How long should it take on average to complete on a Mortgage?

Jamz

Ok 1 question with some history,
Friday spoke to a Mortage advisor who said he would source the best deal for us and get back to us today, but that in the mean time we could put in an offer on a house.
Monday (today) not heard from the Mortgage advisor yet but We've put in an offer on a house thats been accepted... so I'll ring him tomorrow to see about the figures and deals..

We have put in an offer for:
Offer: 107,000
Deposit 10%: 10,700
Mortgage: 96,300 + fee's

So how long for us to get the money as there is no chain soon as we get the money we move.

Also any recommend some deals so that we know we are getting the best deal from the advisor...

Debt_Free_Chick

Jamz wrote:

So how long for us to get the money as there is no chain soon as we get the money we move.

Once your adviser makes a recommendation, you will then need to complete the application form and provide proof of ID. Then the lender will have the property valued. Only then will you get a formal mortgage offer - I would have thought at least 3 weeks away, if you complete an application form this week - and possibly more.

In the meantime, your solicitor should be getting on with the searches etc. The mortgage offer is only needed when you come to exchange contracts and the exchange date will be held up until your solicitor gets the formal mortgage offer.

In the meantime ... have you arranged a survey?

Jamz

getting quotes on a survey tomorrow..

Dan29

Jamz wrote:

getting quotes on a survey tomorrow..

You might want to do that through your mortgage lender, once you've chosen one.

Jamz

Dan29 wrote:

You might want to do that through your mortgage lender, once you've chosen one.

Any reason why?

I've looked into this on thier website and yeah it's only an extra £180 for the home buyers survey.. excellent, thanks for that

Jamz

Looks like I'm going direct though as the Mortgage advisor hasn't got back to me and he was supposed to ring me on monday, deal I've found seems best I've checked about 12 different companies so thats good.

Dan29

Jamz wrote:

Looks like I'm going direct though as the Mortgage advisor hasn't got back to me and he was supposed to ring me on monday, deal I've found seems best I've checked about 12 different companies so thats good.

Sometimes a mortgage advisor can get you a rate that's not generally available, but it doesn't sound like that's the case here.

If you do decide to go direct it might be worth checking out the website of Payless who posts here - he's a mortgage advisor and depending on which mortgage you go for he might be able to give you some money back which you wouldn't get by going direct.

Mark_petty

I don't know if this is good but what I did was when I got my mortgage offer I put the survey costs on to the mortgage so if the purchase falls through I won't need the mortgage and therefore haven't lost any money out of my own pocket.
Once I get the property (hopefully 4 weeks time) I will then pay the survey fees off

welshgirlcats1

Mine took 5 days from start to finish and that inclued surveynor going out. with the abbey

marion

DopeyDora_2

I'm hoping ours won't take to much longer! We applied on 4th August (to the Nationwide via a broker). The valuation has been done, they have all our payslip & outgoings information, & our broker reckons we should hear late this week/early next week. So that would make it around 2 weeks from application to offer. We are on quite a tight schedule to exchange & complete so it can't happen soon enough as far as I'm concerned!

Dora x

youngie

we had a mortgage certificate through a brooker they valued the property now the actual lender wants to value the property before they release the money we thought we were sorted but it could be another week before we even know if they will lend us the money so nothing is ever straight forward with mortgages and house buying
best of luck