Mortgage applications How many days/weeks do they take (from Start-finnish )?

Danny_G

When picking a house, and deciding to purchase it, and applying for a mortgage from a broker, then how long does it take for the mortgage to go through? and get started?

from the moment an application is made?

what are the stages ?
and how many days does each stage take ?

UsernameAlreadyExists

The lender will need to credit check you ... 3 days?
Once they've done that and accepted "YOU" as a risk they'll need to valuation survey the place you want to buy ... and this'll be dependant on gaining access to the house (so is subject to the vendor).
I can't imagine it'll take more than a week or so?

Danny_G

UsernameAlreadyExists wrote: »

The lender will need to credit check you ... 3 days?
Once they've done that and accepted "YOU" as a risk they'll need to valuation survey the place you want to buy ... and this'll be dependant on gaining access to the house (so is subject to the vendor).
I can't imagine it'll take more than a week or so?

Who pays for this valuation ?

Is there any cost for valuing the survey from the buyers end?
or they pay nothing?

UsernameAlreadyExists

You will need to pay for the valuation.

You'll probably get choices from the most basic (is it going to fall down and is it worth the money) to the more expensive & comprehensive reports.

I've just paid £271 for the basic myself, and could have paid upto £750 or so - which I really don't care about. I want to live there no matter what. If there are "hidden" problems, they're mine to deal with.

kingstreet

Offer agreed
Solicitors instructed
Mortgage Application
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 - TWO WEEKS
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.

It's impossible to estimate the length of the whole house purchase process. It could be four weeks, it could be four months. Application to mortgage offer normally takes a couple of weeks.

TBH whoever is arranging your mortgage should be explaining this stuff to you...

opinions4u

From application to offer?

The fastest I've been involved in was about 3 or 4 hours.

The slowest took over six months.