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How long did you wait for your mortgage to be approved?

(11 Posts)
ScarlettOverkill Thu 05-May-16 21:30:56

I'm right in the middle of a chain!
The person buying from me has been trying to get his mortgage approved since January...I should say during that time he got sick of waiting on one lender and moved onto the next on the list.

I am also waiting on my mortgage to be approved. I've been waiting since the beginning of March so over 2 months now.

Is this normal? Average? Longer than average?

adriennewillfly Thu 05-May-16 21:47:28

Mine got done within a couple of days. I went through a broker (a fee-free one), and was borrowing far less than they were willing to offer (according to online calculators).

noisytoys Thu 05-May-16 22:18:48

Mine was done within a week of the mortgage company doing their valuation. The whole process to completion only took 8 weeks. Maybe chase them up?

ScarlettOverkill Thu 05-May-16 22:55:08

I've been chasing them every other day!!!

They ask for something and we send it through that day. Then we wait. Nearly a week later they ask to see something else. We send it through that day. Then we wait.

Same process again and again!

Sunny777 Thu 05-May-16 23:28:14

2 days.
went thru a broker who was superb in whole process.
but my case was very simple, top credit history, decent deposit, borrowing much less than what i could have. Still went thru broker just for saving hassle.
he took 2 days flat.

HoneyDragon Thu 05-May-16 23:31:13

Two weeks in total including valuation etc, we're self employed so the underwriter took longer.

Skittlesss Fri 06-May-16 07:13:02

A couple of weeks, would have been sooner if they hadn't have had to wait to do the valuation. Our case was probably easy as we borrowed a lot less than eligible for so mortgage is about 1/6 of incoming wages.

Heyheyheygoodbye Fri 06-May-16 07:15:57

Two days but we were in a good, uncomplicated position and used a fantastic broker.

BumbleNova Fri 06-May-16 09:05:10

Mine was two days - we also had a great broker.

GrandmaJosephine Fri 06-May-16 09:12:12

Broker here too after our bank turned us down. He was linked to the estate agents but he was excellent and got provisional approval in a few hours, then actual in a few days. It helped I had everything to hand.

I would never go direct again. Our bank, despite us being long standing customers with our mortgage with them so able to see our financial history decided we were a risk!

If your bank messes you around too much, complain first to the bank and then (if necessary) take your case to the financial ombudsman. We did and were awarded £800. Sweet revenge!

Luciferbox Fri 06-May-16 09:13:06

Less then a week I think. I used a broker attached to a local estate agent who was fab.

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