FTB - how long does mortgage approval usually take?

Goldengoose

Hello!

After 3 years of deliberation, saving and searching my husband and I recently put in a successful offer on our first house. We had a mortgage agreed in principle with the Post Office and have now sent off all the requested paperwork, they will have received this yesterday.

Of course I'm now just being really impatient as I can't relax or concentrate on anything until I know if we'll be offered a mortgage! We've heard so many stories of people being refused that I'm really nervous. We have a good deposit and credit history but are a bit thoughtful about my husbands unusual working arrangement. He's employed by a US firm who pay his wages in dollars which are paid into his UK bank account. It's all above board, but I'm jittery that as it's not the norm we might get rejected now that everything has tightened up.

Any thoughts on this, and usual lead times for applications would be gratefully received!

Thanks.

joanne1920

Good Luck with the application.

I'm a 1st time buyer and my application has gone to Halifax via a mortgage broker. He told me 6-8 weeks orginally. I'm now on the 9th week and they are still asking for documents.... They seem to be very slow at the moment. Could be just the Halifax though.

Fingers crossed for you

bOingball

Goldengoose wrote: »

Hello!

After 3 years of deliberation, saving and searching my husband and I recently put in a successful offer on our first house. We had a mortgage agreed in principle with the Post Office and have now sent off all the requested paperwork, they will have received this yesterday.

Of course I'm now just being really impatient as I can't relax or concentrate on anything until I know if we'll be offered a mortgage! We've heard so many stories of people being refused that I'm really nervous. We have a good deposit and credit history but are a bit thoughtful about my husbands unusual working arrangement. He's employed by a US firm who pay his wages in dollars which are paid into his UK bank account. It's all above board, but I'm jittery that as it's not the norm we might get rejected now that everything has tightened up.

Any thoughts on this, and usual lead times for applications would be gratefully received!

Thanks.

This is the speed of the Post Office (I'm currently going through buying a house with them as my lender)

Dates - Action
20/06 - Apply for Approval in principle online - Accepted
(Made offer on house / accepted off vendor)
22/06 - Apply for formal mortgage online - Accepted
23/06 - Paid valuation fee of £240.00
25/06 - Receive request from post office to send 3 pay slips and Solicitor details.
<weekend>
28/06 - Post pay slips off to post office / Call solicitor to update with correct details
30/06 - Phone call from underwriter saying approved and offer of loan will be in the post
02/07 - Offer of loan received / Corrected solicitor documents recieved
<weekend>
06/07 - Posted solicitor questionnaire back.
07/07 - Posted signed Offer of Loan to Post Office
08/07 - Offer of Sale received from EA - Post office send payslips back as special delivery 8am
09/07 - Text message to say Post Office has got formal application back and they will update if anything else needed.

There you go.... Hope this helps.

boing

Goldengoose

Thanks for your replies guys, I appreciate it. I was thinking I couldn't endure 8/9 weeks! But it seems, in your case anyway boing, that the Post Office move quite quickly. Fingers crossed it'll be the same for us. I just hope we meet with their approval!

I hope it all goes smoothly for you both :-)

suisidevw

From mortgage application in the branch we had the survey and official offer of mortgage within 8 days iirc. That was with Natwest

poppy_f1

from mortgage application to offer it was 4 days that was with Nationwide (im in scotland so there was no need for another survey)

jockosjungle

8 days for me with the Post Office, that was me being super quick though and being able to return everything the day I received it. Might be the valuation that might delay it depending on their speed and whether the seller lets them have access right away, but for me that didn't slow it down at all.

R

FTB2009

I'm a FTB going through Halifax. It has taken 3 weeks from initital application to offer. My IFA rung me on friday to say the offer had gone to our solicitor. Yippee!

Goldengoose

Just wanted to share! We got our mortgage offer last Thurs. So not too long a wait. They just wanted some extra info from my husband because of his odd work arrangement. But it was finally all approved and we are now in the next phase...Surveys & Solicitors!

So thanks everyone for your comments. It was really helpful to read about your experiences. Best of luck to all of you in same process!

AdoJay

Hi All,

I am a FTB with an offer from Santander valid until January 2010. I was in the process of completing a purchase, but it fell through at the 11th hour (just hours before we were due to exchange). Solicitor had to return the bank's loan as there was no sense in keeping it further. Problem was the seller had borrowed so much on the property that when the redemption statement was reviewed on that day his lender wanted him to pay £5K before they can discharge the property but he said he didn't have the money.

Now I have to look for another property to buy. However, I am wondering if I can still use the same mortgage offer for the property that fell through to purchase another property. Or do I have to get another offer from Santander? Also, what will happen if the price of the new property I would be buying is higher than what I have been offered by Santander?

Kind thoughts anyone?

Ado

opinions4u

AdoJay wrote: »

Hi All,

I am a FTB with an offer from Santander valid until January 2010. I was in the process of completing a purchase, but it fell through at the 11th hour (just hours before we were due to exchange). Solicitor had to return the bank's loan as there was no sense in keeping it further. Problem was the seller had borrowed so much on the property that when the redemption statement was reviewed on that day his lender wanted him to pay £5K before they can discharge the property but he said he didn't have the money.

Now I have to look for another property to buy. However, I am wondering if I can still use the same mortgage offer for the property that fell through to purchase another property. Or do I have to get another offer from Santander? Also, what will happen if the price of the new property I would be buying is higher than what I have been offered by Santander?

Kind thoughts anyone?

Ado

Probably would have been better starting a new thread, but not to worry.

A mortgage offer is specific to a property, so you will need to re-contact your lender or broker once you find a new property.

Then a new valuation and possibly re-verification of income etc will be required prior to a new mortgage offer being issued.