Mortgage Offer

mruddy

Hey Guys,

We recieved news yesterday from our broker that we have finally gone to offer on our mortgage application after 6 weeks (Ulster Bank are so slow). Still waiting on written verification though. We were hoping to get the keys of our new home on Wed 23rd Sept which is just over 2 weeks away. We have checked with the person selling the house and they said it should give them enough time to get moving. Will this be enough time to get all the legal stuff out of the road or are we being too unrealistic?

Thanks

puppy8910club

Have u got a solictor in place already sorting out the paper work? If not that will prob take 2-3 weeks and another 7 working days for funds to released.(depending on bank). I would say realistic would be 3-4 weeks.

mruddy

Yes we have had a solicitor in place for a few weeks, he had all the documents from the vendors solicitor 3 weeks ago but as the ulster bank has been so slow in going to offer we are not sure if our timescale is realistic. Our solicitor is out of the office until tomorrow. we were hoping to be in for the 23rd as we have a tenant already in place to rent our apartment from 1st October.

Thanks

puppy8910club

Good. Just chase your solictor and place the urgency on moving fast. I would say you would not be too far off with the 23rd, so good luck! - Just keep chasing everyone up

mruddy

thanks for the reply, fingers crossed.

puppy8910club

If you are still waiting for the bank to send mortgage offer via post and especially with some recent post strikes ask them to Fax a copy to your solictor, this should save a couple of days. Fingers Crossed!

mruddy

hey,

just got speaking to solicitor, turns out he was back in office today, Ulster Bank only instruct valuation after the mortgage has gone to offer so our solicitor says not sure about the time line, couldnt really get speaking to him as he was on his way out the door to court, hoping to hear back from him this afternoon. ulster bank should complete valuation by friday so just hoping we can still get in for the 23rd

opinions4u

Ulster Bank only instruct valuation after the mortgage has gone to offer

How the hell can they offer a mortgage without valuing the property? This statement is nonsense.

They may well check out income etc prior to instructing the valuer, but they cannot offer a mortgage without the valuer's comments and numbers.

mruddy

i can assure you this is not nonense, they seem to do things back to front, hence it took 6 weeks to get to offer. we recieved word yesterday that we had recieved an offer, however, it states subject to valuation. so i would get my facts straight before you try and make out a statement is nonense!!!!

northerner79

It makes sense! Make sure the person has everything in order to get the mortgage before they incur valuation fees. I personally think this is the best way of doing it, although some valuers are very cautious at present, they should be valuing at the date of valuation although they should also make comment on market trends. Good luck.

mruddy

Thanks, i dont think we have a prob with the valuation as there are 2 houses in the same area going for £15000 more than what we paid. However, there are similar new builds in the same area going for the same price and these have garages whee as ours doesnt. so fingers crossed it all goes through ok