How long for mortgage offers during these Coronavirus times?

(7 Posts)
Sunrise85 Sat 22-Aug-20 18:40:36

Hello,

We’re hopefully putting our property on the market next week. We’re chain free. And dreaming of accepting an offer from an investor or FTB (asking price is very reasonable!).

I’ve read that mortgage offers are really delayed at the moment due to demand.

Can anyone let me know how delayed they are?

I’m currently quite poorly which is stressful so I would love to know how long these things are taking to prepare myself in advanced.

Just trying to minimise the anxiety. Searches are taking 10 days here - I checked with the Council yesterday.

Thank you smile

OP’s posts: |
DotTheCaddy Sat 22-Aug-20 18:49:53

We've gone with Natwest and we've been told to expect it to take a few weeks, they didn't mention anything about covid delays

Wherewhatwhy Sat 22-Aug-20 18:57:34

I've been waiting a month for an offer from Virgin. This is with quite a low LTV and both in employment. Never thought it would take this long but it seems that it's a combination of the COVID backlog, stamp duty market stimulation and furloughed staff so fewer of them to process applications. And I also think that for high LTV loans as the number of lenders offering has reduced it means those that are are now extra busy. So potentially better to accept an offer from someone who is borrowing at 85% LTV or better.

LemonadeKing Sat 22-Aug-20 18:58:47

Ours took about 3 weeks due to Covid

Maybenexttime08 Sat 22-Aug-20 19:01:14

We're porting with TSB and borrowing a small amount more. It's been 2 weeks so far with no news but we're told between 5 and 7 days

Basillify Sat 22-Aug-20 21:54:25

Three weeks with Nationwide and that included time our application spent in the wrong queue for the next stage. Should have apparently been quicker.

Sunrise85 Sun 23-Aug-20 08:26:08

Wow thank you so much for all the replies. Very useful to know.

I’m impressed with the banks for keeping up (or trying their best to keep up!) with demand.

OP’s posts: |

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