How long to wait until mortgage approved?

[cooperbug]

We have our appt next week for mortgage application following DIP.

How long after that should we expect to wait for a decision and what are the steps after that?

It’s with nationwide if that makes any difference.

They recently told us 19 working days on average (but that timescale is decreasing apparently). I think it depends if they need to do an in person valuation or not.

So they don’t always do an in person valuation?

We were about 10 days, with an in-person valuation. Different company.

I'm in Scotland so not sure how different the mortgages are but we were told because it's very busy just now average is 13weeks soonest is 8 but that would be applying after already having a mortgage promise and an offer accepted on a house

@2020goawaynow wow 13 weeks!

Did they value the same or thereabouts as your offer?

I was told nationwide currently taking 20 working days on average from application to offer, but just had my offer through yesterday after 7 working days.

We applied with Nationwide in September, it took less than a week from when we provided the documents but we were applying for a tiny mortgage and they didn't bother with a valuation.

@lollypop345 that’s good news. Was their valuation same as you offer?

I’m anxious they will down value the house we have offered on as other houses in the street have sold for a lot less

@cooperbug they don't let you know their valuation x

@cooperbug the only way would be to pay and get a valuation survey done yourself

My solicitor on Friday said ‘please don’t tell me you’re using nationwide’ - apparently they are the slowest around at the moment! Sorry.

Nationwide were really quick for me - was about a week and a half wait for an appointment, survey was within 2 weeks of that, and the mortgage offer was confirmed within minutes of the survey.
That was a couple of months ago now so I may have been lucky and just snuck in before the delays - but my buyers used someone else at the same time and theirs tooK FOREVER so I think the boom was already playing it's part.

It must depend on the bank @lollypop345 as we were sent the report from the valuation survey which included their valuation and the rebuild cost for insurance purposes. So some do tell you your valuation - we are with NatWest.

Agree with Pp , Nationwide very slow at the moment

If you have a decent broker they should be able to advise on current timescales

@cloudchaos yeah just Nationwide don't, when I was doing my application they asked if I wanted to 'upgrade' it (pay £350) to receive the report 😤

That's a bit cheeky of them @lollypop345 Our surveyor wouldn't give us a rebuild cost, so if it hadn't been for the mortgage valuation report, we wouldn't have known how much building insurance cover we needed.

[quote lollypop345]@cloudchaos yeah just Nationwide don't, when I was doing my application they asked if I wanted to 'upgrade' it (pay £350) to receive the report 😤 [/quote]
Surely that's upgrading the valuation survey to a homebuyers report?

@QueenStromba yeah it was but they won't give you any info at all if you don't upgrade

I had my Nationwide full application meeting last week. Their valuation survey is booked on 19th and my detailed RICS survey is around the same time.I was advised the application will take 6 weeks. They have a big back log.

Oh great! 😱Looks like we might be pushing it for stamp duty then! We are literally putting everything in to buy this house so won’t have any money to pay stamp duty on top of it comes to that!

I think we are overpaying for it actually so if we are will they pick that up?

Usually the mortgage lender likes to carry out a valuation survey which can be done reasonably quickly so that should pick up on the price issue if you think you are over-paying.

Ask your mortgage advisor next week about timelines - it might be up to 6 weeks but happen in less time - as someone above was saying their's was quicker. I think its all done centrally though so their estimates of time taken should be fairly similar. Unless its dependent on how much is being borrowed.

9 weeks!! I used nationwide and I Had a 60% deposit.... getting hold of them would also take me at least 30mins every time I called and would never get emails back! And I also had my current mortgage with them, massive mistake!