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How long did your mortgage offers take?

(23 Posts)
coolpatterngirl Mon 15-Aug-16 07:52:53

I'm shocked at the long and drawn out process. Santander have kept us hanging on for so long only to turn around and offer less than we need.

The broker has been awful too and is refunding our fees instead of applying elsewhere.

Our poor vendor has been so patient but I gather he'll be putting the house back on the market this week.

Our next stop is Natwest. Has anyone applied recently? Is it faster to use a broker or just run the process independently?

LookWhatTheCatDraggedIn Mon 15-Aug-16 07:56:05

About a week with Nationwide when we moved (did have a mortgage with them at the time though).

Last move when we went with Nationwide was 2-3 weeks iirc. AIP was later that day, then the full offer was about 10 days after the survey.

bookgirl1982 Mon 15-Aug-16 07:56:40

We went with Halifax and it took about two weeks. Survey was instructed straight away and then the mortgage offer was issued about a week after the valuation. Broker really helped and made sure all the documents were in order before the application went in.

Northernlight22 Mon 15-Aug-16 07:58:43

Offer was about 2 weeks after we did the full application as we had to wait on the people we were buying from to come back from hols for the survey.

I just went straight to the bank, didn't use a broker.

Fuzzywuzzywasabear Mon 15-Aug-16 08:00:59

Started ours in January took until may to get it sorted! We were remortgaging though ended up having to take out personal loans to cover building work it was a complete nightmare!

They also offered us considerably less than the surveyor valued the house at meaning we had to take a higher interest rate than we would have if they'd taken the surveyors valuation hmm

Fuzzywuzzywasabear Mon 15-Aug-16 08:02:39

That was Virgin money wouldn't recommend we were stuck as we were remortgaging on building work

PurpleDaisies Mon 15-Aug-16 08:03:36

We're nationwide current customers and it took about a week (including survey).

PitchFork Mon 15-Aug-16 08:03:51

about 4 weeks. should have been quicker but went to underwriter.

thinkfast Mon 15-Aug-16 08:07:52

A good independent broker is worth his or her weight in gold for this kind of thing. One you pay - not paid by the banks. Should have the right contacts to speed it up/ sort things for young advise you on the whole process. Not cheap though

coolpatterngirl Mon 15-Aug-16 08:17:03

Think fast, I'm paying £500 to the broker.

I'm confident I could manage the application but prefer the broker option as I'd hope they'd push it through faster.

dun1urkin Mon 15-Aug-16 08:21:50

Two weeks, Yorkshire Building Society, no broker.
I've seen a couple of threads about mortgage offers taking ages recently, must be terribly stressful sad

GerryAndPerry Mon 15-Aug-16 08:28:27

About a week - current mortgage with Nationwide and new mortgage with them too.

Nervybuyer2016 Mon 15-Aug-16 09:28:41

About ten days with nationwide inc. survey

LookWhatTheCatDraggedIn Mon 15-Aug-16 09:46:03

My DH is working for a bank and he thinks are taking a bit longer due to Brexit and interest rate cuts and more being referred to the underwriters to ensure they are covered in the worst case scenario, but only up to a week or so.
Has a survey been carried out do you know?

Nan0second Mon 15-Aug-16 09:47:11

Try London and Country broker. They are fees free and very good.

BumbleNova Mon 15-Aug-16 09:50:24

is your situation complex? i had the mortgage done in 2 working days from Santander, inc valuation. I agree that a good broker is usually worth it.

coolpatterngirl Mon 15-Aug-16 09:53:50

Foreign income sad

stillrocking Mon 15-Aug-16 11:00:02

We remortgaged in a hurry recently and the broker recommended nationwide as being one of the quickest. Avoid HSBC. We ended up going with them as they had a deal so good a delay wouldn't matter, but you end up dealing with some real monkeys and jumping through a lot of hoops so I wouldn't imagine them tone good with anything complex. That said, you can get a same day decision from them in branch so if you get a good advisor unlike the absolute tool we ended up with you might be alright

Sunny777 Mon 15-Aug-16 11:57:17

santander approved my mortgage in 2 days flat, subject to survery. survey was done on 3rd and all sorted.
Broker charged 275, but it was money very well spent as everything was so hasslefree.

Northernlight22 Mon 15-Aug-16 14:19:23

Approvals are usually pretty quick - it's the offer that can take time if they have to go to underwriting or if anything comes back on the survey. My approval was done next day.

kirinm Mon 15-Aug-16 19:24:05

Natwest gave us an AIP within about 30 minutes and if we'd have just gone with a valuation, we'd have had an approval through in about 10 days. We wanted a homebuyers survey which couldn't be done very quickly so we ended up waiting 4 weeks. We complete on Friday but last week my broker managed to get us a new offer from natwest with a lower interest rate in the space of 2 days.

RebeccaCloud9 Tue 16-Aug-16 12:28:30

We went through London and Country who were amazing. Got all our info in the evening, sorted us with the right product by the morning, we emailed all the proofs that day and had agreement then. Before the week was up we had the offer. No faffing around, no waiting around and no fees!

Compared to West Brom who made us wait about a week for the initial call, wasted 1hour 45 mins of my time, tried to pass us on to a fee based broker then realised they couldn't help us after all due to our purchase having been part exchanged recently. Complete time wasters!

Glittershoes22 Tue 16-Aug-16 15:36:21

Santander were really quick with us back in March but we had to reapply in the last month to extend our offer so we could exchange and they ended up knocking £40k off!! We went back and queried it and were able to get it restored to the original offer but it was an extremely stressful week and a half. We also went through a broker and our lawyer was also chasing to chivvy them along. I think they have definitely tightened up recently or we had a tougher underwriter this time around, nothing had changed in our finances and we had a very low LTV and income vs mortgage payment was low too.

We had a bad experience getting a Nationwide mortgage 5 years ago (went direct) and wouldn't touch them with a barge pole. First Direct were excellent when I have used them for mortgages in the past.

I prefer a broker now as they do the leg work and chasing for you!

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