Mortgage Timescale?

xdaisychainx

Hi there,

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

_Andy_

Hi Daisy

It will vary lender to lender, but a full application can take a couple of days to a couple of weeks to approve.

A better idea would have been to get an approval in principle from a lender before you put an offer in which would've brought up any issues in advance.
If your adviser finds you a mortgage you're happy with he/she can then do an approval in principle and then do the application for you direct to the lender.

xdaisychainx

Hi Andy,

We realised our mistake straight away. We just loved the house so much we didnt want to let it slip.
We had decided initially to look for a few months, in the mean time sort out a mortgage. Unfortunately it's all going backwards!

We don't want to mess the sellers about so I just wanted to check how long it should take to process.
Thanks for your help x

Conrad

As you might have seen from these boards some mortgages are agreed within a week (my record is 3 days) and others drag on for months, indeed I've known 6 months.

Confusion can arise where people attach different meaning to nthe word 'approve'.

There are 2 process's; 1) Agreement in principle - based on a computer credit score 2) Underwriting by Humans. Stage 2 is quite often a quick cursory Human approval and sign off, however it can just as easily become a full blooded investigation.

DELAYS: In my long expereince delays can unsue for 2 primary reasons, firstly the client is more complex in thier habits, for example they have moved from one job to another and then back again within 6 months, or address hoped etc
Secondly you get the type that are vague in thier answers, change thier minds (which leads to a chain reaction of errors at the call centre) or give you say proof of address that it right on the cusp of being out of date (3 months).

Or they give you a document which then leads the lender to more questions (for example a Bank statment with a differently spelled middle name / visits to the bookmakers / no overtime paid in etc etc et)

Those most likely to obtain quick offers are naturaly organised, stable, non complex and generaly straight forward people.

Best of luck

xdaisychainx

Thanks conrad, thats really informative.

We'll be getting the mortgage in my OH's name as I am a stay at home mum. He was in the same full time job for 6 years before leaving to join a new company for higher role/higher pay.
He has a good credit score and uncomplicated address history so Im hoping it goes smoothly!

All we can do is provid all the correct information, double check it before we submit it (!) and hope for the best.

Again, thanks for the reply x

_Andy_

Best of luck Daisy, let us know how it goes.