We had our offer accepted 2 months ago on a property - we're ftb. We applied for our mortgage through a broker, then had 6 weeks of issues with it before we gave up and went with a different provider. Initial checks came back fine, then after a couple of weeks they came back with some questions (this was yesterday) which we answered instantly. Now just waiting to hear back.
I know the sellers are getting fed up. They had a lot of interest in the property and they won't hang around waiting for us forever. We also have to be out of our rented home by the end of the month and we have nowhere else to go. My eldest child is starting primary school in September and so this also affects catchment areas.
I keep thinking about all the money we stand to lose, that took us months to save, and worrying about where we're going to live. I've never been so stressed. Our broker seems very laid back about it all and has the attitude of 'it'll all work out' but I'm really losing faith in him now. Has anyone been in this situation? Can we do anything to speed the process up? It seems ridiculous that we have to wait around for ages only to be told we need other paperwork and then more waiting.
I think you will find the hold up is with the Mortgage provider Having been married to a Mortgage Broker for many years Your Mortgage Broker deals with many mortgages and has seen it all before and yours hopefullY will be doing his best for you but leaders tend to move at their own speed as checks have to be done and yours is not the only mortgage they are dealing with Call him for an update Hope all goes well
The long delay with the provider you gave up on is the problem, 2 weeks for you to get an in principal offer then for them to ask for additional information is a perfectly normal. If they now have all the information they require then you and your solicitor should get your mortgage offer through any day now. There is nothing wrong with you calling the lender directly to check that they have everything they need and to ask when they will issue you with the offer.
Thanks for the advice. I will call the lender myself if we don't hear back tomorrow or if they respond saying they want further paperwork.
I realise our application is not the only one they are dealing with. What I meant in my op is that I want to, if at all possible, try to avoid the same situation we had with the first lender where we were going back and forth with them for weeks.