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Abbey says applications errors cause loan delays

Abbey has blamed two-thirds of its delayed mortgages on badly packaged applications.

The firm has been criticised by advisers for its speed at processing mortgages but it says the problem lies with the broker as much as the lender.

Abbey for Intermediaries chief operating officer Clive Kornitzer says: “At present, we estimate that around 45 per cent of the applications we receive from intermediaries are not fully packaged and we have seen this climb to as much as 65 per cent.

“We have found that many brokers are failing to even fully complete the initial application form, let alone package the other documents.”

True Bearing adviser Helen Collins, who has been waiting for one Abbey mortgage for six weeks, says the fault lies firmly with the lender. She says: “We are more than willing to immediately amend any problems but there is no communication from Abbey and no admission of case ownership.”

Kornitzer admits that there are faults on Abbey’s side. He says: “We need to ensure intermediaries are kept well aware of the information required to process a clean application.”

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  1. Christine Chadwick 22nd May 2009 at 3:34 pm

    Abbey Mortgage processing
    I have submitted a mortgage application to the Abbey that when credit scored was assessed as a ‘fast track’ case. Abbey asked for salary and bank statements which wer handed to them the next day – 2 weeks after they had to admit they has=d lost the paperwork. Not only have they lost it once, they have lost it THREE times. Applicants lost the first house due to the length of time it took to value. From 5th March we have submitted two applications and the paperwork FOUR times!!

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