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How long for a mortgage application?

1 reply

Puzzles10 · 06/07/2020 11:05

We got an offer accepted on a house on 16th June and applied for our mortgage on the 19th June (we did previously have a DIP). On the 29th, the bank requested some more payslip info (I think due to me being on a fixed term contract) and since then we have been waiting. I think the next step is the bank doing their own valuation, how long does this normally take to arrange from the start of application?

I'm just worried the sellers will think we're not doing anything! I've heard of house sales goig through in 6 weeks, and we're three weeks in and nothing seems to have happened yet

OP posts:
maxelly · 06/07/2020 12:08

In my experience it is typical to wait 3-4 weeks to get to the valuation stage, then another 2-3 weeks for the valuation itself (once they confirm the instruction of the valuer, they will call the owner and book a date usually within 10 days depending on the owners availability, then it will take the valuer another week or so to write up their report depending on whether you are also using them as your surveyor or if you are getting this done separately, I usually get both done by the same person), then the bank maybe another week or so to accept the valuation and tick whatever boxes they need on their system to move you forward to the next stage. I think the whole process of getting the mortgage sorted has never taken us less than 12 weeks total although we do have some complications with DH having spent periods living abroad in countries which are considered 'high risk' which always seems to freak banks out, albeit it was many years ago! Perhaps if you are totally straight forward, no credit issues or being self-employed or anything like that, you might get it done within 6-8 weeks?

I think the people you hear of completing on sales with 2-3 weeks must be cash buyers as I'm sure banks just don't move that quickly, and even then I always wonder how they manage to get all the other purchase stuff, searches, survey etc done that quickly! So long as your solicitor is in regular contact with the other side I am sure they won't be thinking you are doing nothing! House purchases just are slow and frustrating unfortunately, if your sellers have been through this before I am sure they will understand...

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