how fast- co/op mortgages or just mortgages in general

sneezyboots

Hi.

FTB so please be gentle. Just wondered if people who have experience with mortgages, especially if you can give me any clues on the speed of the co-op at the moment could help.

Process so far- applied for mortgage Aug 10th. Sent p60 and payslips about a week later (the day they were requested). Sols currently working hard and nearly done. Mortgage then called 3 weeks ago asking for proof of deposit and to get permission for survey. Proof of deposit sent straight away and surveyors paid and survey done. Hadn't heard from co-op and EA rang to ask how things were going so I rang co-op last Monday to ask what was happening to be told that the guy dealing with our application had received our latest paperwork (proof of deposit) but not had time to look at. Still heard nothing by this Monday so rang again and the person I spoke to said they were waiting for proof of deposit and survey result which I said they have and they said that they may have not got round to looking at it yet. Still nothing by today and EA ringing me again so I called survey people to get confirmation that the survey had been sent to co-op and they said it was sent on 9th September. So it seems they have had proof of deposit and survey results 3 weeks and not even looked at them.

Is this a normal amount of time to do nothing? There is no chain and we both want to move asap. Anyone specifically had recent dealings with co-op mortgage application and can give me an estimation how much longer we will have to wait. Plus, roughly how long after receiving mortgage offer will it take to exchange/complete given the sols are basically done too??

Thanks

Thrugelmir

Slowness may be down to the Co-Op wanting the funds to be drawn down in October.

Banks have internal lending limits in any given period.

cardinalbiggles

Been going through the same thing with the Coop. About 3 weeks now and its off to the underwriters should be done this week apparently.

One thing that hacked me off is that they dont use Royal Mail and things can take over a week to get back to you!

sophievenusdoom

This is an unacceptable amount of time. Are you going through a mortgage broker? If so, I would urge you to get him/her to chase. If not, keep nagging the Co-Op. You will eventually be the person they don't want to hear from, so your case should get procesed quicker!!

sneezyboots

Not using a broker no, so will keep nagging myself and hope something gets done soon. Just very frustrating when we are currently renting and the vendors are moving into their 2nd property so no chain or anything to worry about and still taking forever.

sophievenusdoom

sneezyboots wrote: »

Not using a broker no, so will keep nagging myself and hope something gets done soon. Just very frustrating when we are currently renting and the vendors are moving into their 2nd property so no chain or anything to worry about and still taking forever.

It is uber frustrating.

We had a similar situation when we were buying our house, however it was our sols that were taking an absolute age to process things (sat on our case without doing anything for a month!) so I phoned them several times a day in some instances, my broker put an official complaint in, and eventually they pulled their fingers out and got moving (and subsequently so did we hehe!)

Good luck :money:

sneezyboots

well we had the mortgage offer through the post today (found out yesterday though as was chasing them up again). Sols basically done so just need to agree dates now.