How long from Application to Completion? FTB

kimmi9080

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

kingstreet

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.

kimmi9080

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.