How long to get mortgage application in place

[KnobChops]

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?

@BrowncoatWaffles We have had the same thing, asking for additional information and then being put back to the back of the queue! We are porting with a 60% LTV so thought it wouldn't be too difficult!

We had our mortgage appointment over two weeks ago and they (HSBC) were saying it could be months, not weeks to get approval through. 😫😫😫😫

We are using Santander and have to say from initial application to mortgage offer in my hand took 4 weeks including a surveyor visiting to view property. I did it all online so perhaps that is why? I didn’t go in branch once- just upload everything to their portal.
Still can’t get in to my new house due to the crap system of buying houses but our mortgage was super quick.

We're with HSBC, had the initial appointment on 20 August, still waiting in the queue...

Porting mine with YBS and it's taken 5 weeks but there was a delay due to a damp survey needing to be done.

9 weeks for me from application to offer for YBS started in July it is infuriating

It's approximately 4 weeks wait for a survey appointments, then if that's fine it's around 4 weeks (+) for a final mortgage decision - and that's if all goes to plan. A buyer may find themsleves running around just trying to find a lender who is actually willing to turn an AIP into a mortgage offer - especially FTBs. You also need to factor in any extra searches as well as aligning all the movers for completion day.

It was always a mess - COVID has slowed it further.

We’ve gone via Habito to Nat West. Valuation is booked for next week, so that’s been a 2 week wait which doesn’t seem awful.. obviously the rest may take a long time but I’m relieved the valuation at least hasn’t taken forever! The whole chain is wanting to move in 5 weeks time, I’m very anxious! My solicitor isn’t convinced the searches will be back in time though..

Aaaaaaand today Halifax's underwriter told our broker that they approved our mortgage 'subject to BrowncoatWaffle's childcare costs'.

1. Why are they just my childcare costs and not DH's as well (they're his children too!)
2. We have no childcare costs, because they're both at school. Which is why we didn't put any childcare costs down in the list of outgoings.

Still, it's another eight days for Halifax to respond now to our broker's response saying that.

GAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAH!

I hope the rest of you on this thread are having better luck!

In our experience the mortgage wasn't the hardest part of the waiting game. We're all done bar searches- they expect to get to our case by day 40 after application. That's working day 40, so 8 weeks of waiting after having got everything else sorted. And we don't even know if we can book removals yet until they're back.

A lot of mortgage companies are very slow at the moment
Worst I have ever known it in over 20 years in this business
Having an excellent mortgage broker is so important at the moment

We waited 2months for underwriters with nationwide and with above average credit scores, and 80% deposit it still took this long ! Our searches were applied for August 26th and still haven’t been done. Covid is draggin everything out.

We have a mortgage!

Although now I'm terrified about how long searches will take ;)