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We've applied for a mortgage as first time buyers from Clydesdale Bank through L&C and it seems to be taking a good while to get a mortgage offer. I know it says on their website it could take up to 40 days or something and it's only been two weeks since we sent the last documents they needed but I'm starting to get a bit antsy and it seems it's only taken friends a few days to a week to get a mortgage decision from other banks. Apart from my lavish spending habits on hobbies such as cycling, can't see why we wouldn't get one but am starting to panic a bit.
eskimojudi-
Yeah, ours took well over 40 days tbh. Our mortgage adviser at L&C said we'd get one with them, no questions asked, so we went with their advice. But our mortgage broker at L&C was annoyed at the fact we'd been advised to go with Clydesdale as they're notoriously slow and often have sales fall through at the time delays. Having waited so long for an offer it's really tedious to have to wait again to confirm it via the solicitor. In relation to the offer itself - it's a good rate for now and they're apparently quite generous with what they're prepared to lend (we didn't ask for much so that wasn't such an appeal). They didn't ask us for bank statements either which was a relief. No one needs to see how much I spend on coffee but me.
It was a shitty experience with L&C who cocked up in various ways - sending incorrect details etc and then lying about having done so, not chasing when they said they would, forgetting to submit details etc. A bit of a shambles and that definitely drew the process out as every time a change was recorded with Clydesdale it went to the bottom of the pile as though it was a new application.
CYOA
Update/recap:
Feb 7th - saw house, made offer, offer accepted.
Feb 8th - applied for new mortgage via L&C (both self employed with up and down years but OK capital & credit ratings)
Feb 8th- May 26th - much fuckery from L&C
May 27th - offer from lender including acknowledgement that to get on a decent lower ltv product we'd be using some money in the form of a gift from a family member.
May 28th - sign paperwork with solicitor assuming quick exchange
May 28th - June 26th - waiting for lender to acknowledge to the solicitor that we'd be using some money in the form of a gift from a family member.
June 29th - the alleged deadline from the vendors onward purchase to exchange as they say they can't wait any longer.
Had similar threats before in this process so pinch of salt etc but I'd be so fucked off if it all fell through after 5 months of stress and money.