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Mortgage Timescale?
xdaisychainx
Posts: 52 Forumite
Hi there, first time I have ever postedhere so here goes!
This weekend we put an offer on a house which was accepted, we are first time buyers currently renting.
We are seeing a mortgage advisor (independant) tomorrow, and will discuss what mortgage we want to apply for.
I was wondering how long (as a general rule) a mortgage application will take from application to acceptance?
And if we dont get accepted does that tend to happen quicker than acceptance?
Sorry for the ramble, thankyou in advance!
Daisy
This weekend we put an offer on a house which was accepted, we are first time buyers currently renting.
We are seeing a mortgage advisor (independant) tomorrow, and will discuss what mortgage we want to apply for.
I was wondering how long (as a general rule) a mortgage application will take from application to acceptance?
And if we dont get accepted does that tend to happen quicker than acceptance?
Sorry for the ramble, thankyou in advance!
Daisy
Opinions cannot survive if one has no chance to fight for them.
0
Comments
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As far as the formal mortgage offer is concerned, it depends on the lender....some are quick, some are slow. And a big backlog (e.g. because of a recently introduced popular mortgage product) will make a normally fast lender slower.
Are you worried about whether you will be accepted? If you are borrowing less than about 3 times salary, have at least a 10% deposit and a clean credit history (no defaults et cetera) then even in these credit crunched times there shouldn't be a problem. You should really have been quite certain about your ability to get a mortgage before making an offer on a property.
A more 'worrying' thing nowadays is the valuation. These often come back lower than the offer.0
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