Time limit for a mortgage decision?

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portupands
portupands Posts: 5 Forumite
in Mortgages & endowments
Hi

Does anybody know whether there are any EU guidelines or statutory limits on the time that a bank can take to make a decision on a mortgage application? I first submitted my application around 7 weeks ago and am still waiting on the bank's decision. At this point I'm in danger of losing the apartment I'm trying to buy, because the seller is getting tired of the delays. I have been chasing the bank every day for a decision for the past two weeks.

I should point out that I live in Portugal and am applying for my mortgage there through a Portuguese bank, so I suppose the most relevant legislation (if there is any) is the EU legislation.

Thanks in advance.

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  • ThePants999
    ThePants999 Posts: 1,748 Forumite
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    I would have thought that the most relevant legislation would be Portuguese legislation, and so you'd get the best answers on a Portuguese forum!
  • Levs01
    Levs01 Posts: 224 Forumite
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    If there is it's over 20 weeks as that's how long my application has just taken.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    portupands wrote: »
    Hi

    Does anybody know whether there are any EU guidelines or statutory limits on the time that a bank can take to make a decision on a mortgage application? I first submitted my application around 7 weeks ago and am still waiting on the bank's decision.

    The EU would find it very difficult to regulate on commercial decision making. Too many variables to consider.
  • amnblog
    amnblog Posts: 12,445 Forumite
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    If there are, our Lenders here in the UK are breaking the law every day.

    If you want lending, I suspect sueing the Lender is a poor way to obtain it!
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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