Mortgage Timescales

billyboy11

Hi,

I can't remember the timesclaes from when i bought before...therefore.....

I am selling my house and moving down the ladder. I have a deposit of 240,000 and require a mortgage of 185,000. I have had an agreement in principle, and will have the full application sent in tomorrow with necessary id checks etc..

This is with the Coventry Building Society, how long would you think it would be before i get a confirmed acceptance.

I appreciate every case is different, but was hoping that someone may have had a similarish case in the past,, as a reference..

Cheers..

hostman

Ours was six weeks for the mortgage to be confirmed and for me to have received the written confirmation from the lender. That was as first time buyers last year with 15% deposit.

From what people have said to me, that's a bit longer than it would have been during non house price crash times.

billyboy11

Six weeks,, blimey, thats a long time, hopefully i would like to hear within the two weeks, i would hope that having a large deposit would help it through,, although this may have no bearing,,, if anyone can shed some light

thanks

beecher

Can't see why the size of your deposit would make any difference, particularly as you're still asking for a sizeable mortgage. Have you asked Coventry how long they think they'll take?

billyboy11

i just thought a larger deposit would involve less risk to the lendor... Broker has told me surveyor is going in this thursday, and should have an answer some time next week,.

Also, out of interest, is the credit check done before they instruct the surveyor or when they get the report back.

When i applied years ago and got accepted i never had any worries, but since reading horror stories, its concerning me..

many thanks for any advice or experience,,,

suzy83

Hi billyboy,

I dont mean to worry you but me and my partner got accepted for a mortgage over a month ago with C&G and they instructed survey. 2 weeks after the survey we was told that they would not lend to us anymore due to a random file check and they searched more into our background and did not like the fact i had a few late payments during the year 2005. They declined our mortgage. So to your question, even when survey has been instructed your mortgage can still be declined.

My partner has had to put the mortgage in his name only and they are being very picky and going as far as wanting references from his employer etc... This process has taken us well over 7 weeks and we still dont know if we have the mortgage yet. We also have a 25% deposit and are very worried that we are going to loose our house.

I wish you the best of luck and i hope everything goes ok for you.

billyboy11

Thanks for replies.

Got mortgage offer in writing today, took just under two weeks, from start to finish.

Just got to get the other two people in the chain to say they have theirs, all surveys ok and mortgages agreed all in principal then happy days !!! (hopefully)....

to be continued.............

billyboy11

All 3 of us have mortgage offers now and draft contracts have been sent to eachother.... Whats the chances of completing by the end of the month...???

Answers on a postcard please, or failing that , give us your opinions...

Cheers