timelines with buyign a house- pls help!

ChargeHater!

Hi,


Please help as am very confused.

We have just had an offer of 195k accepted on a new flat.

The estate agents say the builder wants a 1k reservation deposit within 24 hours as they have taken it off the market - this will go against the deposit.

We called up woolwich mortgages and they say they will processe the application Saturday morning - that I should have a provisional answer within 4/5 day and that the mortgage should be complete in 4 weeks (having to go to underwriters etc)

The agent has told us we have to give them a solicitor's name about next Monday. As we have to exchange 28 days from the day the solicitors gets the contract - can you please advise if it's normal to only get the full ok for your mortgage in 4 weeks??!!

I am confused- we are first time buyers- at the moment they advise against getting mortgage in principal as they will have to do checks and the rates are changing so much.

We called up the mortgage company before we offered and they said, with the general info we gave them, that it should be granted.

I am just worrried tahtthe exchange day will be before the full mortgage is approved??

Thanks

A

Trying_to_be_good

Your solicitor won't (well shouldn't) let you exchange without your finances, i.e. mortgage, being sorted out. ANd the developer is unlikely to pull the plug if you're a few days, or even weeks, late in exchanging - they want your money!

So keep chivvying the mortgage along, but don't worry yet. Get your three months' each of payslips, bank statements etc ready to submit, make sure you're really careful with all the forms you fill in. It will be the valuation that's most likely to cause any issues.

Good luck!

nw_man

Typical bullying tactics by estate agents / builders, you have to complete by such and such blah blah......

They want you to complete so they get their commission.

Bottom line is you have the upper hand, they are desperate to sell to you.

Stand your ground and dont be rushed !