Morgage Application

chugalongzoe

Hi I wonder if someone can help me.

When you have applied for a morgage (eg filled out the morgage application) how long does it take for them to get back to you after the credit checks etc to say that we can get the morgage?

Your help be much appreciated.

_Andy_

Depends on the lender and how busy they are.

vegasbaby100

yeah it is very dependant on the lender.

However from our initial meeting it took 1 week for the survey to be done and now 5 working days later our mortgage has been confirmed.

(I am presuming they have given you an AIP already)

dfh

I have dealt with YBS and BMS.YBS took about 4 weeks and BMS about 5 weeks.

chugalongzoe

Thanks for the advice.

What does AIP mean? All we've done is filled out the morgage application and now waiting to see if we have been approved. I'm waiting to see if its been approved. Do they do credit checks etc and let you know that its been accepted as long as the valuation goes well or do they do all the credit checks etc and then the valuation and then let you know the mortgage is ok?

Your help would be much appreciated.

_Andy_

AIP - approval in principle.

chugalongzoe

Thanks Andy thats what we are waiting for. Any one know how like it takes?

mumoftwoandapig

;)Depends who you use. Some lenders will issue and AIP if you apply online and meet their criteria. We applied with Natwest, over the phone on a Thursday and got the offer letter on Saturday- so less than two days.