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    • portupands
    • By portupands 15th Oct 16, 11:29 PM
    • 1Posts
    • 1Thanks
    portupands
    Time limit for a mortgage decision?
    • #1
    • 15th Oct 16, 11:29 PM
    Time limit for a mortgage decision? 15th Oct 16 at 11:29 PM
    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.
Page 1
    • ThePants999
    • By ThePants999 15th Oct 16, 11:35 PM
    • 320 Posts
    • 319 Thanks
    ThePants999
    • #2
    • 15th Oct 16, 11:35 PM
    • #2
    • 15th Oct 16, 11:35 PM
    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
    • By Levs01 15th Oct 16, 11:42 PM
    • 224 Posts
    • 237 Thanks
    Levs01
    • #3
    • 15th Oct 16, 11:42 PM
    • #3
    • 15th Oct 16, 11:42 PM
    If there is it's over 20 weeks as that's how long my application has just taken.
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 11:10 AM
    • 51,336 Posts
    • 43,185 Thanks
    Thrugelmir
    • #4
    • 16th Oct 16, 11:10 AM
    • #4
    • 16th Oct 16, 11:10 AM
    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.
    Originally posted by portupands
    The EU would find it very difficult to regulate on commercial decision making. Too many variables to consider.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • amnblog
    • By amnblog 16th Oct 16, 2:22 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    • #5
    • 16th Oct 16, 2:22 PM
    • #5
    • 16th Oct 16, 2:22 PM
    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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