How long is the 'longest' for a mortgage offer?

Daisymoocow

Seriously getting nowhere fast - we have sold out house back in the first week Sept - the buyers are buying it to let out to their parents. The week after we accepted the offer, we were contacted by their lenders ( well the people doing the valuation on behalf of the lender) to arrange the valuation - this was done on 22nd Sept - We have been advised that everything was fine with the valuation, yet the buyers STILL haven't got their mortgage offer!! Unfortunately I don't know which lender they are using but seeing as we had out mortgage offer with Nationwide within 6 days of application, we have just stalled. All searches have come back fine for the sale and our onward purchase and we are literally waiting for our buyers mortgage offer. Their solicitor has said it should be here this week.... what could possibly have taken so long - is this normal for a buy to let purchase? Or should we be worried?

kingstreet

No way of knowing.

We have a case where we've been waiting for the next year-end (31 Oct) so we could get a second year's accounts done, so we could submit the mortgage application.

This has been waiting since early September.

AliT12345

It took myself and my partner 3 weeks from valuation to offer, the reason for this is that they kept coming back and asking for more information, information of which we could have provided from day 1 yet were not asked! It seemed to go on and on, as every time we submitted something it came back again and then went to head office to be signed off and then ask more questions, however my solicitor said this was the norm nowadays it really depends on the company usually 3 weeks yet you don't know what position they are in it could be that they have had to wait and wait for more information. I know we got bank statements requested from 2012 as we were not on the electrol at that time and the banks policy was 15 days that it could take to come! luckily we found a water bill which was fine to accept. I would probably chase and chase though if I was you as you shouldn't really be waiting this long!

SuperSaver123

Are you sure they haven't got another remortgage on a different property involved?

On the surface, it would seem like our residential mortgage offer took us nearly 2 months from valuation because prior to issuing mortgage offer, bank requested mortgage offers on BTLs (2 different properties, 2 different lenders, and actually switching through an application half way through the process as we found 50% cheaper lender). We did, however, keep the vendor fully informed of where we are.

And it also took us over 2 weeks from valuation to offer on one of BTL due to the surveyor waiting for agents comparables, then bank receiving the valuation 3 days after it was sent and taking another 5 days to review (this is after reviewing all docs by the banks prior to instructing the valuer) and there are some banks that do the opposite: instruct valuation and then review the whole file.

Thrugelmir

Daisymoocow wrote: »

the buyers are buying it to let out to their parents.

Perhaps this is the cause of the delay. Not neccessarily straightforward.

kingstreet

Daisymoocow wrote: »

the buyers are buying it to let out to their parents

Sorry, I missed this.

If the case was correctly placed at the outset, no problem.

If the applicant has only revealed this later, the application may well have had to be replaced.

This is a "regulated BTL" and very few lenders offer it, basing lending on the applicant's income, rather than the rent available.

Daisymoocow

Bingo! - thank you both. It is very likely that this is the hold up then. Doesn't make it any easier but I suppose at least there is a possible reason - but seriously, going on 7 weeks since the valuation now :-(

Thrugelmir

Daisymoocow wrote: »

Bingo! - thank you both. It is very likely that this is the hold up then. Doesn't make it any easier but I suppose at least there is a possible reason - but seriously, going on 7 weeks since the valuation now :-(

7 weeks isn't as long as one imagines. Only 35 working days. So with toing and froing time evapourates.

Mortgage_Mark_2

I had an app with Clydesdale Bank submitted on 28th Feb this year.....offer received 18th August!

amnblog

There is clearly a problem. Give your buyer the opportunity to tell you what it is.

Daisymoocow

We have asked and have been told all is fine - it is with the Coventry building society. We have been told the offer should be with the solicitor in the next few days