Mortgage

[Sheela]

We consulted a mortgage adviser who is trying to arrange a mortgage for us. We have 62% of the property's value to put down from the resale of our current home and it is now five weeks since the application went to the morgage provider. Our F/adverser told us that we would know definitely by a week yesterday whether we had been successful. Now he tells us it is with the Underwriters and they want a copy of last month's salary which isn't any different to the previous ones . Five weeks ago I paid the F/ad. �330 with my debit card for a survey. (He advised us that a full survey costing �800 would be a waste. ) A week ago this money was taken out of my account - as far as we know the survey has yet to be carried out. What we can't understand is why has this money been taken if they are still deciding on the mortgage, The other thing is that our F/ad. never keeps us up to date with what is happening, we do the chasing or our solicitor does. I might add that this adviser works in the shop of a local very well known estate agent but something doesn't feel right. Contracts are ready to be signed with outselves, our buyers and sellers, it is our mortgage that is holding everyone up. Has anyone else had these problems. We just do not know what to do. Any advice please.

[Velvetee]

There are so may mortgage brokers around, it is very difficult to find a good one, who actually cares and provides a personal service. It is best to go through recommendation. I wouldn't use any broker, affiliated to an estate agency.

The problem is, now we've had all the problems with Northern Rock etc, mortgage companies are crossing every T and dotting every I, before they lend money. You will find that they will be dragging their heels, asking for more information and things may take longer than it would have several months ago.

I expect you will get the mortgage, you are, afterall depositing a large chunk of your own money. It is normal for the lender to instruct a survey to be done, as they need to have a valuation of the property. If you are saying your broker has taken another �800 in addition to the �330, you really need to ask him what he is doing, it could just have been done in error. Get your solicitor onto it too.

The only problem is, surveys' are only valid for 3 months, so if this continues to drag on, then you risk having to pay for another survey to be carried out, or if you are in a chain and the people you are purchasing from, may get fed up and pull out. You will, therefore, lose any monies you've already paid.

But do be more forceful, it is your money so don't take everything at face value. Don't be affraid to ask your mortgage broker very up front questions. If you don't assert yourself, they will tend to take a nonchalent attitude.