How long should my buyers mortgage take

Lady_Tara

Sorry, not sure if this is the right place to post.

How long should it take "in the current climate" for my buyers to get their mortgage? We accepted their offer in January and they still haven't got the formal offer even though our house was surveyed in March for them. We now know they have had previous credit problems, but really don't know if this is the normal amount of time to wait or if they actually can't get a mortgage at all. Our solicitors and EA keep saying there's no problem but it seems to be taking a verrrrry long time! Just wondered what people thought. Thanks:o

Wickedkitten

Do you know if they are using a shared ownership/equity scheme?

dottiepeas

Lady_Tara wrote: »

Sorry, not sure if this is the right place to post.

How long should it take "in the current climate" for my buyers to get their mortgage? We accepted their offer in January and they still haven't got the formal offer even though our house was surveyed in March for them. We now know they have had previous credit problems, but really don't know if this is the normal amount of time to wait or if they actually can't get a mortgage at all. Our solicitors and EA keep saying there's no problem but it seems to be taking a verrrrry long time! Just wondered what people thought. Thanks:o

I know it's frustrating waiting for things to move quickly! But sometimes the process just doesn't go as smoothly as you hope!...

Talking from the buyers point of view, it took us over 1 month to get our mortgage approved recently, because I was self employed, and they needed accounts verification, child tax documents and afew other documents!! They would ask for each document afew days later than the last document hence the extra delay,....so the slowness of the process is more often from the mortgage lender than the buyer trying to drag their heels! The speed of getting a mortgage, I think is down to the personal circumstances of your buyer and the lender. And, I also found that in the current climate, lenders are being much more stringent on their paperwork, and therefore taking that extra bit of time. I would say to keep intouch with your EA and to keep track on the status of what is happening! Communication and abit of patience is the key!!....Hope you hear something back soon!!

Lady_Tara

Thanks for replies, we know they had the initial offer for mortgage, but after having our house surveyed the offer against our house still hasn't arrived. We've mentioned to EA about going back on the market but they said wait a bit longer. I think we will give it one more week then go back on the market. :rolleyes: