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AIBU?

To be stressing about whether mortgage will be approved

28 replies

ataposaurus · 12/12/2014 13:16

Our mortgage advisor put our application for approval in a week ago and still not heard anything. He is on leave, and although he is responding to emails I don't want to harass him. He said he would let me know as soon as he heard, but I am worried as not heard anything and it is now nearly the weekend! Anyone got experience of this and how long it usually takes? We got approval in principle for borrowing 240 000 and have only asked to borrow 149 - how much can be taken from the approval in principle thing?? Really stressed that looks like I am going to have to wait all weekend. He is not back from leave till 16th and we have appointment 17th. Would be grateful to hear any other experiences!

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windymila · 12/12/2014 13:24

I'm sure it'll be okay, if he thought that there were any major issues then he probably would have flagged them up by now.

DP and I were approved for a mortgage earlier this year and at that point we lived in different cities and the bank seemed a bit suspicious that my DP was about to leave his job (we had used the salary to get our mortgage assessment). In fact he WAS about to leave, but had a bursary equal to his salary for a uni course lined up which we didn't think they would take into account when assessing us. They still approved us!

Obviously, I can't say that you will definitely be approved, but I think more people are approved than not, and unless you have anything that you think may stop you getting it then don't worry until the 16th. I know the stress, I used to imagine a room full of grumpy old bank managers deciding people's fate with a gavel. They may be busy also, which means that it might take longer than the week they put aside.

IAmLiftzilla · 12/12/2014 14:33

I'm going through similar, we have 2 applications in one for a buy to let and one for a remortgage for moving our main residence. Both are following slightly different processes and procedure but both will take 2-3 weeks to go from inprinciple to sorted. Crap isn't it waiting? Our mortgage advisor says that both banks are short staffed due to Christmas but they are still seeing surprisingly high volumes of business. Good luck.

StatisticallyChallenged · 12/12/2014 14:41

A week really isn't long at all.

sallysimpson · 12/12/2014 15:09

Ours took nearly 2 months! I wouldn't have been suprised if my hair had gone white with the stress!!! It was lucky I was not working and on maternity leave because the mortgage company kept asking for different information and every time we sent it in our application went back to the bottom of the pile to be looked at by the underwriter! Then the surveyor decided to turn up unannounced to the house we were buying to value it and the sellers were on holiday, so then it was another week until he could get back. Was super frustrating and luckily this is our first home and our forever home so I WILL NOT be moving again!!
The difference in principle and actual borrowing is quite large so hopefully that gives you a bit more wiggle room.
Best of luck and have a (or 3!)

sallysimpson · 12/12/2014 15:10

but no you are definatly not BU to stress! Buying our house was up there with the most stressful things i've been through!

ataposaurus · 12/12/2014 16:30

Thanks, really have no idea what to expect as not been through this process before. We were hoping to complete by February though, hope everything is not going to be held up!

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ataposaurus · 12/12/2014 16:31

Our mortgage guy seemed to indicate that it would not take long but wish I had pinned him down to get a more specific idea at the time!

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ataposaurus · 13/12/2014 09:12

Shamelessly bumping as looks like will have to get through a whole weekend of uncertainty! - anyone else have experience of how long process of waiting to find out if approved can take?

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SirNoel · 13/12/2014 09:26

Have they booked the survey do you know? That can be an indicator that it's moving through as it should.

Ours did go through quickly, we had the offer within a week of application but it was with our own bank.

It doesn't sound like you have anything to worry about good luck!

StatisticallyChallenged · 13/12/2014 09:29

Your mortgage adviser should be able to tell you what the target turn around time is for the mortgage company you are using. Ours was working to an 18 business day target when we dealt with them (about 6 months ago) but that is only a target not a guarantee and they went way over it, I think ours ended up being 6 weeks. The new mortgage market review has slowed a lot of companies down as they need to be more thorough so there is also no guarantee they won't come back and say "we need more payslips" or "we need to see proof of x, y and z"

ataposaurus · 13/12/2014 09:30

Hi, he didn't mention survey - do they do that as part of the approval or after? I got the impression it would not take that long and we should know before meeting him on wednesday. Really paranoid that not having heard could be a bad sign! It was not my bank but is now as I changed to take advantage of a cheaper mortgage fee for customers!

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SirNoel · 13/12/2014 09:39

It's part of the approval as they are checking that the property is worth what you're asking them to lend. The estate agents might be able to tell you whether they've booked it, but I imagine your broker would have let you know anyway tbh

PartyFops · 13/12/2014 09:40

I think it sounds as if the process is going to take far longer than expected. You said you want to complete on Friday? You mean exchange contracts surely?

Firstly once all the paperwork incl survey, mortgage offer etc are in place you exchange contracts, then you agree a date to complete and move in.

PartyFops · 13/12/2014 09:42

February! Sorry, misread that bit!!

I'm sure it will be done by February, ignore me

SolomanDaisy · 13/12/2014 09:44

She said February not Friday. That would have been ambitious!

SolomanDaisy · 13/12/2014 09:47

Cross post, sorry!

avocadotoast · 13/12/2014 09:53

You're not being unreasonable at all, it's an incredibly stressful time. We put in for our mortgage in April/May, just around the time the new lending rules came in, and I was terrified ours wouldn't be approved because we'd been a little overdrawn around Christmas. And had spent a lot on treats etc in the couple of months before... And we were first time buyers.

But it all went ok! And I'm sure yours will too. These things are just so frustrating when they're out of your control.

StatisticallyChallenged · 13/12/2014 10:16

When they do the survey seems to vary by company. Some of the banks book them straight away and then carry on processing everything else, others do all the other processing i.e. they check out you first and if that passes then they book the survey.

StatisticallyChallenged · 13/12/2014 10:16

And if you are in Scotland (land of the home report) then they just get confused or so it seems

Mulderandskully · 13/12/2014 10:19

It's so stressful. You can call the bank directly though- some financial advisors get arsey with you doing that and some don't care . Best of luck!

Whooshtheyweregone · 13/12/2014 10:20

I have worked for three different banks/building societies. They all advised that time from app to offer was approx six weeks so I wouldn't worry that you haven't heard anything after a week. Hope it all works out for you.

ataposaurus · 13/12/2014 16:42

Thanks - not in Scotland! They didn't mention survey at last meeting a week and a half ago but did seem to think would be a decision by next meeting on 17th. Maybe they only do survey after if approved. Whole thing is totally stressing me out, I am a nervous wreck!

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PrimalLass · 13/12/2014 17:09

We are waiting too - for a remortgage (just a tiny bit more). Even though the surveyor undervalued our house by about 50k, which I am raging about, we should be OK as we've been with the lender 13 years.

NotSayingImBatman · 13/12/2014 17:41

Just checked my old texts and nationwide text me to confirm they had received the application on the 5th August and had sent a text confirming they had approved it on the 15th, so ten days.

seesensepeople · 13/12/2014 18:12

The decision in principle means that they are willing to lend you the money if all the paperwork comes in and supports what you have said. Assuming this is the case you will have no problem and I would anticipate you having good news when you go to the meeting - i.e. it will have been to the underwriter who will have approved the offer subject to a valuation survey.

I think your adviser is being very conscientious by keeping in touch even though he is on holiday so it sounds like you are in good hands.

For what it's worth - I made an enquiry three weeks ago and got a decision in principle about two days later. I made the full application last Tuesday (so 18 days ago) and was told this Thursday that it was with the underwriter for approval. Financial adviser hasn't got back to me about the survey but estate agents did - they say surveyors phoned yesterday and have booked for Monday.

If you are looking to move in February then it is the solicitor you should be chasing - the longest part of the process is usually the local searches as these are done manually and most local authorities won't be working after the end of this week until the new year.

I hope all goes well with your move - try not to worry too much, these things normally go smoothly - have some

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