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Buyers mortgage offer

28 replies

Livbibby · 14/09/2023 09:00

Looking for some advice on my situation

we put out property on the market end of May and accepted an offer of asking price very early June, we then found the property we wanted and put in our offer and applied for our mortgage. Mortgage offer was received 1-2 weeks after good to go. We instructed solicitors for the inward purchase and these were all satisfied by my solicitor. Our buyers mortgage lender sent someone to valuate the house on July 17th . Their solicitors applied for searches shortly after and raised enquiries.they knocked back enquiries 6 times with the same questions untill my solicitor said no more. We then got told all enquiries were satisfied and can agree a competition date once our buyers had received their mortgage offer. We had no idea they didn’t have a mortgage offer this wasn’t communicated to us and we have been waiting 2+ weeks being told repeatedly they are expecting it this week and then it being the following week. EA is crap at communication and actually told us they didn’t have a mortgage and to put our property back on the market…. Can someone with experience tell me why we are waiting so long for the buyers mortgage offer and if we should be worried ??

OP posts:
SleeplessNights2011 · 15/09/2023 07:57

Hi OP,

Is it definitely delay to mortgage approval or approval to release funds? I have just sold with an extremely lengthy conveyancing process that took 6 months as it was a flat with share of freehold and we needed to extend the lease first which seemed to take forever. Then gave my tenants 2 months notice. Despite all
of that exchange was delayed and delayed as we waited for buyers mortgage lender to ‘agree to release funds’.

According to my solicitor, it’s quite common towards the end of the process that the mortgage companies suddenly come up with extra questions and checks.

best of luck

KathrynWheel · 15/09/2023 08:11

A few years ago I remortgaged two Buy to Let properties to raise funds to buy our current house. Both mortgages with the same lending company, one came through very quickly the other took ages. Weeks and weeks. Promised approval dates came and went. The only difference was the LTV. The slower one was quite a bit higher than the quick one. There isn't anything you or anybody else can do to speed it up.

mango0101 · 10/01/2024 17:46

Any update on what the outcome was here... in very similar situation. Thanks

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