Coventry Building Society

Hellsbells84

Morning Guys,

Just wondering if anyone has had a mortgage with the above and how long it takes for them to send u a formal offer?

We applied for the mortgage on the 25th of Feb but I am a bit impatient lol. Does it usually take this long? We are first time buyers so we are new go this!!:j

ik1

have they done the valuation/survey?

I applied to them over 3 weeks ago...most of the paperwork is in and I am also waiting to hear from them...hoped they would make an offer this week...I guess it depends whose dealing with it and how much work they got on. although when I rang to speak to someone it took them about 20 mins to answer the call so may not have enough staff to deal with thing,s who knows??...anyway my previous mortgage lender (Cheshire) were fantastic...answered the call in less than 5 minutes and very helpful whenever I rang them.

kingstreet

13 days isn't a long time.

In the current climate, an offer can be through in a couple of days, or take a couple of months if additional documentation is needed. Also worth mentioning, if staff are answering calls, they aren't processing business.

I wouldn't start worrying until a month has passed.

Hellsbells84

Ik1. They said that they had instructed the valuation on the 1st. We have had a letter off the estate agent saying they have now taken it off the market. Do you normally get the results of the valuation through the post? We havent instructed the solicitors yet as we r waiting to hear about whether or not the mortgage is going through? Is that ok? Or do we instruct the solicitors? Arggghhh!

kingstreet

Hellsbells84 wrote: »

Do you normally get the results of the valuation through the post?

The valuer's report (if a disclosed valuation) should be sent to you with your mortgage offer.

Hellsbells84

Thanks Kingstreet. Do we wait till we have received the offer before we instruct the solicitors to do the searches etc?

ik1

I was advised by the mortgage advisor to appoint a solicitor as they will not prvide the offer until we do. I have no idea whether this was good or bad advice but as he was confident that the mortgage will be approved therefore I instructed the solicitor to start doing the searches.

Up to you if you are not 100% confident on getting the offer for whatever reason you can wait but obviously to speed things up you should instruct a solicitor soon.

Hellsbells84 wrote: »

Ik1. They said that they had instructed the valuation on the 1st. We have had a letter off the estate agent saying they have now taken it off the market. Do you normally get the results of the valuation through the post? We havent instructed the solicitors yet as we r waiting to hear about whether or not the mortgage is going through? Is that ok? Or do we instruct the solicitors? Arggghhh!

silvercar

Searches can take weeks to come through, do if you wait until you get your mortgage offer before appointing a solicitor, it's going to be a long time before you exchange contracts.

maiker

Do we wait till we have received the offer before we instruct the solicitors to do the searches etc?

silvercar

maiker wrote: »

Do we wait till we have received the offer before we instruct the solicitors to do the searches etc?

Depends if you can afford a delay in exchange, will your sellers be impatient, is anyone else in the running to buy the house?

The downside of waiting is that you have paid for searches before you know if the survey is OK and before you know if you definitely have a mortgage offer.

On the other hand, if the searches show a motorway planned for your front garden you will have wasted your survey money.

Chicken and egg situation.