Race to get the survey done!

Eastender

Hi Folks,

I’m trying to buy my first house. We saw a property in London and made an offer.The estate agent tells me that another buyer has also made a similar offer and whoever gets the survey done first, has the carrot, as it were.


Now I am quite new in this field and got a mortgage inprincipal from HSBC few weeks, this just tells me how much I could borrow.


I like to know how to do I get the survey done, is it throughthe mortgage lender, in which case it would via HSBC but then have to make a formalmortgage application, which would take ages to complete, by then it could betoo late?

I don’t know what I should I first; I understand that HSBC has their own panel of solicitors. Do I now make a formal application to themortgage lender and get the ball rolling. Don’t know how long it would take toget the survey done, can anyone advise?


Thanks.

betmunch

If your in a race you need to ditch HSBC, it really is that simple.

You need to focus on whos competative and quick, not who cheapest if your going to be ready to exchange first

Eastender

Thanks for your reply.

Their rate does attract me, but if you're saying they're too slow, then which other lenders are known for their speedyness and being competive.

Did not realise they would be slow, to be honest.

betmunch

I never name lenders until having done a full fact find on a client, and this forum isnt the place the break that rule!!!

Get in touch with an Independent Mortgage Adviser and make sure they know that speed is more important than rate, they will then place you with a lender that has a good turnaround time.

Eastender

Ok, thanks for the rules.

So from your experiance, even If were to make an mortgage application today to a lender, to get the survey done, it would take a month at least? am I correct at assume that?

betmunch

No, with the right lender you can have the offer out in a week, maybe less depending on how long the surveyor takes.

With the wrong lender, you could be waiting 3 months before you give up on them and still no offer in your hands!

Sorry about the rules, you can blame the FSA for them!!!