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First Time Buyers - How Long????

(10 Posts)
Arransmummy Thu 13-Sep-07 15:38:51

We have sold our property in the middle of June to first time buyers. We are now ready to exchange on the property that we are buying but the people that are buying ours still do not have their mortgage in place.

Does anyone know how long it takes these days for a first time buyer to get their mortgage in place?

Thanks

portonovo Thu 13-Sep-07 16:08:11

Should take weeks at most. Many buyers have a 'mortgage in principle' agreed before they even start looking. I would be concerned...

LIZS Thu 13-Sep-07 16:11:48

A couple of weeks at most .The fact that they haven't yet is not a good sign imho. Have they even had a survey done ?

Arransmummy Thu 13-Sep-07 16:14:36

Yes the survey and everything has been done. I have been onto my solicitor every day and she says not to worry but i cant help worrying. Would you ring the first timebuyers themselves and see what is happening?

Fimbo Thu 13-Sep-07 16:16:21

If you have the buyers number contact them. We kept in continually contact with our buyers and if we hadn't the chain would have collapsed.

LIZS Thu 13-Sep-07 16:19:54

The formal mortgage offer should swiftly follow the survey unless there is an issue.

Fimbo Thu 13-Sep-07 16:24:05

My building society mucked up my mortgage and the offer was delayed for a couple of weeks whilst they sorted things out. W

Arransmummy Thu 13-Sep-07 16:26:47

I think I might be onto the problem. We had a company come out to look at the damp we have - referred through buyers mortgage company. They were meant to send the report back to the mortgage company. I have just phoned the firm who had come and they don't seem to remember the property, she going to have a look and phone me back. I can see me complaining big time if they have f*ed up.

Lolly68 Thu 13-Sep-07 16:48:25

I had an offer in principle within the day. Then once the survey done the mortgage offer came out - took 2-3 weeks at the most.

1dilemma Thu 13-Sep-07 22:39:12

Days/hours...

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