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Original poster

How long does a mortgage offer take to process?

21 replies

PinkTriangle · 07/03/2015 22:28

Offer accepted, ww have a meeting at bank next week to get a mortgage. How long do they usually tAke to decide?
Also, how much does a valuation cost?

OP posts:
SnowBells · 07/03/2015 22:34

Did you get an agreement in principle prior to offering?

We had to do this to see whether we could get the mortgage. Once we offered, and we sent out all the info the bank needed via our mortgage advisor, it took about two weeks. However, this included public holidays, etc. - I was given the impression that it would have been quicker otherwise.

Colleagues got theirs within a week.

MrsBungle · 07/03/2015 22:37

We had a mortgage in principle too. Took about 2 weeks for the formal offer but apparently their "systems were down" which meant that was longer than usual.

BackforGood · 07/03/2015 22:39

I'm going back in time now, but ours was delayed, not because of the building society, but because of getting confirmation from our incredibly slow employers.

Original poster
PinkTriangle · 07/03/2015 22:44

We have a mortgage in principal. Eek, my oh has difficult to contact employers! I hope that doesn't slow it down!
We're being kicked out of our rental at end of april. Our offer for purchase was accepted yesterday, sols have been sorted, meeting with bank end of next week. Do you think we'll be in by then?

OP posts:
SnowBells · 07/03/2015 23:30

An acquaintance offered on a house and moved within 6 weeks.

House was chain-free though and only 10 years old or so... not many problems to find.

Original poster
PinkTriangle · 08/03/2015 07:13

Thanks snowbells. We are chain free so fingers crossed :)

OP posts:
MuttonCadet · 08/03/2015 07:17

We got from offer to in in 6 weeks, but that was with me chasing everyone involved on a daily basis.

nightswift · 08/03/2015 07:21

It is not so luch the mortage coming through that takes the time but the solictotors doing there searches- we moved in 5 weeks and our solicitor said it was a rush! Easter may well slow things down I would plan for sonething to tide you over for a few weeks to mid April ( holiday cottage?) and ask removal companies to give 2 quotes - one a straight move and one with your stuff going into their storage (they come with a container instead of a van) and being delivered a few weeks later.

Original poster
PinkTriangle · 08/03/2015 07:30

Thanks... Yeah we're looking in to booking a caravan on a local site just incase, and also storage! :)

OP posts:
Sunnyshores · 08/03/2015 15:48

Being in by the end of April is certainly possible as long as you keep on top of it and as long as everyone plays ball. It is tight however.

Have the people you're buying from agreed this date too?

You can get the searches done in 48 hour by paying the land registry £45 (I think) instead of £8.

Original poster
PinkTriangle · 08/03/2015 15:53

The vendor is moving in with his girlfriend so is happy to move whenever and has agreed to be ready to move by end of april.
Ive also suggested to ea whether it'd be possible for him to move out and us rent off him until completion, which he seems okay about x

OP posts:
Sunnyshores · 08/03/2015 18:41

So why are you pushing for such a quick deadline? Give yourself the standard 8-10 weeks and then you all know that it WILL happen. Moving is really stressful, be kinder to yourself!

BackforGood · 08/03/2015 19:40

I have to say, both our moves, we've had offer accepted in February. Both times we actually moved in July.
I'm sure it can happen in 6 weeks, but i also think those moves are unusual.

Original poster
PinkTriangle · 08/03/2015 20:30

Because it's not a definite that we can rent off him.... Just got to take it a step at a time I guess :/

OP posts:
WhatsGoingOnEh · 08/03/2015 20:36

There's very little chance you'll be in by end of April. Sorry. Maybe by mid-May, but honestly, more likely the beginning of June.

See your bank next week, then it'll take 2 working weeks to get the offer. The solicitors will start the searches, that'll take another fortnight. The contract needs to be drawn up, sent to sellers, sent back to solicitors, queried, the answers have to come back from sellers, more queries... It takes AGES.

Reserve a storage unit at Shurgard - it's only £1 for the first month - and look into cheap places to stay. Can you extend your rental place for another month?

WhatsGoingOnEh · 08/03/2015 20:39

Not to terrify you (and I was horribly unlucky) but I had an offer acceoted in the house I wanted to buy in December 2013. We actually moved in at the end of October 2014. Shock That's obviously horrifically protracted! But even without delays, we were initially looking at May 2014.

WhatsGoingOnEh · 08/03/2015 20:40

The seller's solicitor will very likely advise him not to rent the house to you before completion. They get really scared about doing it, because if anything goes wrong with the sale, you'd be sitting tenants.

nightswift · 08/03/2015 23:06

Well we did it in 5 weeks from offer acceptance to moving in - you just have to keep on at everyone.

Sunnyshores · 09/03/2015 10:54

I think the point is, you can do it, if absoluetly nothing goes wrong - but with so many outside agencies involved and Easter bank holidays, it is highly unlikely. And you're better off admitting that now, than stressing.

SnowBells · 09/03/2015 13:04

Ask your current LL whether you can stay two more months? That's what we did.

Furyfowler · 10/03/2015 18:02

I would normally snow but he's an arse and is kicking us out out of spite.... We turned his offer to buy down!

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