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Original poster

Mortgage needed by Monday?!

22 replies

Alcemeg · 09/12/2021 17:09

Apologies if there's an old thread somewhere on this sort of thing.

My friend had an offer accepted on a house in the past few weeks. The building society is very slow to get the mortgage sorted (things have changed since the days when lenders practically threw money at you just for signing on the dotted line!). The vendors have said that unless the £££ is sorted by Monday, the house is going back on the market.

Any tips on next steps?

My friend is mid-late 50s, freelance, earns a good whack (medical writer).

His efforts to push things along have not yielded results and I just wondered if the MN hive mind had any brainwaves for dealing with this sort of situation...?

OP posts:

BluebellsGreenbells · 09/12/2021 17:11

They should’ve applied for a mortgage in principal before offering on a property. They aren’t in a position to move.

Don’t blame them for putting it back in the market.

fromdownwest · 09/12/2021 17:20

Did your friend use a broker? If not, that was their first mistake!
Dealing with lenders directly is a chore.
Brokers have lines to BDM's and sometimes the case underwriter to speed things along if necessary.

MalbecandToast · 09/12/2021 17:24

I used Nationwide last month, application went in on the Monday and it was accepted on the Weds BUT it was pending valuation and there valuers couldn't see the property for 2 weeks- offer formally sent to me same day of the valuation. Quick, but not 3 days quick I'm afraid

Getyourarseofffthequattro · 09/12/2021 17:37

@BluebellsGreenbells

They should’ve applied for a mortgage in principal before offering on a property. They aren’t in a position to move.

Don’t blame them for putting it back in the market.

Erm how do you know they didn't? Why aren't they in a position to move. You put an offer in, you do a mortgage application that is the normal process

Op look for their timescales online if they've gone over them, complain. Ask them to escalate it.

What point in the process are they at?

gogohm · 09/12/2021 17:39

Depends on the situation , as a freelance writer it may take significantly longer, I can understand why the sellers are getting nervous

Original poster

Alcemeg · 09/12/2021 18:10

Thanks everyone! I'm afraid I don't know any more detail. We're both racing the clock with deadlines today and I haven't spoken to him in a while. I just wanted to float the dilemma out there for advice.

He's not daft and doesn't blame the vendors, this is just a matter of trying to get things sorted ASAP.

OP posts:

Overthebow · 09/12/2021 19:52

Sorry but I don’t think that a mortgage with a new company by Monday will be possible.

Whymustyoubringinthebirds · 09/12/2021 20:05

The best thing would be to chase the building society for the mortgage offer/decision

They could apply to another lender and get it fast tracked through underwriting to get an underwriting decision by monday (assuming fairly straightforward employed income with evidence to hand) but would still need to wait for a survey to be completed so would be longer for an offer

fromdownwest · 09/12/2021 20:22

@Whymustyoubringinthebirds

The best thing would be to chase the building society for the mortgage offer/decision

They are self employed it appears, also things do not get fast tracked, they sit in a que, first come, first served. No matter how much pleading etc.

Cocomarine · 09/12/2021 21:21

My Building Society took 5 working days to get me in for a call on a straightforward remortgage about a month ago. They said they were just flat out with people concerned about interest rate rises. I daresay there’s a bit of Covid absence too.

HolidayTime2021 · 10/12/2021 07:33

Has it gone to the underwriter yet?
Freelance- lots of additional CV19 type enquiries at the moment.

43leftfeet · 10/12/2021 07:36

If they want to speak to a broker, I recommend L&C (used to be called London and Country, I've used them twice and they're often recommend here).

They are both free and independent.

Palavah · 10/12/2021 07:40

It depends what they mean by 'money sorted' by Monday.

Suggest your friend posts themselves if you're both on deadline.

Summersdreaming · 10/12/2021 07:42

My mortgage took about 5 weeks recently, and over 10 days from the valuation being done.

veryouting2021 · 10/12/2021 08:03

It won't happen. A valuation needs to be booked and conducted and the report sent and accepted. You've one working day to sort that out in.

NoSquirrels · 10/12/2021 10:13

Depends if that means a mortgage in principle or the full offer.

If he offered without a mortgage in principle and they accepted, I don’t really blame them for putting it back on the market because at the moment he’s not a proceedable buyer, he has no proof of funds.

If, on the other hand, they’re expecting a sale to have been totally wrapped up within weeks of accepting an offer, they’re mad and he should tell them so.

Won’t change the outcome, the house will probably go back on the market!

Original poster

Alcemeg · 10/12/2021 10:30

@NoSquirrels
If, on the other hand, they’re expecting a sale to have been totally wrapped up within weeks of accepting an offer, they’re mad and he should tell them so.
That seems to be the situation, I'm afraid.

It's the full offer he's waiting for ... and he's done all he can. It's all rather frustrating. I suppose there wasn't much point me posting on here, but I wish I could wave a magic wand and have it all sorted for him! It's been a while since I had to sort out finances like that, and I just wondered if there were any tricks we were missing. Apparently not 🙃

OP posts:

NoSquirrels · 10/12/2021 10:33

A stern word from his solicitor to theirs is the trick, I should think.

Unless he misrepresented himself as a cash buyer or otherwise made a promise he can’t fulfil, then they’re unrealistic and should back down.

His solicitor should he saying to theirs that this close to Christmas they’re unlikely to find a cash buyer who can complete in a quicker timeframe and to be realistic.

Original poster

Alcemeg · 10/12/2021 11:28

Thank you @NoSquirrels, that's useful!

There is nothing remotely dodgy about my friend and he is not short of £££, it's just getting the paperwork sorted that is turning out to be a complete pain in the arse!

Ugh, I don't know how anyone ever moves house...

OP posts:

Getyourarseofffthequattro · 10/12/2021 13:53

With great difficulty @Alcemeg!!

We accepted an offer on our house in June. Offered on another a couple of weeks after. Were now living with my parents as our sale went ahead and our purchase fell through. Waiting for our new purchase to complete and our mortgage amendment (we had one on the prev purchase and the new purchase was less borrowing) has taken about 6 weeks so far. We have a complaint in!

Original poster

Alcemeg · 10/12/2021 14:01

Ugh, @Getyourarseofffthequattro... I wish you well sorting it all out.

My friend's offer was accepted in late October! Not sure what the vendors are playing at. Maybe they just want to get settled before Xmas (erm, doesn't everyone...?), or maybe they've decided they want a higher price. Who knows!

OP posts:

OnGoldenPond · 12/12/2021 17:37

They can put it back on the market if they want but they would still need to get a new offer and the new buyer would have to go through the same process as your friend. They are unlikely to get another buyer to exchange of contracts before him unless they find a cash buyer who can rush the legals through.

I would advise your friend not to panic but to do everything they can to hurry the process up. If they have a broker they should speak to them and see if it would be worthwhile trying a different mortgage company.

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