Mortgage Application/Exchange Contracts Query

ashesb

Hi,

Am wondering if anyone can help me on a few questions I have re the buying process.

I put an offer in on a flat last week- it was accepted on the Friday. Saturday morning I went through my mortgage application on the phone with the Woolwich and they said I would be posted out the forms to fill out during the week. (When I spoke to them before buying they advised I could not get an agreemnet in principle as they don't do them anymore - but they said the figures sounded alright) Wollowich requested a few items/proof which I have and will send once I receive the paperwork from them to sign.

I had to put down 1k to reserve the flat the day my offer was accepted.

I instructed the estate agents of my solicitor yesterday (monday) and they said the would sent her the contracts etc- we have 28 days to exchange from the day they are received by my solicitors (I believe!)

I am worried that I will not know if the mortgage is fully approved until after the 28 days - on exchange we have to pay 10% deposit so this is significant. Is 4 weeks enough?

Can anyone advise?

Sorry if it is a bit confusing!

Thanks

AMB

Soot2006

Unfortunately that really depends on the lender. They seem to be fairly busy & slow at the moment, but you could get lucky -- why the 28 day deadline? Is it a repossession?