What would the fastest timescale be?

scotsmum_2

What would the fastest timescale be on applying and getting accepted and having an offer? after an offer what is the timescale for the lender actually releasing the funds?

Optimisticpair

scotsmum wrote: »

What would the fastest timescale be on applying and getting accepted and having an offer? after an offer what is the timescale for the lender actually releasing the funds?

It's going to depend on who you apply to. I don't know if it makes a difference if you apply yourself or have a mortgage adviser apply on your behalf. We went the mortgage adviser route because she came across as sound when we made enquiries. Application to offer 19 days because our adviser pushed it. Four weeks is common I saw on the net.

As far as I know the lender releases the funds when your solicitor does his end of it I don't know - maybe someone else can tell you.

Cazza

My personal best on a remortgage from application to completion is 10 working days; it probably could have completed about 2 days earlier, if we had needed it to.

Average for a remortgage would be 4-6 weeks.

A great deal depends on how busy the lender is and how complicated the application is. I submitted a case to Halifax on Thursday last week which offered yesterday, the client was borrowing 30% of the property value at about 1.5X his annual income. I have another case which has been in 4 weeks and hasn't offered yet.

luckyfool

Remortgage : on low risk, low ltv cases with a good lender an offer can be done in 2-3 days (fastest I have seen - 30 minutes)

Completion - Realistically around 4 weeks, with the average being closer to 6 weeks. I have done a remortgage in 3 days start to finish once (with Gmac, who are no longer lending at the moment).

On a purchase, offer times are similar, between 3 days and a couple of weeks if you provide everything up front and the case is done correctly and with a quick lender. Some lenders have had really serious problems with service recently and obviously if they are taking a week to open mail and assess a new case then that will tend to push back the timescales.

One a purchase start to finish you are normally looking at 6-10 weeks in England and Wales, Scotland tends to be a bit quicker in my experience, 4-6 weeks is eminently doable if necessary.

scotsmum_2

Thanks for your answers. My application went across to the lender from my broker on Friday, I was told to expect a 24-48 hour turnaround for an offer. Havent heard anything yet.
It should be fairly straightforward it is a purchase and Im borrowing just under 75% the last few weeks the broker has got every possible bit of info that could be required!! fingers crossed.

andrewmp

I applied for Mortgage on a Friday night over the phone. Got the application form on the Tuesday, I returned it the same day and got the offer sent the very next day. So less than a week and without taking post into account it was even quicker.

scotsmum_2

Ive still not got my offer! Problem is that the house has been valued as it stands and there is also an estimate of 10k work that needs done and when the work done the estimate is the £10k higher.

However lender is deducting the 10k from the current value and suggesting they will offer 75% of that rather than 75% of the current market value.

I cant understand why they would drop by the 10k repairs when the valuation clearly states current value (which is what I am buying at) the repairs should be irrelevant as paying from my savings and then the property will be up another 10k

minimike2

5 seconds is my record! But not many lenders have instant offers available

10 working days is an acceptable standard for a prime low LTV case IMO.

Adverse offers can take a long time....as long as 8 weeks sometimes.

Toughluck

So ridiculous is this comment I am going to post it anyway.

When GMAC (god bless them) were lending, their Point of sale system and AVM's (desk to valuations) made it quick. From appoinment to completion 3 days I kid you not. Never happened since, and the best I have done is 6 working days to completion with Abbey. Nationwide have been quick as well.

scotsmum_2

There just seems to be one more thing every time I get close to an offer! Who knows whats going to happen now.