How quick can a mortgage application go through in?

terryya

I know that there is no definitive answer to this question but I am just wondering from the people with experience how quick a mortgage can go through in?

We are currently close ( I hope!) to getting an offer accepted on a repossessed property and then obviously want to get to the point of exchange as quickly as possible.

For this reason, I may be happy to sacrifice a little on the deal I get for speed. Especially if I could then re-mortgage not too far down the line when time is no longer such a pressing concern. Do the mortgage advisors on here have any particular lenders they go to when time is of the essence? (Not expecting any names )

Thanks

Dave_Ham

Hi there,

Firstly I am sure you have done your homework here, but buying a repo property has many pitfalls and you could lose money and still not get the property.

That said, many a bargain has been had and as a mortgage broker I would absolutely use certain banks for speed and fair rates but not market leading..

Obviously, it helps if your circumstances are clean and for a residential mortgage certainly everything is neat and tidy.

In my experience only give a swerve to HSBC, First Direct, Natwest and Accord and pretty much all the smaller Building Societies.

I wish you luck...

terryya

Thanks Dave

I think I know most of the potential troubles I could face and I'm trying to keep up front fees to a minimum in case it does end up going pear shaped. Plus it is only 5 doors down so we know as much as we can from the outside, and it is fairly new.

HSBC were initially my number one choice but a bit of research had made me think again about that!!

Our circumstances are fairly good and we have no outstanding credit issues and the amount we are wanting to borrow is well within the limits of all the providers I've looked at.

With this in mind do you think pushing for 3 weeks would be a reasonable/realistic timescale?

Dave_Ham

3 weeks with a good broker or great direct lender.

That said, I have a case at the moment which I knew was a repo, got application through and valuation booked within a couple of days and case approved.

Case was due to offer within 10 days and the valuation flagged up a potential issue which required confirmation and now they dragged their hills and then I am now chasing every 2 hours to try and get the deal to broker in terms of the repo.

Great broker (if I say so myself), usually great lender and sometimes there are hurdles you do not see coming...

3 weeks with good people around you (good solicitor too) is achievable although need a bit of luck too