Mortgage timescales FTB

Stresshead2014

Hello!

I'm a rambler and stressed so apologies upfont.

I am a FTB and found a house around a month ago, did 3 viewings, decdided it was right for me and approached a mortgage advisor (whole of the market, he also happens to be the estate agent of the vendor)

I have a 15% deposit and the house was up at £94950.

After discussing my credit history and all the other things that a mortgage provider would need to know he advised that The Halifax would be best suited to me and are offering a fixed rate of 3.74% for 2 years, no fees and £500 cashback. This offer suited me and we completed an agreement in principle which was given immediately for 85% of the purchase price.

So I made an offer of 89k which was accepted by the vendor and I subsequently returned to the MA to put in a full application to the Halifax.

The full application was accepted immediately and I paid for the valuation (£280) the Halifax asked for 1 payslip only which had already been photocopied by the MA. I also agreed for the MA to instruct the same solicitors firm that the vendor is using for a flat fee of £750.

This was last Tuesday.

I have heard nothing further since, despite calls and emails to the MA.

My questions are thus......once my full application has been accepted and passed is it plain sailing to a full mortgage offer? How long should the process take? I am renting and the vendor is moving into rented accommodation so how long to completion? Should I just chill out and wait for it all to happen?

I did have some credit problems in my younger days including credit card debt with the Halifax however there is nothing on my credit file with any of the major companies now from the last 6 years, I'm 32 and earn 22k per year working in a secure job with the local authority.

This house is just perfect for me and is £200 per month cheaper than the rent I am paying, hence the stress!

Any advice greatly appreciated!

Cheers

:beer:

Alphamare

You should be fine stop worrying on that front Halifax will need to survey the property before underwriting it the process can take a couple weeks.

The only thing that would concern me perhaps is that your mortgage broker is ignoring your calls? They should have given you a time scale which would have lessened your stress. There is I point stressing about something that may or may not happen it's out of your control.

Perhaps your mortgage broker is busy or you have inundated them with calls/texts etc. no matter how professional someone is this is very annoying behaviour.

TBagpuss

There can be big variations in how quickly the valuation can be done, and the mortgage company can issue your offer until this is done. You could call your mortgage advisor and ask them specifically how long it is likely to take for the valuation - I know in my case I got an automated e-mail telling me once an appointment had been made for the valuer to view the property, and another once the report had been received, but that was with Nationwide - you could ask your advisor whether Halifax does the same.

The agents will be able to tell you whether they have heard from the valuer to set a date to inspect the property.

If your solicitor is a local one then he or she may well be able to tell you roughly how long the valuation + offer process is likely to take: if they are not local they will be less likely to be able to do so as timing does depend on the availability of local valuers.

In my area, it seems to take about a week between the mortgage application and the valuation, but I believe that in some areas the waiting times are much longer.

Stresshead2014

Cheers!

Still no news and no response so far from MA, I have only called twice and emailed once btw, and just assume he is busy. I guess it would be in his best interests to let me know straight away if there was anything to tell me. He did however say that the valuation would "probably" be done within "a couple of days".

He seemed extremely confident about the valuation too.

I just hope that I can get the mortgage!!

I have never EVER felt this nervous!