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Buyers Mortgage taking forever.... to be concerned?

(10 Posts)
firefighterswife Wed 24-May-17 14:03:07

After some advice, as I am not known for my patience...

We accepted an offer on our home from a couple (FTB) on Good Friday (6weeks on Friday). They already had their AIP, and the estate agents told us that they had 15% deposit and would be using their mortgage advisor.

Since we accepted the offer, we have found a house, had offer accepted, got an AIP, gone through a full mortgage application and recieved an offer, got our three searches back and are waiting to exchange.

Now. Our buyer has instructed their solicitor, and i believe had their searches submitted. Their mortgage company had a valuation carried out at our property on 2nd May and have had paperwork requested from them the week after.... but still no mortgage offer... Should we be alarmed? would we be wrong to keep chasing the estate agent?
we are keen to get moving asap... but not sure if we should be alarmed they haven't had their offer yet?

MaverickSnoopy Wed 24-May-17 14:15:06

With our first house purchase it took ages for us to get an offer, the mortgage company kept asking for more and more and more (and then some more) paperwork. It took forever and then all of a sudden it came through and we exchange and completed, nearly all in one go. With our next move the mortgage was done and dusted in a few days.

I'm so expert but I'm wondering if sometimes it takes longer the first time around and depending on which mortgage company you go with. I'm not too sure what to advise apart from asking the estate agent for an update?

DerelictWreck Wed 24-May-17 14:25:13

I've just moved into my FTB home and mortgage offer took 5 days, including the site visit to value. They're taking the piss. Even if it is a genuine delay (which suggests something worrying), they should be keeping you informed as to why!

Seenoevil Wed 24-May-17 14:30:09

We bought our house 3 years ago this year and all in all it took 3 months from offer to moving in, it was the mortgage company that held everything up, they just kept asking for more stuff time and time again, extra wage slips etc as it was our first mortgage, we had it AIP when we put the offer in & had the full 10% deposit waiting to go.. I ended up ringing our mortgage company every few days and in the end they listed it as urgent and it all went through quickly after that.

NameNotANumber Wed 24-May-17 14:33:08

Depends on the lender, some are really quick whereas I've known some (NatWest is often a culprit) to take 3 weeks from survey to offer.

Maggy74653 Wed 24-May-17 14:36:23

One of our buyers had their mortgage audited or something like that. Meant she had to provide loads more stuff and it took quite a bit longer to process it. Apparently it is done at random so it could be that?

firefighterswife Wed 24-May-17 15:25:09

Thanks guys.
I just wondered as we were starting to feel like we were being fobbed off abit by our estate agent when we rang for an update. Apparently the offer should be here by Friday / Monday (even though Monday is bank hol!?)

Allthebestnamesareused Wed 31-May-17 15:59:00

We accepted an offer from FTB on the same day. Their offer came throughbut the mortgage surveyor suggested they get a damp survey done. So they did. All came back clear - great! Except mortgage surveyor now says £2k retention for damp and won't believe the damp survey! They are now having a further damp survey done on Friday!!

wowbutter Wed 31-May-17 16:01:34

I'm slightly worried it's your house I am buying! His is the exact situation I am in.
My mortgage is being held up as I own the house I live in outright, so have no record of mortgage payments etc so the application has gone to the underwriters for full checking or some shit. But they're really going through it all, because I look really suspicious.

Which county are ou in?

ijustwannadance Wed 31-May-17 16:07:57

It may not be their fault. Our mortgage is with NatWest. It might've been the best deal but my god they dragged it out. We had no control and they would ask for some paperwork then wait, then something else.

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