FTB Time Scale

betsy123_2

just looking for abit of advice on time scales, I know the question is abit like how long is a piece of string but just looking at how long it took for other to get offer & completion.


our progress so far is below....


Date Decision In Principle received02/03/2015Date application received09/03/2015Date Minimum Submission received18/03/2015Date case underwritten18/03/2015Date Valuation instructed01/04/2015Date Valuation expected








skipton have advised today that they have received the valuation but cannot tell us the outcome until the underwriters have assessed it.


does anyone know how long until be find out?
13/04/2015

bitethebullet

I managed to get a mortgage arranged from start to finish within a week! I think it really depends on the lender and your urgency too. I was in the unfortunate position that I got to day of completion and was turned down for a mortgage based on property type and I managed to find another lender and get a mortgage rushed through (whilst incurring penalties!).
But in usual situations.....I think 1 month from submission of application to decision used to be quite normal but I'm guessing the process takes longer now. I would have thought you would hear very soon if it is with the underwriter.

betsy123_2

Thanks for that... we just really want to know what its been valued at seemed silly that they cannot yet tell us.


does anyone else have an opinion on how long it will be till we get an offer?

kingstreet

Our latest Skipton application;-

app 26/3
docs uploaded 26/3
more requested and uploaded 4/4
valuation done and offer issued 14/4.

Nineteen days. Not brilliant, not bad. It would have been less if they'd not taken nine days to decide they wanted something else.

We also can't control how long it takes to get a valuation booked.

betsy123_2

That's not bad atall ours so far has taken over 4 weeks.

You got the offer the same day?
That's brilliant

We still haven't received our offered and the valuation was done 2 days ago 😟

kingstreet

I can't remember the valuation date, but it's usually a couple days for each step.

I suspect our valuation was back on 12 April.

We can download a copy of the offer from the Skipton Intermediaries site when notified it's been issued.

betsy123_2

So if we have applied through a broker will our offer come in the post or from our broker?

kingstreet

Lenders issue mortgage offers by post to borrower and solicitor. The solicitor copy contains the instructions, certificate of title and mortgage deed too.

Brokers tend to get electronic copies to;-

ensure the offer is correct as early as possible
cut the costs as sending out two postal copies is cheaper then three!

betsy123_2

So we're probably looking at next week aren't we if our valuation was carried out yesterday.

Thanks

kingstreet

If the valuation was only done yesterday;-

valuation back to lender from surveyor
valuation checked and signed-off by lender
case sent for pre-offer checks
offer issued and posted
offer arrives with borrower.

I'd say you're going to get confirmation of offer issue earliest Friday, more likely Monday and your offer by the end of the week.

betsy123_2

Thanks so much for your help! Next week seems so far away!

Just one last wuestion��

Probs your experience how long will it be till be can get the keys from offer do you think?