Mortgage broker - how long to hear back ?

[DaisyStiener]

Anyone used a mortgage broker ?
I completed ( over the phone ) all the queries a few months ago , and just over 3 weeks ago : sent both mine and DHs payslips
Yet to hear anything back ?
How long does it take? Do you get updates?

I’d expect to hear from my broker within a week tbh. Definitely chase! The best rates went a few weeks back (a friend just missed out), probably around the time you sent the payslips.

@PurBal oh really? A week? I sent an email yesterday late afternoon asking for an update ,as that was bang on 3 weeks ?
Best rates oh noooo :{

Within a day here each time I have used one. (2 different ones). And then certainly within a week to get to the point of sending them paperwork, and that was because we took a couple of days to review the options they gave us

@Sparkai was that recently? I was giving the benefit of the doubt as I know the markets mental right now and they’re probably very busy?
He asked me our incomes etc and I’ve emailed the payslips, but no other “ paperwork “? (Again,no face to face here yet)

Most recently was L&C in September.

Before that I used a local bloke, and that was last December (house fell through)

@Sparkai ah no :/
Well this isn’t sounding very promising?
I wish I knew what the hold up was? So I could get on top of it

3 weeks is too long
My broker got me an OIP within days of receiving everything

Why don't you just try someone else?

Has he given you mortgage options yet? Or a mortgage recommendation? If not, there won't be any credit searches on your file even, so I can't see why you wouldn't find someone more reliable. L&C are decent enough for a big impersonal company, or get a recommendation if you want someone local.

Tbh within three months I'd have expected the mortgage offer to be wrapped up. Mine took 6 weeks from start to finish, despite the banks being very busy, although it was a simple case. Once the mortgage was applied for it was approved in 30 days.

If you say roughly where you are in the property section, I'm sure someone can recommend someone better.

I've used LandC several times and always heard back within a day or so. Everything with LandC is online and I find it so user friendly.

I assume a mortgage in principle at the moment? So surely not as long as mortgage ?
I’ll give them a call …

Ours was a remortgage and broker replied within a few days of contact with paperwork requirements and we had a list of rates/options within a couple weeks (and he was on holiday half of that). We went with Santander and got a great rate below 1% but yes some of the really crazy good deals if you have a decent LTV are being pulled from the market now so best to get on. Whole thing took max a month from contact to signing the mortgage deed.

Called the office, they don’t know why brokers not got back to me so that’s annoying if good deals are missed
Hopefully it’s just an oversight

I might be back on to ask you guys what’s a going deal now? Cos I’d assume that what’s the broker is supposed to be getting you?

So he hasn’t looked for us. I’ll have a mortgage in principle by the end of business
So does that mean we’ve missed any “good deals”?
Am I reasonable to ask for another broker?

It just means that interest rates on the loans are likely to be higher than they were a month or two ago. Not massively, but if you had a really great deposit and low Loan to value some deals may now be off the table. When our broker originally replied he gave four options, then wrote back the following week to say that one of those rates (deals) had been pulled from the market by that particular bank. It’s not uncommon and everyone has been expecting an interest rate increase for months to a now due to inflation. Changing brokers won’t change what rates the banks are offering to lend at but if you’ve lost confidence in his abilities that’s a different matter.

@Minorissue yeah, I think that’s what the issue is.

By the sounds of it, it can be done extremely quickly and I ,like most , I’m just looking to get on the extremely pain in the arse property ladder

So I emailed and asked for another colleague to update me further

*but they haven’t replied to that.

Saw a flat last Monday. Spoke to bank Tuesday. Formal meeting Monday (only because we couldn't do sooner). Offer Tuesday. Survey next Monday.

I work for a brokerage and would expect you to have updates every few days.... that's shocking service.

Once the application is in, how long are banks taking to approve the mortgage itself?

I’ve just submitted an application with a high street bank and my broker has said it’ll take 4-6 weeks for it to be approved. Is that standard now?

When I last bought (admittedly a decade ago), the application was approved within 72 hours pending the valuation which was done a few days later.

I’m a bit worried so any up to date information would be great!

@Outnumbered99 yeah I’ve asked for a different team member to update me and continue
Sat here trying to get the ball rolling for over 3 weeks giving them benefit of the doubt ..

@cimisi
oh god knows. Hopefully someone here knows better lol

@cimisi

Once the application is in, how long are banks taking to approve the mortgage itself?

I’ve just submitted an application with a high street bank and my broker has said it’ll take 4-6 weeks for it to be approved. Is that standard now?

When I last bought (admittedly a decade ago), the application was approved within 72 hours pending the valuation which was done a few days later.

I’m a bit worried so any up to date information would be great!

NatWest less than 24 hours

We got an AIP within 2 days and a full mortgage offer about 6 weeks later (some delays on that though due to bank statements/renogiation of purchase price) but he regularly kept us updated!

Can you BELIEVE it’s Friday afternoon , and STILL no communication? As promised?

Now I need to find out if they’ve started credit checks and I’m stuck with them or still actions nothing ? Not answering the phone either
Unreal…..

Which company are you using OP? I'm surprised you haven't ditched them by now. If you want I can PM you the details of our mortgage broker who was very helpful and communicative, and got us an excellent deal, it was around 3 weeks from our initial enquiry to getting the actual mortgage offer.