Mortgage application

[Tomatoandbasil]

How long are they taking at the moment?

Ours took a month overall but only because they took ages to sort a valuation. The valuation was completed in the morning and by that evening we had a text message confirming the offer!

Our mortgage adviser recently said that Nationwide had advised 6-8 weeks due to volume, and Santander, who we are going through, took 4 weeks to get to valuation. Good luck!

Barclays have just taken two weeks from application to offer.

Who are you applying to?

Most say their current timescales online

E.g.

www.santanderforintermediaries.co.uk/submit-and-track-business/our-service-levels/

intermediaries.uk.barclays/home/

intermediaries.hsbc.co.uk/our-latest-service-levels.html

www.intermediary.natwest.com/intermediary-solutions/Service_Levels.html

www.nationwide-intermediary.co.uk/placing-business/service-updates

Santander took 16 days from submission of application to mortgage offer for us in October. We applied via London and Country who were great.

Ours has just taken about two weeks with the YBS.

@NachoNachoMan
This is great info! Where can I find the Halifax updates. I checked the website but can't find it

We've just used an online broker (Habito) and they submitted our application to BM Solutions one day and the following day informed us that it had been approved! Ours was a straigtforward low LTV though.

Just got outs with Nationwide. Took 4 weeks

We’ve had a broker mess up so are having to start a new application and I’m worried about delays. Will ask for service times.

TSB took 8 weeks and we still haven't got the paperwork!

About a month

Nationwide said they were swamped

Our broker told us the average time for the mortgage with the company we've applied to is 25 working days, he said that is average/quick at the minute, other banks are taking up to 45 working days. He said there was huge variance in the different companies right now

Tagging on to this one (sorry) - can I ask those who recently had mortgages approved what the process was? A friend is sorting hers and has said it’s been really stressful, and included an hour long interview going through minute financial details

They are taking ages.

@Newbie1999 mine took best part of a morning on the phone answering questions.
Does anyone know how long Britannia / co-op are taking?

Took about 10 days with Barclays. 5 days to get the desktop valuation and then the offer came out. We have low loan to value which probably helped and did it via a broker so all the paperwork was present. The broker told us which banks to avoid because of slowness. Interestingly Barclays was the best rate too.

We are in the process of getting our mortgage with First Direct. They did mess up with an email to upload some information that should have been sent when we had our mortgage appointment and was only sent when I started complaining. After we uploaded remaining documents, the valuation was booked really quick and now waiting for them to come back to us. We started the application by the end of August.

I’ve just completed mine. Took two interviews spaced just over a week apart. Then a day to get to valuation. Still waiting for valuation to take place but told by Santander should be complete in 11 days.

My valuation is now complete and my offer has gone to the solicitors. It’s been very quick. A matter of days.

We applied to NatWest at the start of September. Valuation was booked 4 weeks later. Offer took 2 weeks after that. They ‘forgot’ we had submitted evidence of childcare funding and then initially declined our mortgage on affordability. Turns out they doubled our childcare costs & halved my wage in complete human error! 🤦🏼‍♀️ They gave us a heart attack, we are so careful with money, have straightforward income, no loans or credit & applied easily within several AIP’s we obtained! Thankfully, Habito were fantastic & immediately got on the phone to find out what on earth had happened. NatWest did apologise, very busy apparently 🙈

This is buying in Scotland (so valuations all completed before offer accepted), but the Halifax came back to us just under 1 week. Nationwide was going to be 6 weeks!

High volumes and delays in getting valuations are pushing out end to end times for everyone currently and the position varies across the country.

Nationwide 8weeks