how long to get a mortgage agreed?

mandrose

I hope I don't ramble too much but I've got another stressful weekend looming!

Position - Mum and I selling our houses and buying one together. Agreed offer on Mum's house from property developer who owns the other houses around her on 15 January. For various reasons were not happy to sell to him originally but then he came in with a decent offer and we were pursuaded by our EA it would mean an easy sale with no chain.

We were in danger of losing a house we love, so I offered full asking price on condition that I reduced my house for a quick sale and the offer was accepted. Luckily I got first time buyers who realised they had a bargain and wanted to move into my area asap.

Problem - after chasing and chasing found out just over a week ago that buyer of mums house got declined for his mortgage. He has a mortgage broker who has put in an application with another lender on Monday and my EA said they are hopefully it will be agreed and survey done imminently. Her house is back on the market and we have a viewer tomorrow but I'm feeling completely stressed.

My sale is whizzing along which is good and if necessary I will move in with Mum rather than hold things up. Pressure has started from the people we are buying from and I am terrified we will lose the house because of the delay. I'm going to get a surveyor to do the survey next week to show our commitment but it might not be enough.

Anyway, my question is if the mortgage application went in on Monday should we have heard by now if it was agreed or declined? Could it be they are still looking at it to make a decision?

Sorry for the length of this but needed to get it off my chest! Any responses gratefully received but please be gentle as I'm feeling fragile!:(

G_M

Ist it depends how far they've got and what needs doing. write to applicant's emplyers for confirmation of salary? depends how quick they write, how quick employer replies...

2nd - why was the 1st buyer's mortgage declined? Because of their history (salary didn't stack up etc) or because of your mum's house (something nasty on the survey etc). If the latter, it could happen again!

There's no magic timescale. You just have to be patient (but it is worth asking the agent about the 1st buyer).

mandrose

G_M wrote: »

Ist it depends how far they've got and what needs doing. write to applicant's emplyers for confirmation of salary? depends how quick they write, how quick employer replies...

2nd - why was the 1st buyer's mortgage declined? Because of their history (salary didn't stack up etc) or because of your mum's house (something nasty on the survey etc). If the latter, it could happen again!

There's no magic timescale. You just have to be patient (but it is worth asking the agent about the 1st buyer).

Thanks for quick reply GM. Buyer is self employed and I expect he wasn't completely honest when mortgage agreed in principle. It never got as far as the survey being done on Mum's house. The mortgage broker told EA they now have info requested and have forwarded on to the new lender, so I expect they have got confirmation of income from his accountant. He has been the only buyer for mums house as we stupidly took it off the market once we accepted the offer and as neither of us has sold a house before we probably didn't chase it quick enough. I'm not sure if my EA was also holding back about the declined mortgage in the hope the 2nd lender would agree quickly!

It might be that tomorrows viewers like it enough to put in an offer, then we can tell the first buyer to get lost!