First time buyer - how long does initial mortgage approval take?

melysion

I'm using L&C as my mortgage brokers. I have a decision in principle from Leeds Building Society that I applied for myself online a couple of weks ago but not really happy with the deal and I was offered a much better one by my broker from Nottingham Building Society (who?) today.

Anyway - gave L&C the all clear to submit the initial application based on earnings, outgoings etc - how long does it take usually for the decision to come back? Is this slightly more in-depth than the mortgage in principle? I've got a offer accepted on a flat and am keen to get going with everything as soon as possible.

Stressed already and I've barely started!! lol

The_J

Nottingham either give a positive immediately or it refers to underwriters and they'll take a few hours. Either way, you should hear back within 24 hours.

melysion

Ok thats good to know - at least I'll know one way or the other soon!

melysion

Well, theres no point worrying about it now anyway as the flat I've put an offer on is ex-local authority and Nottingham doesnt accept them apparently.

Urgh. Why didnt the broker pick up on this? No doubt the credit check has gone though already. Grr.

GMS

If the broker was aware of the flat being an ex local authority then it is a schoolboy error not to check if acceptable prior to submission. There are many 'flags' throughout an application, one of which would be the ex local authority part.

Could be an over reliance on a mortgage sourcing system. A good broker would know this and explain why the product was not available. Chasing rates is pointless if the application has no chance of succeeding.

melysion

I did tell him it was ex-local authority - what a pain. Oh well. There will be other mortgages. Just a blip - its a shame though because it was a particularly nice fixed rate.

melysion

I wonder how my credit rating might be affected now. I'll have two mortgage credit searches and one for a new mobile phone recently. How many credit searches does it take to mess up the credit score? I'll be furious if this schoolboy error has messed up my chances of getting a mortgage for a bit.