Offer Accepted

scrivomcdivo

Well............we put an offer in for a property this morning and it was accepted.

Now, we went to see a mortgage broker last week who looked at our finances and said there's no problem with getting a mortgage. He ran no credit checks on us. I have made another appointment to go and see him tomorrow to finalise things.

What will happen tomorrow? Also, how soon will it take before we can make arrangements for the surveyor to attend?

I'm assuming tomorrow we will agree on the mortgage provider but what then? I fill some forms out and they get sent off? How long does it take mortgage provider to say yes or no?

Thanks

Dasnookster

I was in a similar situation to this back end of August. When you go in tomorrow you will fill go through the various options for mortgage providers and once you have agreed on one fill out the necessary forms. We had to provide proof of ID and proof of address, along with three months worth of payslips.

Once the forms have been filled out, they will obviously get sent off, then its a waiting game - mortgage providers vary in length of time, it has taken us 6 weeks from acceptance of offer on our new house to getting a mortgage offer, and this is staying with the same provider and just topping the mortgage up. The building society will instruct a surveyor to go to the property before offering you a mortgage and you can also arrange an independent one yourself as well, or we took the option of the surveyor being sent from the mortgage provider doing a more detailed survey - which you have to pay extra for. Either ways the money paid out on the survey is non-refundable, but at the end of the day, rather pay £500 to find out the house is not suitable than get saddled with a worthless house.

Anyway - good luck.

scrivomcdivo

6 weeks to get a mortgage? I thought it was done there and then? Credit checks done and all being well, agreement in principal made?

So from when you put your offer in, when was the surveyor sent out? What was the timescale?

silvercar

agreements in principle can be done virtually instantly. The actual offer will be made after credit checks are done and the property valued. This is what takes the time. The agreement in principle is subject to the valuation being confirmed and all the info you provide checking out. A broker should know how long each mortgage company takes to produce offers.

jamminjamaica

yes you will have an idea after tommorrow if you can get the mortgage. after that it does take a while for it to all go through. I applied for my mortgage at the start of August and was told it was approved etc. I only got the letter from the Mortgage Company 2 weeks ago. hopefully the house will complete the end of this month.

scrivomcdivo

Oh ok.........but once the mortgage in principal is agreed (hopefully this afternoon), the mortgage provider will then arrange for a surveyor to attend?

izoomzoom

When you see your broker this afternoon, ask him to tell you when the survey is realistically likely to take place.

Be careful that they tell you what needs to take place before (ie application form, pay fees, credit checks, employment checks etc) and you have a clear understanding about how long these things take.

Our broker told us 7-10 days that that is really what we wanted to hear. What he didn't mention (or more likely we didn't want to hear) was that it would take 7-10 before the lender would start to process our application. Then our employment checks took nearly two weeks (even though I was chasing all of this) and only after those were received by the lender was the survey instructed. Must admit that happened the very next day, and mortgage offer was received 3 days later.

Don't listen to just the bits you want to hear !!!

Dasnookster

scrivomcdivo wrote:

6 weeks to get a mortgage? I thought it was done there and then? Credit checks done and all being well, agreement in principal made?

So from when you put your offer in, when was the surveyor sent out? What was the timescale?

They didn't send a surveyor out for 4 weeks, we got the surveyors report the day after he did it, but it still took them a further 2 weeks to get an offer out to us, even though they had all information from us and references back from our employers.

Its a very frustrating process.

mrsc_4

We didn't use a broker we went to the bank direct and got a mortgage promise, we agreed to be credit checked at this point. When we did our mortgage app it was straightforward (partly because we are taking a staff mortgage with the bank my Huby works for) but I didn't need to produce any pay slips or employment varification.

Because of this our valuation was done on the Wednesday (app done on a Saturday) and our mortgage offerd on the Friday so for us it was all done in 6 days. Despite being staff I think the bank we are using are this quick anyway.