Mortgage Almost Approved?

BulletCraig

I've been going through the process of getting a mortgage for almost two months now after having an offer accepted on a house back at the end of August. Before putting the offer in my mortgage advisor had already received a decision in principle and told me everything would hopefully be through in around a month. Almost immediately after getting the offer accepted I received a significant pay rise at work so I had my work write a letter confirming the increase which was sent off to the mortgage company along with my payslips/bank statements etc. I have a great credit score, no debt and a salary significantly higher than I had when I received the original decision in principle, and yet here I am two months later and still no mortgage!

My mortgage advisor tells me every week that everything is fine and it should be through "any day now" but I honestly have no idea what's going on. Last week the mortgage company returned all of my payslips and paperwork to me and then a couple of days later I received a letter from them saying they had "carried out an initial assessment of your application and are currently liaising with your introducer to advise on any outstanding requirements". My advisor said they came back asking for a copy of the home report, which was literally a day out of date due to the length of time the process has taken (and so we now need to wait for it being refreshed).


My question is - can anyone tell from this how close we are to getting the loan? Is the home report the last step? My advisor says if its gotten this far the loan is pretty much secured (pending the home report being OK obviously) as they'd have turned it down before now if there was any issues, but I really don't know what to think/believe. Does that sound right? The sellers are obviously getting equally as stressed out as they had anticipated a fairly quick sale and they're as in the dark as we are, but having never bought a house before I have no idea what to expect.

SuperSaver123

It really depends on a lender. It seems ok to me. But keep chasing the broker/lender. And make sure your solicitors are ready to exchange as soon as they get the offer.

I kept chasing the broker daily! Sometimes 3 times a day! Requested the case to be escaled to urgent etc. Otherwise, most likely I would still be waiting. I got the offer today, just waiting for the last one (we are taking 3 mortgages at once!).

Good Luck and hope you get your offer soon x

BulletCraig

Thanks. My solicitors are ready and waiting (and are getting equally as impatient at the slow progress of everything) but it's the loan that's holding everything up. I've had no contact directly with the lender, everything has been through my broker. Who would I escalate things with - my broker or the lender? I fear I wouldn't have any luck getting my broker to speed up!!

SuperSaver123

If you did the application through broker, you should ask them to phone the lender. Don't be worried to chase your broker! They are there to help you!

Who is your lender?

BulletCraig

Lender is Leeds Building Society who I've since read up on and they have nothing but bad reviews for their mortgage application process