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Original poster

Mortgage offer

14 replies

ShirleyValentin3 · 29/12/2022 22:21

We had an offer accepted on a house on 30th November and put our application for the mortgage in right away.

We're going through a mortgage broker and they've been working really quickly to get all of the paperwork done.

We had a MIP from The Coventry, and just before we broke up for Christmas, they contacted our accountant for financial details confirmation - which was all sent. I've also checked my credit file and know they've done the credit check on us at the beginning of December.

Based on all of this, how long is it realistically going to take for the offer? (If at all?) We're technically FTB, and have never done this before. We've been told we likely won't hear any updates till the new year.

It's going to be the only thing that stops us from getting our dream home and I haven't had a full nights sleep since we put the offer in.

Any advice at all? (Even if it's just to tell me to stop bloody stressing!!) 🥴

OP posts:
Adj · 30/12/2022 10:54

Oh it’s perfectly fine, with all of what you’ve just said looks like you’ll be approved. Don’t worry about it, also with the property you’re buying will there be chain? Or are you moving straight in?

Original poster
ShirleyValentin3 · 30/12/2022 11:02

Thanks, Adj

There is no chain from either side - so very straight forward purchase. I'm really not even in a massive rush to move - I understand these things can take forever. It's more of a concern about our offer. The waiting is painful!

OP posts:
Adj · 30/12/2022 11:07

Oh you’re in a great position then. I know how daunting it can be. But with a proactive broker, everything will be under control. Good Luck dear x

Jmaho · 30/12/2022 11:08

It's impossible to say. I work for a bank and we used to be very good service wise and offers were turned around quickly. We have a huge backlog now though and od say its around 2 months from initial application to offer. Everyone is so busy right now

Original poster
ShirleyValentin3 · 30/12/2022 11:30

Thanks for the hand hold.

Jmaho- I guess throwing Christmas and NY in the mix, it could be an extra few weeks on top of that.

OP posts:
Asian · 15/04/2023 10:31

ShirleyValentin3 · 30/12/2022 11:30

Thanks for the hand hold.

Jmaho- I guess throwing Christmas and NY in the mix, it could be an extra few weeks on top of that.

Hi, Did the mortgage get approved. In similar situation, submitted my mortgage application couple of days back, saw hard search on my credit file for day before yesterday. Not sure how long the process will take and hoping all goes well. I am getting sleepless nights :(

Original poster
ShirleyValentin3 · 15/04/2023 18:13

Hi Asian

Yes we got accepted and have now completed on our house!

The decision took about 6 weeks in the end - it was super stressful 🥴

OP posts:
RM2013 · 15/04/2023 18:20

We moved house Jan this year and had applied for our mortgage in aug last year when we viewed the house. We went through Coventry and have to say the turnaround was very quick - think we had our mortgage offer through within around 10 days - it did help that my DH works in mortgages though so was able to chase progress. Have you chased your broker for an update. Our experience was that Coventry were a lot speedier than some other mortgage providers but they may have a backlog like a PP has suggested.

There shouldn’t be any reason to worry it’s probably just down to a backlog. Good luck with your move

Seaitoverthere · 15/04/2023 21:22

We have a mortgage from the Coventry, very fast as through in about a week. Unfortunately they got DH’s middle name wrong so had to redo but mortgage broker has just sent the revised one this evening.

Asian · 15/04/2023 23:08

ShirleyValentin3 · 15/04/2023 18:13

Hi Asian

Yes we got accepted and have now completed on our house!

The decision took about 6 weeks in the end - it was super stressful 🥴

Congratulations. Hopefully it works for us too, fingers crossed.

Asian · 22/04/2023 15:47

Hello All,

Just got the update from the broker that the valuation of the property has come out to me satisfactory but they needed some more information to support our application like few deposits in my account from my sister were for what reasons, my old address address proof, when would my daughter move out of private school etc.

Does this sound at all positive? I am super anxious.

Phgty · 23/04/2023 13:40

Asian · 22/04/2023 15:47

Hello All,

Just got the update from the broker that the valuation of the property has come out to me satisfactory but they needed some more information to support our application like few deposits in my account from my sister were for what reasons, my old address address proof, when would my daughter move out of private school etc.

Does this sound at all positive? I am super anxious.

All normal enough questions, just answer as fully as you can, with documents to prove what you say where available.

Once I'd answered these sorts of questions, my mortgage offer came through in 3 days!

Nextbigthing · 23/04/2023 14:54

Jmaho · 30/12/2022 11:08

It's impossible to say. I work for a bank and we used to be very good service wise and offers were turned around quickly. We have a huge backlog now though and od say its around 2 months from initial application to offer. Everyone is so busy right now

How long does it normally take? Also, any idea why your bank has so much backlog, as per BoE, number of approved mortgages have plummeted in 2023 to numbers only see at the depth of the financial crisis in 2009. Did they lay off entire department?

Jmaho · 23/04/2023 18:35

No one laid off at all. Normally takes about 15 days from AIP to offer. I wrote that post back at the end of 2022. Things have improved service wise but we do still have a backlog. We remain very busy despite what is reported. Mainly remortgages and a lot of them are buy to lets

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