Anyone know how long to get a mortgage offer from Platform/ Co-op?

[kerrymucklowe2020]

I read somewhere what there was a backlog so they will do the ones that have been waiting the longest. If mortgage was applied for 24 July was just wondering how long the average time scale was until an offer is received?

[BigHuff]

We applied on 21st July and had our valuation survey this weekend just gone. So 2.5 weeks from application to survey. We should hopefully have an offer (or rejection!) this week, but our broker said nothing was guaranteed re timelines as they do have a large backlog.

I also don't know how they're prioritising applications.

[Dynamodopey]

@kerrymucklowe2020 our application was also submitted on the 24th July via Trussle. We've not heard anything Trussle keep saying we should hear from them soon.

We're very anxious and want to know if they'll offer us the mortgage or not as we've fallen in love with the house.

Can I ask whether you're ur paying a product fee and if so have they taken that out of your account? (They have taken our arrangement fee and detailed survey fee) we're hoping them taking the money means they've approved our mortgage

[CoffeeRunner]

Is Platform still sub-prime?

[kerrymucklowe2020]

@CoffeeRunner- what's sub prime?
@Dynamodopey- I don't know. My buyer has applied through platform so I don't know sorry. They did the valuation survey last week

[kerrymucklowe2020]

@Dynamodopey- did you pay/ have you paid separately for the searches?

[VonHerrBurton]

Ours has just been agreed after a 3 week period.

Our financial advisor has told us that even if our buyers' aip is in place that due to huge backlogs, their agreement 'wont go to underwriters for about a month'

There were a couple of exceptions he mentioned but I can't remember which lenders he named.

[CoffeeRunner]

Sub-prime is basically for those with either bad credit or an unconventional income. Self employed with little in the way of accounts etc.

I only asked because I worked for a sub-prime mortgage broker about 17 years ago and haven’t heard of Platform at all since!

[Dynamodopey]

@kerrymucklowe2020 ermmmm searches you ask???

We've instructed a solicitor to kick things off and paid them £250 I think that's what it was for.

I'm sorry I'm so clueless when it comes to buying houses we bought our own 20years ago and a rental a long time ago but can't remember exactly the process as to how things will happen.

@CoffeeRunner No Platform isn't a sub prime lender as we have no problems with our credit history. We are quite fortunate as the house we are buying is no chain and we can go ahead and buy without having to sell our current home. (We do intend to sell once we've done work on the new house)