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How long to get mortgage application in place
38

KnobChops · 28/09/2020 20:22

Accepted offer from our buyers 2 weeks ago. I submitted sellers forms, all the paperwork etc.

Memo of sale came through last week so they’ve appointed solicitors. Not heard yet about mortgage or survey.

This is all we’ve heard so I called EA today to see if they’ve got finances in place. EA has called them and waiting to hear back.

I offered on a place last week and did my mortgage application 2 days later. The vendors EA chased me about it today.

Just feels a bit sluggish, or am I impatient?

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chukwe · 28/09/2020 20:27

Depending on your lender, it shouldn't take long. My application in June this year with Lloyds bank was an instant decision as I passed credit check

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Sanch1 · 28/09/2020 20:30

Ours took about 3-4 weeks to get the formal mortgage offer, pretty much the whole of July with first appointment, then another call, then the survey and the time elapsed between those with appointments over the phone only. Took ages!

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KnobChops · 28/09/2020 20:33

Thanks, the mortgage broker told me applications are taking 7-10 days. Just a bit disappointed the EA didn’t chase our buyer for 2 weeks. Don’t even know if they’ve applied for a mortgage yet.

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KnobChops · 28/09/2020 20:34

I don’t mind the wait- it’s just not knowing if they’ve even put in an application!

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RaspberryHartleys · 28/09/2020 20:35

There are some banks with very long delays still, ironically it seems to have got worse since surveyors have gone back to doing in person viewings and have had to deal with the backlog.

Everything on my purchase was agreed, all credit checks were fine, affordability great etc but I had to wait 6 weeks for the bank's valuation to be done before they made the formal offer so it may be something like that holding them up?

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KnobChops · 28/09/2020 20:49

House buying is stuck in the dark ages isn’t it. I can’t believe the whole process in England is still so crap and inefficient. I wouldn’t mind waiting, it’s the lack of communication that bugs me.

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RaspberryHartleys · 28/09/2020 21:35

Totally agree OP!

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Iseeyoulookingatme · 28/09/2020 21:49

Ours has taken about 6 weeks and we only had the valuation last week its currently sat with the underwriters at the moment. Our searches are also taking a minimum of 6 weeks so just be prepared for lots of waiting due to covid at the moment.

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KnobChops · 28/09/2020 21:58

Jeez 6 weeks!!

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ulanbatorismynextstop · 28/09/2020 22:05

Offer accepted end of July, applied for mortgage the following week. Received mortgage offer 4 weeks later. Everything feels like it's taking forever

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rosie1959 · 28/09/2020 22:12

My DH is a mortgage broker and has been for over 30 years Covid has slowed everything down
Dont think the work from home directive has helped

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DisneyPrincess37 · 28/09/2020 22:28

We have got a mortgage in principal and had our application submitted on 2nd Sep, still no survey booked in yet. Everything is taking so long with COVID delays Sad

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KnobChops · 29/09/2020 06:41

@DisneyPrincess37

We have got a mortgage in principal and had our application submitted on 2nd Sep, still no survey booked in yet. Everything is taking so long with COVID delays Sad

That’s bonkers. Which mortgage provider?
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Maybenexttime08 · 29/09/2020 06:47

We are on week 5 and still waiting..

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Mirrorxx · 29/09/2020 08:57

Our valuation was done the day we submitted our application but they didn’t go inside the house. We then had to wait 2 weeks for our mortgsge offer

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Graffitiqueen · 29/09/2020 09:03

3-4 weeks for a remortgage with the Halifax last month.

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Graffitiqueen · 29/09/2020 09:03

And our mortgage broker told us they were the quickest.

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Bol87 · 29/09/2020 09:21

Ugh. Our broker persuaded us away from Halifax and instead Nat West.. we’ve paid for the valuation, told it’ll take up to 12 days to be initially assessed.. 😫

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littlecontis · 29/09/2020 10:00

Ours took 7 weeks with Barclays

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Notyetthere · 29/09/2020 10:18

Brokers will know which banks are slow at the moment. The dilemma for a few is that the best rates currently on the market are with the slowest banks Platform I'm looking at you . So it is all to do with whether your buyers are happy to pay a few more ££ per month by going with the quicker banks or they hold out for a cheaper rate.

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BrowncoatWaffles · 29/09/2020 13:07

We're with Halifax and doing a mortgage port. We're at six weeks so far. At the end of last week they said at least they'd only do a desktop valuation so that sped things up a bit.

The difficulty is if they need anything from you they're saying it's an eight day turnaround before they look at your response. So they asked DH for additional pay slips to cover the period since they'd agreed the mortgage in principle. We sent them twenty minutes later, but it takes you to the back of the queue and it took over a week for them to acknowledge and continue the process.

It's utterly infuriating. We've been assured by our broker it should come through in the next few days.

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MrsTWH · 29/09/2020 14:51

Oh crikey. We put in an application to NatWest 2 weeks ago. Heard nothing at all yet.

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QueSera · 29/09/2020 14:56

It recently took a friend 5 or 6 weeks to get a mortgage approved - there was a big backlog, and with tightened lending restrictions the lenders were asking for loads more info than normal, so it went on and on.

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Cockadoodle27 · 29/09/2020 15:01

We have a mortgage application in with santandr at the moment, and it's taking an age with, it went in six weeks ago and will probably take two or three more. They're very backlogged (so frustrating)

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LividLaughLovely · 29/09/2020 15:52

Ours was less than a fortnight with NatWest but they’ve downvalued the house by £15k so we’re screwed Hmm

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