how long did you wait for mortgage in principle?

sugarpants_2

How long did you wait for mortgage in principal offers?

Been waiting a week for our broker to get back to us with offers? We are eager to start looking at properties but need a rough guide on how much we will be lent.

kingstreet

Do you mean key facts illustrations for you to consider the products therein?

Ours are done immediately we receive the information we need to produce them.

On Friday, I sent out a data capture form to a potential client, got it back and within an hour we had issued key facts illustrations, got approval to obtain an agreement in principle and done that with the lender.

We're newbuild specialists, if we don't act quickly, our client loses their opportunity to purchase until the next release.

sugarpants_2

We submitted all our forms to mortgage broker last Sunday. Grrr.

Will hopefully hear something tommorow.

Was thinking it would only take 24hours like you do for your clients. Getting worried now.

sugarpants_2

Think we'll end up going to our bank Natwest tbh. Annoying having to wait so long.

AnnieBox

When I got mine I applied on Saturday and found out on the following Monday. Normally the result would come through instantly but a minute after completing the application, the service went down for routine maintenance so my broker could not get back in to view the results.

If your broker hasn't got back to you in a week I would chase them up on it or even consider a new broker. Seems way too slow.

Fake_Northerner

Applied on Tuesday morning and got declined that afternoon, applied with another lender on the Wednesday and got an offer that same day. I'd be ringing your broker to find out what's going on.

hieveryone

Mortgage broker came to house for an appointment at 6.30pm, stayed for an hour or so. Emailed me at 9pm with an agreement in principle and key facts.

fairy_lights

Ours took literally 5 seconds. We sat with our broker while he entered all of our information online, submitted the application, the egg timer whizzed round a few times and then the computer said "yes". Took another ten minutes for him to get the printer switched on to print us a copy and we were on our way to the estate agents to start arranging viewings.
If your broker hasn't managed to get this sorted for you in a week, and hasnt even contacted you to let you know what's causing the delay, I would be looking for a different broker.

ACG

I never do Decisions in principle until a property has been found. I tell clients how much they can borrow based on experience/affordability calculators.
However I know not all brokers work that way and so if you have been promised a DIP a week is far too long. You can usually get them within the hour - unless it refers. So to wait a week is crazy.

sugarpants_2

Thx guys for your very helpful comments. Husband is going to call him tommorrow. Also we are gonna make an appointment with our bank (natwest) Feel like our mortgage broker is taking us for a ride Thought he would want our business