How long does it take a bank to assess you?

TeaAndToast_2

When you get an appointment with a bank for a mortgage and they take your details, entering them into a computer or what not. Does the computer assess you there and then, or do they contact you via post/telephone?

thanks

Thrugelmir

You will need to complete a detailed application form.

shirlgirl2004

Once handing in the application form and all the paperwork (payslips etc) then we have had agreement in as little as a couple of hours. RBS took 3 weeks for the same application. We gave up waiting for RBS so went elsewhere and got approved the same day.

herbiesjp

It depends on what you mean by assess.

If you want to find out how much they can lend you, then pretty much straight away.

If you mean a full application, it will be as long as it takes for them to assess any paperwork they request from you.

Some lenders will assess everything up font before doing a valuation, and others will automatically instruct the valuation (unless advised otherwise) and assess paperwork when it is sent in. So can take a few days, to a few weeks.

TeaAndToast_2

Thanks very much for the replies, much appreciated.

nomoneytoday

Depends on if there are any issues. If you pass all the scoring then a mortgage in principal should take minutes