The good news is that the mortgage market is really buoyant with good business volumes and mortgage product choice at its highest for some years. There are some fantastic rates and opportunities for clients, especially pre Brexit.
The bad news is that this is causing a number of lenders major servicing problems as they do not have the staff to handle application numbers. One we know of is working on applications submitted two weeks ago and once agreed, taking a further week to send out the mortgage offer! We also have had delays on valuations with some surveyors taking up to two weeks to book an appointment. Unfortunately, lenders have agreements with certain surveyor companies, and they have to undertake the valuation, no matter what the delay in actually carrying out the appointment. There is no shame in being open about these delays as they should be taken in to account whether buying or selling a property and this helps everyone manage expectations.
In addition, an increasing number of valuations are coming back down valued. This can cause immense problems and stress for the consumer as it could affect the overall loan borrowed. Do your homework on the valuation before getting to application stage to ensure there’s no disappointment later on.
Lenders and their valuers do not tend to accommodate a challenge to their valuation amount on the property. Normally, the only times that a change to their original valuation amount occur, are when they have been supplied proof by the applicant of a recent sale (within a few months) and the property being located within a few hundred metres of the subject property! Difficult indeed.
Finally, we are looking to recruit again. Are you in the mortgage market, or have experience and fancy a new challenge? If so, we would like to have a chat. Pop in to the Carfax office, or please have a look at the job descriptions on our website to find out more.