Mortgage timescales

formulaonefan

Hello,

Could someone advise how long each vendor take on average to approve mortgage?

1. First Direct
2. HSBC
3. Natwest
4. Nationwide
5. RBS
6. Lloyds TSB/Cheltnam
7.A&L

any ideas please? thanks

koexelek

If speed was of the essence, I'd go for Nationwide out of that lot.

I've heard FD are currently taking 3 months to get an offer out :eek:

A & L are fairly OK

Natwest/RBS / C & G blow hot and cold

HSBC ( like FD) don't deal with brokers, but I hear they seem to blow hot and cold too.

mercedes125

We were waiting 5wks with abbey so changed to nationwide and everything has been done in a week the day our application went in we got accepted back credit checks had been done then we paid for the surveyer 3 days later the surveyer went to new property then exactly a week after applying got our offer of mortgage through.

koexelek

mercedes125 wrote: »

We were waiting 5wks with abbey so changed to nationwide and everything has been done in a week the day our application went in we got accepted back credit checks had been done then we paid for the surveyer 3 days later the surveyer went to new property then exactly a week after applying got our offer of mortgage through.

if it was my own personal mortgage, and their rates were there or there abouts, I'd always use Nationwide out of that lot

russelsprout_2

Paperwork sent to Nationwide on Monday last week, surveyor went to the house on Thursday and got my approval yesterday.

Conrad

It's I'm afraid an impossible question

For every Nationwide or C&G case I do that is offered in week, there will be one that takes 3 months.
One Nationwide applicant last year gave up in the end and didn't move home, but this was really a reflection of the manner in which they lead thier lives - some people without realising it, are just less organised and do things in a less straightforward manner. For example they will have only one party named on all thier utility bills.

It's like asking which is the best Bank to bank with. One person will slate Nat West, the next will sing thier praises.

I would hazzard RBS/NWest and F Direct have a tendancy to be slower.

pjmtq

Need to complete on my purchase by 8th April, as have already exchanged on our sale. Sent application into HSBC on Monday, as already have mortgage with them and bank with them assume this was quickest route. Not sure if it will get done in time.