Mortgage Offer

[Silvercandlesticks]

Found a cash buyer for my property 2 months ago. I was told at the time they also had a cash buyer for their property. I secured a mortgage offer within one month for the property I am buying, conscious I didn't want to hold things up. It turns out now that my buyer's buyer is not a cash buyer, and they are still awaiting a mortgage offer. I'm told by my estate agent it is normal these days for mortgage offers to take a while. I understand it's difficult but if I got a mortgage within a month how does it take someone 2 months? I'm just conscious my offer is only valid for a certain time so getting a bit nervous now.

If 2 months have passed and they are still awaiting on a mortgage offer from their lender I would say there are some serious problems here and if I were you I would ask your solicitors to ask theirs how much longer and have a cut off (say by Tuesday) and if they don’t have an offer relist asap

Maybe their situation is more difficult than yours. Lower income, self employed, different LTV etc etc

its crap you were told they were cash buyers when they aren't. EA should have to be more thorough/honest (I know it's your buyers buyer, not your buyer, but that's still establishing the chain)

I think I'd tell my buyer that if they're not proceedable by x date (about a fortnight) it's going back on the market.

best of luck!!

My mortgage offer took 2 weeks. Obviously I can't say that's representative of all lenders but 2 months??? That doesn't seem right

Thanks for your replies. I'm not a high earner myself and feel nervous if I have to go through the mortgage application process again. I really thought we were getting somewhere as solicitor mentioned exchange very soon (before today's news).

Our mortgage offer in May 22 took 10 days to physically arrive in the post.

April/May this year, 2 weeks.

Straight up 1 salary, full time employment, good pension, nothing too complex.

Two months sounds like they're struggling to find a lender or have affordability issues.

I have read nothing in the news lately about long mortgage delays.

I would absolutely set a deadline: someone has already lied to you or not done their due diligence.