Mortgage Problems (NLC)

johnboy_78 · Post by **johnboy_78** » Thu Sep 20, 2007 5:02 pm

Hi folks

Looking for a bit of advice here.

My wife and I have recently concluded missives on a new flat in Edinburgh and are almost there in doing the same on our current flat (offer accepted, survey done, contracts exchanged, just waiting for the final reply from the purchaser). We move on 12 October (3 weeks tomorrow).

However, our current mortgage company (Woolwich) advised me 2 months ago that I had to call them back a max of 6 weeks before moving to organise the transfer of our current mortgage product and to arrange some additional borrowing. Having now been through the hoops and processes required, I have just been told that it will take 4-6 weeks to get the new mortgage in place (from today)

Seeking advice from the bank as to how this might be speeded up I was told that going into a branch would knock 2 days off the process and me supplying my surveyor's valuation report would also help knock off a day or so - but effectively they said I've got pretty much no chance of getting things sorted in time.

So, can anyone offer any viable suggestions as to how we might get round this or am I resigned to having to take a dreaded bridging loan for the period that it takes for the mortgage to be finalised (our current mortgage is only 6 months into a 2 year fixed period and runs a £2.2k redemption charge if we were to opt out)

Really grateful for any advice, as I'm more than a little pi$$ed off with the Woolwich for not making their processing period clear when I spoke to them pre-new house purchase.

Many thanks,

John

Edin430 · Post by **Edin430** » Thu Sep 20, 2007 5:08 pm

I work for HBOS and speak to a lot of the mortage advisors here... Could get you a number to chat to them tomorrow? Although they will prob try and swtich you over

johnboy_78 · Post by **johnboy_78** » Thu Sep 20, 2007 5:09 pm

X7LDA wrote:I work for HBOS and speak to a lot of the mortage advisors here... Could get you a number to chat to them tomorrow? Although they will prob try and swtich you over

I'm not averse to moving else where, but I really can't stomach the thought of paying the £2,200 to get out of my current mortgage. Also, would HBOS be able to process a new application any quicker

Edin430 · Post by **Edin430** » Thu Sep 20, 2007 5:12 pm

I used to work in the branch and saw turn around times A LOT quicker than that.... Might not sway you though depending on rates etc...

Work for corporate now but will give them a call and drop you a PM tomorrow with phone number of someone you can speak to

Edin430 · Post by **Edin430** » Thu Sep 20, 2007 5:13 pm

Oh and i know HBOS can put ur arrangement fee on the term of the loan..... Rather than paying it up front!

Although im not sure if this is a regular thing or not

(i.e if all companies do that now?)

johnboy_78 · Post by **johnboy_78** » Thu Sep 20, 2007 5:15 pm

Adding arrangement fees to the loan is pretty widely done these days. Will need to look at the rates on offer - but cheers (in advance) for the PM

Matelotman · Post by **Matelotman** » Thu Sep 20, 2007 5:15 pm

Dunno about Woolwich but I was in a similar situation when I moved and Northern Rock let me take out my new mortgage and keep my old mortgage in place for 2 weeks so I technically had two mortgages on two different properties. I didn't have to pay anything extra and when the two weeks were up, the buyers of my place concluded, the old mortgage was terminated and the new one continued. I'm not sure how above board it was but it was their suggestion and I suspect the short time frame of 2 weeks played a part.

I suspect 4-6 weeks may be a bit different

johnboy_78 · Post by **johnboy_78** » Thu Sep 20, 2007 5:20 pm

It won't be 4-6 weeks that I have a problem, just 4-6 weeks from now until the new mortgage is in place (which could be 1-3 weeks after we move in/out). And as a result will have to get a bridging loan for a few weeks to allow the purchase of the new flat to take place on 12 October.

mac · Post by **mac** » Thu Sep 20, 2007 5:29 pm

I'll point this thread out to Mandy when she comes home. She's a Business Manager in NAG's GHLC (National Australia Group <Clydesdale> Group Home Loan's Centre)

She *might* be able to offer some advice.

Mac

johnboy_78 · Post by **johnboy_78** » Thu Sep 20, 2007 5:31 pm

mac wrote:I'll point this thread out to Mandy when she comes home. She's a Business Manager in NAG's GHLC (National Australia Group <Clydesdale> Group Home Loan's Centre)

She *might* be able to offer some advice.

Mac

Superb Mac - many thanks!

mac · Post by **mac** » Thu Sep 20, 2007 5:36 pm

No problem - she's at a work function at the moment so don't know what time she'll get back in but I've sent her a text with a brief overview of the problem.

Mac

Post by **Shug** » Thu Sep 20, 2007 5:43 pm

mac wrote:No problem - she's at a work function at the moment so don't know how bladdered she'll be when she gets back in but I've sent her a text with a brief overview of the problem.

Mac

..little faith....

BigD · Post by **BigD** » Thu Sep 20, 2007 5:55 pm

I'm an IFA and would be strongly against you moving the loan elsewhere. I wouldn't pay a £2,000 fee myself so would not suggest anyone else do it and I'm pretty confident that if you are paying more than a 25% deposit and have a clean credit history I could get an offer well within your 3 weeks. I've had them within the week before. But as I say I wouldn't be happy with the penalty.

We have business managers with the various lenders who can sometimes pull strings but TBH I don't use the Woolwich that often exactly because of their slowness. Gave them a chance recently and so far they have got the offer wrong twice.

What I would suggest initially is that you phone them and ask for a manager, no monkeys as they just fob you off. Tell them that you are at the point of puting in an official complaint to them and the ombudsman. (He who shouts loudest and all that!!). Do not get off the phone until you have either spoken to a manager and got what you want or have a promise of someone phoning you back pretty soon. Do not back down or let them fob you off.

If you want to PM me the telephone number of the department you are dealing with (and your number) I am happy to give them a ring tomorrow. I hate it when lenders try and hold you over a barrell.

The last thing you want is to bridge as that can be very expensive.

As a last resort you could try and put back the entry date but this will depend on whether your purchaser and seller agree to this. Don't let the Lawyer talk you into bridging either, no offence but sometimes they take the route which is easiest to them.

BigD · Post by **BigD** » Thu Sep 20, 2007 6:01 pm

Also you need both purchase and sale to have concluded missives for closed bridging otherwise it is open bridging which, you've guessed it, is more expensive.

Dominic · Post by **Dominic** » Thu Sep 20, 2007 6:48 pm

BigD wrote:I'm an IFA .

I did not know that

I was about to post up to get in touch with an IFA that I know, but lets keep it in the family (well forum)