Mortgage approval - how long

[Flipfloppety]

How long have your recent mortgage applications taken to come back out of interest? We’re applying for Santander, have spoken to a broker and are putting down approx 60k (some of that is equity). Can’t help but feel we’ll be declined, I have debt which I am paying off but mortgage broker doesn’t seem to think it’ll be an issue.

Forgot to mention we’re borrowing 167k not that it makes much difference I guess to waiting times!

Three days for Halifax. Santander was a flat refusal within 24 hours! We have 50% deposit.

Oh wow really?! That doesn’t fill me with much hope! Had you been given an AIP from them before they declined you? 3 days is amazing though

We had an AIP from Halifax, Santander and nationwide via broker. Renewed several times due to taking 2 years to a) find a property and b) getting an offer accepted.
No idea why Santander refused actual mortgage. Nationwide actual mortgage came back more expensive both in interest rate and early repayment fee.

So Halifax it is. Although they have no upped the monthly fee due to the house not being valued on survey at the price we’ve offered. (No I don’t understand either given the deposit situation).
We are shortly to inherit (probate) and will be looking to pay off the mortgage asap.

It’s ridiculous isn’t it. We’ve finally had an offer accepted (which was hard enough in this market), and now we’re waiting to see if we’ll actually be approved for the mortgage. We also overpaid on the selling price as it went to best and final so even if we’re approved for the mortgage we may well find the bank undervalues it. It’s bloody stressful isn’t it

It’s really strange the way the criteria has tightened up so much in the last two years. I have a mortgage with Santander with two default that were under 24 months old at the time, borrowed three times my salary and got a 90% mortgage without anybody batting an eyelid.

And then flatly declined by them three years later when I’ve been paying that said Mortgage without fail to move somewhere bigger.

We got our mortgage in feb with Santander and it was a couple of days. We used a broker so were pretty certain we would be accepted. We have a 12% deposit

Yes, I don’t understand it. We tried to port our mortgage with our current lender (nationwide) and we’re declined because we wanted to borrow more. We’ve never missed a payment and have paid less in the 5 years since we had our mortgage than we ever did in rent. I feel for first time buyers

It certainly adds to the overall stress. I have to say our broker has been totally amazing at getting everything down with minimum fuss and far quicker than we’ve experience with other house moves. Worth every penny of the £200 fee!

The criteria for lending seems to vary from lender to lender and month by month. Whilst sad to have money come to us the way it has, I am so relieved to be literally months from being mortgage free, if this purchase ever gets to completion. (Sorry, but view is it’s not our house until those keys are tightly in my hands!).

That’s good @trying29! Hopefully we’ll be the same but I fear not!

@Alphabet1spaghetti2 I understand what you mean, awful circumstances but imagine living mortgage free. Especially with interest rates likely to increase will be so good

Thank you @Flipfloppety. I will have a huge sigh of relief once it’s done!
We have both lived through the 70 and 80’s financial struggles and it makes me cry that we are back there again.

Anyway, don’t give up hope. Santander might still say yes - at least it wasn’t a flat out ‘No!’

We got a decision with HSBC the same day. 2hr phone call at 11am and they rang back with the offer around 4pm. Good luck!

@Tinkywinkydinkydoo

We got a decision with HSBC the same day. 2hr phone call at 11am and they rang back with the offer around 4pm. Good luck!

What about the valuation?

Nationwide took about 2 weeks, they asked for a bit of extra information and had to do the valuation. Honestly felt like the longest two weeks of my life. Kept getting credit alerts for them during that time. Good luck!