How Long to Approve a Mortgage?

CatSplat

Hi

We're curently under offer and waiting on our buyers to have their mortgage approved (they already had AIP)- so far it's been a month- we've been pestering and apparently it's still with the underwriters. Is this normal? Last time I applied for a mortgage it was approved in under a week.

CheeseCat

If it helps, I put my offer in on a house 2.5 weeks ago and I have only just had my mortgage approved - I wont receive the offer in the post til tomorrow even so by the time its actually fully sorted it will be nearing a month. My lender apparently only deals with everything in paper - maybe your buyer is having the same waiting times.

shar46y

Almost 3 weeks and still waiting... had AIP in place, valuation has come back OK, but lender keeps writing and asking for different bits of paper including stuff we've already told them:mad:

Flashmanchop

I have found through past experience it comes down to how much the lender wants to, or does not wnat to lend money.

They can carry on requesting you to send further info regarding your finances until you are often blue in the face!!

Do you know the lender ?

shar46y

Flashmanchop wrote: »

I have found through past experience it comes down to how much the lender wants to, or does not wnat to lend money.

They can carry on requesting you to send further info regarding your finances until you are often blue in the face!!

Do you know the lender ?

Yes, they are our existing mortgage provider! Been with them for almost 5 years, never missed a payment and in fact have been overpaying regularly (hmm, maybe they want to get rid of us because they're worried about not making enough money out of us):think:

Catatonia

HSBC took a couple of days to approve mine, and then the mortgage offer was sent about three days after that. I was only asking for 60% LTV though, so they may take time over higher ratios.

m_13

HSBC told us that they had an SLA of five days from receiving the completed forms and documentation for it to be given to a decision maker. They didn't tell us how long a decision maker would take to make the decision but it was less than 24 hours. Then we were told they had an SLA of five days to arrange the survey. Now the survey is booked they've told us they have an SLA of five days with the surveyors to return the valuation report. All of these five days are business days and do not include weekends.