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Original poster

Buyer with no mortgage still... am I overreacting?

31 replies

housedramas · 27/04/2023 17:04

Nine weeks since offer was made, valuation by lender took place over a week ago in person. To my knowledge my buyers still have no mortgage. They are FTB but even as a FTB myself two years ago I still had one arranged within ten days. Is this unusual? Do they just have a shit broker? Starting to get a bit worried. Small chain of three of us, my onward purchase is empty. All exchange, land registry etc docs signed by all parties.... EA says they are keen there are no issues but really? Any experiences welcome please!

OP posts:
mummyh2016 · 27/04/2023 17:16

It's not usual no and I'd be considering putting the property back on the market. They're either taking the piss or they're struggling to get a mortgage.

Snowjokes · 27/04/2023 17:18

Not usual. Unusual to accept an offer from someone if they don’t have a mortgage in principle. What financial checks did EA do?

TheApplianceofScience · 27/04/2023 17:18

Walk away NOW.

TippledPink · 27/04/2023 17:18

I had this and we nearly lost our house because of it. Start putting the pressure on the estate agents, give them a deadline or you will go back on the market. There is no reason why they shouldn't have it in place by now. Call the estate agents dailyfor an update, make a nuisance of yourself.

BaronessEllarawrosaurus · 27/04/2023 17:20

Since the lender has done the valuation its possible that something came up on that. It could be they are trying a different lender due to that valuation not being high enough.

AlwaysGinPlease · 27/04/2023 17:21

TheApplianceofScience · 27/04/2023 17:18

Walk away NOW.

This. I wouldn't have accepted their offer. Shocking. What are the EA playing at?

Nattertatter03 · 27/04/2023 17:22

For context we’ve sold to FTBs … sold 3.5 weeks ago, mortgage valuation is done, home buyer survey also done.
Ours have changed solicitor between this as wel as their old they thought was slow!

Original poster
housedramas · 27/04/2023 17:24

Thank you all. Would the Valuer coming, as they did last week, suggest that a mortgage offer is nearly ready? So, they had a mortgage in principle, (EA told me for £5k above the final agreed price) they're living in rented etc Spoken to EA sales progress person and they really made me feel like I was overreacting, that it can take 14-16 weeks etc YES to exchange and complete perhaps but not to get a mortgage! 1/4 of my stuff is now in storage (we have a lot and as a single mum it was too much for me to consider doing in one day). I'm really panicking that we'll lose our purchase!!!

OP posts:
SchoolTripDrama · 27/04/2023 17:27

Call EA before they close and tell them they have until close of play tomorrow or it's going back on the market

Original poster
housedramas · 27/04/2023 17:33

EA is off today :( Funny thing is they had their survey carried out within ten days!

OP posts:
YetAnotherProcrastinator · 27/04/2023 17:34

I bought recently and it took about six weeks to come through.

HOWEVER our timing was terrible for the application as all the craziness with Liz Truss suddenly set off and we didn't know what was going on and our broker was crazy busy too. Luckily the mortgage was still approved but it was a scary time (for us and the vendor). I suspect it's calmed down now though.

Emmylou22 · 27/04/2023 17:37

I bought a house a couple of months ago and the mortgage offer did take a little while to come through. My broker said some lenders had a four week backlog. Just ask and see if you can get an idea of what the hold up is. Hope it all works out for you.

Dinosaurus86 · 27/04/2023 17:39

Our mortgage took ages to come through recently (we had agreement in principle etc but the bank was really really slow. They would ask for one more document at a time and each time take ten working days to look at it). We did have to reassure our vendor’s estate agent several times. I would think if the valuation has been done then that’s a good sign.

78thcat · 27/04/2023 17:39

They need to give you an update on what's happening. My offer came through 2 days after valuation.

TheFlis12345 · 27/04/2023 17:41

Barclays took nearly 3 months to finalise our mortgage offer, despite it being for 10% less than our AIP. Our broker was testing his hair out and it got escalated pretty high up at Barclays in the end as the chain nearly collapsed because of it (we were FTB).

Original poster
housedramas · 27/04/2023 17:43

Thanks for the encouragement to call! I spoke to someone else and they received an email from the buyer yesterday saying that their mortgage offer has been finalised and they are just waiting for some documents/paperwork to come through that they need to sign. I'm guessing this is the mortgage deed? I was super worried I have to admit

OP posts:
SchoolTripDrama · 27/04/2023 18:40

housedramas · 27/04/2023 17:43

Thanks for the encouragement to call! I spoke to someone else and they received an email from the buyer yesterday saying that their mortgage offer has been finalised and they are just waiting for some documents/paperwork to come through that they need to sign. I'm guessing this is the mortgage deed? I was super worried I have to admit

Well that's good news! Let's hope they're telling the truth and not just trying to delay it even more

Haveallthesongsbeenwritten · 27/04/2023 18:43

It took us ages to get mortgage offer (around 5 weeks) even though we had one in principle! I think lenders are slower than usual as well.

Straightomyhead · 27/04/2023 18:49

I think you hand have this all in hand but last year we will first time buyers and had our mortgage all organised and confirmed by the bank around 10 days after we put in the offer.

Our broker applied for it the same day our offer was accepted but no reason to wait really!

Berklilly · 27/04/2023 18:53

I disagree with the other comments, we were told by our mortgage adviser that it usually takes up to 8 weeks to get the mortgage offer from the bank, and I'm pretty sure that's the timeline indicated on the mortgage provider paperwork as well. And of course we had a mortgage in principle, no agent would accept an offer without it...
When our offer was accepted on the first house, we waited almost 8 weeks to get the mortgage offer. This chain collapsed, we went for another house 6 months later and got the offer back in 2 weeks!
Different mortgage providers, no idea why the first one took so long, but there was absolutely nothing we could do.

bellac11 · 27/04/2023 19:07

If the valuation took place last week, it will take time for that to trickle through to the lender to make a decision about whether they're happy to lend on that amount

I wouldnt consider any of these timescales to be exceptionally long considering the valuation was booked and has now taken place

bellac11 · 27/04/2023 19:09

AlwaysGinPlease · 27/04/2023 17:21

This. I wouldn't have accepted their offer. Shocking. What are the EA playing at?

Show quote history

What are you talking about? You wouldnt get a mortgage offer on a property without a valuation, you wouldnt book the valuation and apply for the mortgage until the offer had been accepted.

AlwaysGinPlease · 27/04/2023 19:29

@bellac11 they'd have to have a mortgage in principle, the estate agents wouldn't waste time with them otherwise. They'd have to be proven to be in the position to buy.

Haveallthesongsbeenwritten · 27/04/2023 19:34

AlwaysGinPlease · 27/04/2023 19:29

@bellac11 they'd have to have a mortgage in principle, the estate agents wouldn't waste time with them otherwise. They'd have to be proven to be in the position to buy.

Mortgage in principle really does not mean anything!! You get one in 5 minutes over the phone just by sharing your income and whatever loans/debt you have. Only after that they dig harder in order to get you the offer.

BaronessEllarawrosaurus · 27/04/2023 19:36

bellac11 · 27/04/2023 19:09

What are you talking about? You wouldnt get a mortgage offer on a property without a valuation, you wouldnt book the valuation and apply for the mortgage until the offer had been accepted.

Show quote history

I suspect the first few responses didn't pick up that the lender valuation had already been done, they read to me as if they thought the buyer hadn't even applied for a mortgage

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