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How long from Application to Completion? FTB

Hi,

I am a first time buyer, i've had my decision in principle with Santander and mortgage advisor has just (yesterday evening) submitted my application to Santander for the full mortgage. Can anyone advise how long it will take before a decision is made by them? anyone know if they are slow at the moment? my mortgage advisor has said sometimes they are quick and other times they take forever.

I am self-employed but have provided all income info, accountants certs, sa302's etc and have a good credit rating. The decision is principle came through rather quickly from 2 different lenders.

Also anyone have an idea how long it takes from getting the application approved and an offer to completion. We are arranging (hopefully based on approval) for Santander to do the homebuyers and valuation.

We eager to get moving and the vendor is eager to go as well.

Thank you
:j Kimmi9080 :j

Comments

  • kingstreet
    kingstreet Posts: 39,298 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Completion is a date agreed between all the parties in the chain, so it is based on other peoples' needs and circumstances.

    Exchange of contracts is the point you become legally obliged to buy on the agreed completion date and this is determined by all the documentation being in place for all members of the chain.

    This is the homebuying process and it typically takes anything between two months and four months, although it could be longer or shorter. Who knows!?!

    House purchase process runs like this;-

    Offer agreed
    Solicitors instructed
    Sales memorandum issued by agent
    Purchaser applies for mortgage
    Vendor's solicitor prepares and issues draft contract
    Vendor completes seller's enquiry forms and returns to solicitor
    Valuation/survey carried out
    Purchaser pays solicitor for searches
    Searches requested
    Renegotiation of price due to survey findings - if required
    Mortgage offer issued
    Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
    Searches returned
    Responses to enquiries
    Purchaser visits solicitor to go through paperwork, hand over ID and deposit
    Completion date agreed between all parties
    Contracts exchanged
    Completion takes place.

    The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thank you. All seachers are complete, we are aiming for end of march. I'm just really worried about how long Santander will take to approve the mortgage and if its going to get complicated.
    :j Kimmi9080 :j
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