How long for mortgage application

[AmateurHour]

I’m a (terrified) first time buyer, and my mortgage application went in on Monday. I heard that in June 50% of applications were declined- a lot more than the usual 10% which has terrified me and made me think mine will also be declined.

Has anyone recently had a recent approval/decline? How long did it take to get a result? If you were declined, do you know why?

The searches for our sale were requested last week, they are due back next Thursday (I'm not sure how accurate that is or who gave the solicitor that date). I'd be very happy with exchange and completion by end of August.

2 weeks, 3 days and i got my offer through yesterday!! SUCH a relief!

Hi OP - can I just check your process here.

So you had offer accepted and 3 days later instructed solicitors. And then had DIP, and 3 weeks ish later you had valuation and full mortgage offer?

Have you had searches back? Are you still aiming for end of aug?

We've got a valuation tomorrow (FTB buying a nrw build so no chain) and we're HOPING for mid - late August but haven't heard back from solicitors searches.

Also not sure what the next steps are - if we have full offer after our valuation tomorrow and searches come back clear is that it? Are we ready to exchange (no survey etc as it's a new build)?

Thanks :)

Also big congrats on your offer!!

Thanks!

Searches I’m waiting on, I really really hope they’ve been started 🤞 the solicitors either sent me a pack that didn’t come, or didn’t actually send it- and I had no idea so I only received it last Tuesday (3-4 weeks late!) there’s paperwork in there I’m trying to complete ASAP to make sure everything moves along ASAP.

I think that’s mainly it, but I’m not 100% sure I’m afraid! Still aiming for end of August/early sept, I’ve not heard anything saying I shouldn’t!

@AmateurHour any news on your searches?

We've had our mortgage offer, and now just waiting for solicitors to do their thing. We sent them payment to start running searches 3 weeks ago, and they reckon they still haven't had results back. Seems impossibly slow to me, and we really want to be in by the August bank holiday!

Oh wow! That’s a bad sign! I’m hoping they’re doing them, I sent payment over w week ago but only got some forms back to them yesterday that they wanted. They’ve haven’t replied to my clarification that they’ll be doing them on receipt of payment rather than form.