5 days from formal application to mortgage offer? Is this a record?

NoDebtForMe_2

Ours was also with the Halifax. We had the credit check done with the offer in principal. When we did the official application, the next day it was valued and the following morning we had the offer, so it was actually only 2 days.
My previous application for the house Im in (first house) was the same and we had the offer in the same day as application. This was 13 years ago though. I presumed this was standard practice tbh.
Sarah x

lana22

silvercar wrote: »

Rebuild costs should be lower than valuation, to be otherwise gives no value to the land.

Our rebuild value was about £55k less than the total value. We do have a fairly big plot though.

Sonofa

what if it's leasehold?

silvercar

Sonofa wrote: »

what if it's leasehold?

If its a flat then the building value is irrelevent as you pay for the block insurance through the service charge. If its a house the lease on the land has a value.

Our rebuild cost (in 2006) was about half the value - big garden in a prime area.

In the last house price crash (early 90s) our rebuild cost increased year on year, by the time we sold, at the low point, the rebuild cost had overtaken the sale price. If I had been a MSE then, I would have got the rebuild cost revalued.

silvercar

Wickedkitten wrote: »

Ours was with Nationwide and for the first time, our rebuild is actually higher than the value

Theoretically that is a problem, if the worst happened and your house had to be rebuilt, the insurance wouldn't pay out more than the market value of your house less the land cost. This wouldn't leave you with enough funds to rebuild your house. You would be left with the insurer telling you to sell the land and buy somewhere new with the proceeds of the sale plus the insurance.

hamblettamaud

i can beat that - by a 40% margin!

a mortgage adviser woman from halifax had cold-called me & asked me if i was interested in a mortgage still. i told her i had already applied to another provider (nationwide). since the halifax terms were better, however, i told the the woman that i would only accept it if it was done quickly.

i met her same day, applied, and got offer through on wednesday - three days later.

Eon4

We applied for our mortgage after work on a thursday evening and had the formal offer, (survey also completed) by the following wednesday, six calendar days. We didn't have a mortgage in principle prior to the application.

kunekune

Obviously, they are VERY efficient. Either that, or not very careful ...

chambta

kunekune wrote: »

Our mortgage offer arrived today. We haven't seen the survey yet but going by what the offer says, the house was valued at what we're paying (or possibly a bit more?). I'm amazed at how fast it has been: it is only 9 working days since our offer was accepted and my OH only put in the full application on Monday.

I suspect it will be a while before the sellers are in a position to move forward.

Not at all. I did a mortgage application the other day that went to offer the same day and was with the solicitor the next.

Wickedkitten

chambta wrote: »

Not at all. I did a mortgage application the other day that went to offer the same day and was with the solicitor the next.

Cash Buyer?