I am thinking of moving and have seen a FA in a chain of estate agents.
I’m not sure if he’s all that on the ball. My dh had booked a morning off to see him but FA cancelled the meeting with less than 24 hours as he was going to be out the office all day. Said he tried to call but there was no answer phone message so I thought it was poor form to cancel so late when he must have known he couldn’t make it.
Anyway I met the FA at a later date with no dh, explained what we was after and he said he would get us a agreement in principle within a week. It’s been just over week now but I didn’t get a reply of receipt of my paperwork. I chased to make sure he recieved it yesterday but no reply.
So... if I give him till the end of the week to reply, how long do you think I need to wait to see someone else about a mortgage in principle application? The FA said if it’s declined it will only be on my record for a month. But as he’s not getting back to me I have no idea if he’s in the process or about to start the process or just a bad organised person that it’s going to go ahead.
I wish I hadn’t used him after he first came across as disorganised now. Even if he gets the paperwork in I don’t think I could use him to arrange it, it’s feels to unprofessional not acknowledging receipt of such sensitive financial documents.
Depending on the product they sometimes have to go through a mortgage packager who have to do the decision in principle for him, also lenders can take a few days to agree to the mortgage in principle whilst others do it instantaneously. So there could be a couple of reasons why but yeah he should let you know why at least
Thanks, I haven’t applied for a mortgage for a while but it doesn’t feel right. If he doesn’t reply tomorrow I will contact another eastate agent and ask how long they will take ( hopefully they can get it done in a week!). In fact I’m going to email now to see how long it would take.
It’s eight days since I sent the paperwork with no acknowledgment so far. I used a independent FA the last time I bought a house, but thought I could do the mortgage in principle easier this time going to the high street. Obviously not so. It doesn’t look like he’s put the paperwork into the lenders does it? If it went in last week surely it wouldn’t take this long? I don’t fancy booking a face to face meeting just to ask what’s going on.
You'd be better off using an online broker like trussle. If you have access to a scanner, you can forward documents that way. We used them after a few of dh's colleagues had a good experience with them and they were brilliant.
(Avoid online conveyancing if you value your sanity, mind!)
Your bank can give you an AIP online. Appreciate you wanna check more than one provider for the best deal but an AIP from your bank will give you a good idea of what you can lend and should be sufficient to show any vendors in order for them to remove a property from the market
I work for a lending company and we provide Agreement in Principles on the same day as the broker asks for them (providing the deal isn't too tricky or the borrower isn't in any financial troubles etc.). I also found that using a bank direct, such as Halifax, are almost instantaneous in proving their AIPs, plus they don't tend to leave a mark on your credit report as it's more of a soft search.