mortgage slow to come though

[GettinTrimmer]

We are buying a house and just waiting to exchange contracts. I've just been told that our buyers haven't had their mortgage offer through yet and the survey was done in April.

Ours came through really quickly, but does anybody know if this is normal to wait 2 months and more?

[Mummyisamonster]

Yes, ours is taking ages (4 weeks and counting). Can you check whether they are likely to get it ie; are they first time buyers or are they porting an existing mortgage?
I can sympathise, it really is very frustrating!

[GettinTrimmer]

Thanks Mummy. I wasn't really that worried as I know our buyers, she has a good job & owned a house before, just wondered what was taking so long luckily we have very good estate agents they have just chased and apparently we can exchange contracts early next week

So stressful, our sellers are executors their son died

Good luck with yours.

[GettinTrimmer]

And I was very grumpy with my ds this morning, he didn't know what he'd done

[PropertyAddict]

We've had similar problem with a very popular (ie cheap) mortgage deal - they get swamped and it can take ages.

[tyler80]

Only have my my own experience to go on but our timescale went like this

Wednesday - Application finalised
Monday - Mortgage approved subject to valuation
Tuesday - Survey
Following Monday - Final mortgage approval given

[Mummyisamonster]

That's great news about exchanging contracts- you must be pleased. We've just heard that our survey's taking place next week - about time! Light at the end of the tunnel.

Best of luck with the move.

Ps: and don't worry about being grumpy. I have been a grumpy old bag since (at least) Feb when we started house-hunting