How long from applying to receiving offer?

longwalks1

i saw a mortgage advisor 3 weeks ago, talked through basic figures agreed on what i want and gave him all the documents needed (im borrowing more from my current lender, (Barclays/Woolwich).

Had to call me a couple of times to explain my salary to him (basic, shift allowance, contacted overtime, and voluntary overtime etc), and was told last monday 10 days ago the valuation should be instructed this week and get the offer early next week. Now he's hoping the valuation will be done next week, is it normal for things to drag on like this?

I am very impatient I know, but itching to get things moving, how long should it normally take from agreeing what you want, to valuation, to offer please??

kingstreet

No fixed timescale.

Some are quick. Some are slow.

Depends on lender and case make-up. I wouldn't have used Barclays for a quick turnaround.

ExpertAdvice

Hi,

I've had very bad experience with Woolwich. They are probably one of the slowest lenders. I've had only couple of cases put through them and both have taken around 2 months or so to complete.

I tend to avoid them for my clients due to their pathetic service!!!

Sorry, don't mean to let you down but thats the fact.

ri17

Using santander and still waiting 5 weeks and 2 days later!!

amnblog

We have got a number of offers out from Barclays Woolwich inside a week and also had cases where we have lost the will to live.


All lenders can be quick or slow.

Very few are always slow or always quick.


It is not usual for initial advised timescales not be adhered to.

Thrugelmir

britishboy wrote: »

Now he's hoping the valuation will be done next week, is it normal for things to drag on like this?

Surveyors are external so dependent on their work load and\or availability.

House transactions can drag on for any number of reasons. There's some way to go.

silver--lining_2

We had our valuation on done on a Thursday and had our formal offer through on the Monday - we went with NatWest. I thought this was a v quick turnaround despite reading some nightmare stories.

Hope it comes through quickly for you.

laurieballard999

Impossible to predict as it depends on your circumstances.

If you have a brilliant credit report and you pass the affordability with flying colours then it could be quick.

If the lender wants additional information like payslips and bank statements etc then could be weeks.

Ours took 3 weeks with Halifax.

tommybuk

Don't know if its any help but around 4-5 weeks with HSBC


Tommy

learningaboutmoney3

Mine was 23 days from application to offer (only 18 working days). Mine was adverse credit but otherwise straightforward (both employed in permanent jobs etc)

My timeline is on the applying for a mortgage thread.

It felt like forever but I think it was quite quick in reality.