Mortgages

[Mike_scotland]

Hi guys 

 

We have had a mortgage in principle with a lender through buildloan and have had all the costings made up etc we are now waiting to hear back from the banks for a offer I believe but its been 3 weeks so far and not heard a peep!

 

We don't want to start with BW yet until we know we have a offer.

 

How long did your mortgage take to complete? 

 

Anyone else used buildloan? 

[Buzz]

Hi @Mike_scotlandours took around 5 months from start to finish,  we had an offer in principle on the day we first spoke to our mortgage advisor , after that the whole process was very slow paced . 

[SuperJohnG]

Buildloan are part of buildstore. I ditched them very early on due to their exorbitant fees and numerous bad reports. My own initial experiences were that they were slow to respond, nobody gave sound info, took ages to get back to me.

 

The front end of their business at first contact is clunky and doesn't work well, once I got a few layers down their actual financial advisors were OK but still high fees remained. 

 

In the end - I went with Ecology, low fees, straight talking and easy peasy  to deal with. Once I decided to fully apply, it was around 8-10nwerks getting approved and could have been quicker if I got stuff quicker. 

 

Id allow at least 12 weeks no matter who you got with from application to getting money in bank.. 

Edited December 6, 2020 by SuperJohnG
My appalling grammar....

[Mike_scotland]

5 minutes ago, Buzz said:

Hi @Mike_scotlandours took around 5 months from start to finish,  we had an offer in principle on the day we first spoke to our mortgage advisor , after that the whole process was very slow paced . 

It took 2 to 3 weeks to get a decision in principle for us but they did say more done st the front of the application less at the back end, just seems to have slowed right down and we want to get on with the BW.

[Mike_scotland]

7 minutes ago, SuperJohnG said:

Buildloan are part of buildstore. I ditched them very early on due to their exorbitant fees and numerous bad reports. My own initial experiences were that they were slow to respond, nobody gave sound info, took ages to get back to me.

 

The front end of their business at first contact is clunky and doesn't work well, once I got a few layers down their actual financial advisors were OK but still high fees remained. 

 

In the end - I went with Ecology, low fees, straight talking and easy peasy  to deal with. Once I decided to fully apply, it was around 8-10nwerks getting approved and could have been quicker if I got stuff quicker. 

 

Id allow at least 12 weeks no matter who you got with from application to getting money in bank.. 

Hi superjohn,

 

We have found them not too bad actually (I have seen alot of bad reviews) but we were kind of cornered due to our personal circumstances we went with them but they have been fine, yea costly though.

 

We are just hoping we get an offer sooner rather than later.

[SuperJohnG]

9 minutes ago, Mike_scotland said:

Hi superjohn,

 

We have found them not too bad actually (I have seen alot of bad reviews) but we were kind of cornered due to our personal circumstances we went with them but they have been fine, yea costly though.

 

We are just hoping we get an offer sooner rather than later.

Its likely about managing them then. If you have the info to hand, you just manage the life out of your advisor and make sure they are pushing it on every day. That is how I have dealt with most people so far where I am relying on a 3rd party. 

Edited December 6, 2020 by SuperJohnG

[Buzz]

Hi Mike,  are you looking to borrow for the land or do you already own it .

[Mike_scotland]

9 minutes ago, SuperJohnG said:

Its likely about managing them then. If you have the info to hand, you just manage the life out of your advisor and make sure they are pushing it on every day. That is how I have dealt with most people so far where I am relying on a 3rd party. 

Yeah I kid you not anytime they wanted any info me and the wife have had it to them within the hour.

 

I will keep pestering him and hopefully get some answers.

[Mike_scotland]

9 minutes ago, Buzz said:

Hi Mike,  are you looking to borrow for the land or do you already own it .

We own the land Buzz.

 

Would that make a difference do you think?

[Buzz]

Could simplify the process,  we brought the land of a farmer so he needed paying using some funds from our lender and obviously there needs to be enough left in the pot to build what you have had agreed from your lender. Ours had added complications as it was sold with only outline planning for a detached dwelling .the high Street lenders would not lend until we had detailed planning we could not get detailed planning until we owned the land ........catch 22.

[Mike_scotland]

10 hours ago, Buzz said:

Could simplify the process,  we brought the land of a farmer so he needed paying using some funds from our lender and obviously there needs to be enough left in the pot to build what you have had agreed from your lender. Ours had added complications as it was sold with only outline planning for a detached dwelling .the high Street lenders would not lend until we had detailed planning we could not get detailed planning until we owned the land ........catch 22.

Yeah its a very complicated process and I don't think it needs to be.

 

We are not borrowing our full amount they could offer us, we own the land, we have a sizeable deposit, I'm like what else do you want me to do 

[Mike_scotland]

We had a update today from a nice chap, basically its the bank still checking things etc, so he's going to chase them.

[Buzz]

3 hours ago, Mike_scotland said:

We had a update today from a nice chap, basically its the bank still checking things etc, so he's going to chase them.

Sometimes it pays to be a PITA....

[aims]

@Mike_scotland do let us know when you do eventually get the offer. I would be keen to get an rough idea as I am pretty much about to submit the application to the lender via BuildLoan too (DIP, costings, etc all done).

 

For anyone interested, regarding BuildStore/BuildLoan, my experience has been a mixed bag but generally positive. You get passed onto a lot of people and how quick/competent they are is pot luck. Out of the 4 people involved in my application (Advisor, Case Manager, Underwriter, Costing), 3 of them were pretty good and fairly quick. 1 was unfortunately slow i.e. spent two weeks making no progress because they had wrong mortgage amount/costing , etc (which I then had to explain and cc everyone in to get back on track). Got there in the end and they did apologies for the misunderstandings. Like mentioned above, it definitely helps to maintain the communication and not wait for them for too long.  

[Mike_scotland]

On 16/01/2021 at 11:24, aims said:

@Mike_scotland do let us know when you do eventually get the offer. I would be keen to get an rough idea as I am pretty much about to submit the application to the lender via BuildLoan too (DIP, costings, etc all done).

 

For anyone interested, regarding BuildStore/BuildLoan, my experience has been a mixed bag but generally positive. You get passed onto a lot of people and how quick/competent they are is pot luck. Out of the 4 people involved in my application (Advisor, Case Manager, Underwriter, Costing), 3 of them were pretty good and fairly quick. 1 was unfortunately slow i.e. spent two weeks making no progress because they had wrong mortgage amount/costing , etc (which I then had to explain and cc everyone in to get back on track). Got there in the end and they did apologies for the misunderstandings. Like mentioned above, it definitely helps to maintain the communication and not wait for them for too long.  

Had the offer for 5 days mate, so its neen from about  start of november. Not too bad BUT we have been really really on the ball, anything they needed got sorred on the day. 

 

I chased them every 48 hours i think, haha done the trick.

[Evs]

We used buildstore/buildloan for our self build mortgage. Wouldn’t use them again unless I had to, terribly slow and constantly had to chase them for updates. I’ve also noticed their turn over of staff is incredible! We’ve dealt with over 20 different advisors since first applying and 9 times out of 10 its down to the last advisor leaving the company. 
We’re half way through our build now and we still have issues with their communication times. Send an email and its a minimum of 48 hours before they reply, its very frustrating.