How long for a mortgage offer after AIP?

[CalpolOnToast]

We are selling a house to our tenants (no EA involved) and I feel like it's taking ages. Searches, survey etc all ok and our conveyancer says we've done all we need to. Buyer is apparently waiting for his formal mortgage offer.

How long should this take? I thought it would be quite quick if the AIP was in place (we have seen it) so is it a bad sign? Last update on InTouch was early Dec with our response to survey inquiries. I would hope the mortgage app went in after that but who knows! 🤷

Haven't sold a house before!

Ours took a few days, our buyers mortgage offer expires on the 28th we've been told if we don't move before then it could take another 10 weeks for the mortgages offer to be extended with the change in rates. Not convinced I'm not being conned but that's what we've been told.

Just heard from buyer, apparently his mortgage company are hoping to book the valuer next week? Would have thought that should have been done earlier, although I'm hopeful that the valuer will be happy seeing as the buyers survey went well.

Hope you're not being conned @vickyc90!

I think ours took maybe 2-3 weeks from application (not AIP), which was dependent on the valuation taking place and someone responding to a few questions from the lender to clarify a few points on our application. It sounds like perhaps they hadn't applied until just recently?

Depends on the lender. Some are taking 4 weeks + to get to offer stage due to valuers being massively booked up.

Most go agreed subject to val and as long as the surveyor agrees then no problem.

@mindutopia

I think ours took maybe 2-3 weeks from application (not AIP), which was dependent on the valuation taking place and someone responding to a few questions from the lender to clarify a few points on our application. It sounds like perhaps they hadn't applied until just recently?

No one has any urgency in this thing apart from us, they are living there already! I was wondering if they had to start again with the recent interest rate rise.

Ours took forever to come through - literally about 8 weeks. Even after they did the valuation survey and confirmed the paperwork was all back and just awaiting final approval which they said should take no more than 48hrs we still waited another 2 weeks. And this was with us constantly chasing our mortgage advisor, who was chasing the mortgage company every few days.

Depends on the lender. We moved last year and ours took four months (major building society) despite it being a very straightforward application with a low LTV. I was seething.

2 weeks Nationwide

We put in an application with Nationwide (re-mortgage) in mid December. Straightforward case, income covers ask, clean credit score etc. Valuation took place on 12 Feb and we got the offer on 13 Feb. That's 2 months! And it was radio silence during that period.
They don't need to start again because of interest rate changes. Whatever rate they 'applied' fir will hold until the offer goes through.

It's in a red weather warning zone, hopefully it's still got a roof on it by next week!

Thanks everyone