system was thrown into the mix, whereas people were made more into robotic type production line workers where one piece of work could be pushed or priortised ONLY if the last piece was done correctly. Taking ownership was lost. The effects are still present today. Speaking from personal experience( my mortgage is there also). They have left the broker market recently. God help those people who need to doing any transaction with there property (mortgage related) from now on with out the help of mortgage brokers.
 
Finally got the money from UB on June 26th, just over 10 weeks after submitting the application.
Thanks to everyone for the advice and comments.
 
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