Why does it take 6-8 weeks for a mortgage offer to come through?

papermoney

or doesn't it?

We have been told it will be at least 6 weeks. We have a letter from the building society saying they have all the evidence and we should get a formal offer shortly.

toonfish

normally 6-8 weeks to completion, mortgage offer should be 2 weeks or so normally

vo-vo

When we applied through L&C , they inform us 6-8weeks as well. However, the mortgage offer came through in 2 weeks, and could be less if they got our name and address right! It will depend of whether they have done their mortgage valuation and received all your proof of identity and pay.. in your case, I would think in the next few days.

papermoney

Thanks - fingers crossed it will be soonish. We had a letter on the 19th saying it's being processed. It's been a few weeks since the searches were applied for. The bottom of the chain are kicking their heels and ready to move ASAP, it seems we are holding everything up.

dunstonh

Always say longer in time and then do it in less and not the other way round.

Actually, it can take longer if the underwriting arm of the lender want to make checks to see you arent telling porkies.

payless

2-3 weeks is more usual these days , but some are slower

HOWEVER had 2 last week from different lenders ... both came exactly 1 week after I submitted them for clients ( and were dated the day before !!!! so talking 4 working days to issue )

papermoney

Thanks for all your replies.

I'm hoping it won't be long now.
Dunstonh - how can you tell porkies if you have to have evidence? (sorry if i'm being naive)

dunstonh

Dunstonh - how can you tell porkies if you have to have evidence? (sorry if i'm being naive)

Not everything gets evidenced at that point. Plus the underwriters may want to look at certain cases in more detail. Either as a random sample or because it goes into their criteria to be checked in more detail. That may end up adding just a couple of days but if there are things which need further evidence then that can add longer to it.

HelpWhereIcan

dunstonh wrote: »

Always say longer in time and then do it in less and not the other way round.

Actually, it can take longer if the underwriting arm of the lender want to make checks to see you arent telling porkies.

Had a good example of this the other week - took a lender 5 days to get a valuation, do their other checks and say they were happy to produce an offer and that all they were waiting for was an employment reference to confirm that one of the overtime items on the customer's payslip was guaranteed.

2 weeks later the employer had still not replied despite promising my customer virtually every day that someone would be doing the reference that day.

In other words, there are sometimes things that are beyond the control of the adviser/underwriter (don't get me started on surveyors) and that mean it is always prudent to underpromise and over-deliver.

papermoney

Ah I see, thanks for explaining