How quickly would you find out if your mortgage application is declined?

ellie27
ellie27 Posts: 1,097 Forumite
Ninth Anniversary 500 Posts Combo Breaker
in Mortgages & endowments
Broker submitted application on friday, yes just 2 days ago - a long 2 days ago!!!

Selling the house has been so stressful and now we are onto the wait for a mortgage decision - arrggh!! Broker says 4/5 weeks it will take.

If you were going to be declined the mortgage how quickly would you know - or would it be after about 4/5 weeks wait too?

We have applied to Coventry BS if it makes any difference.

Comments

  • amnblog
    amnblog Posts: 12,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I certainly would not be seeking a firm 'yes' after two days. The underwriters probably won't review the case until sometime next week.

    It does take time to get your formal offer and CBS are not the quickest so you will have to manage your anxiety.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,388 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Just assume you will not hear anything until a week on monday?
    Stressing about it at this stage is pointless as it really is out of your hands and has probably not even been looked at by an underwriter yet.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • cycloneuk
    cycloneuk Posts: 363 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Sometimes you can wait 6 weeks and get a decline, other times you will find out quite quickly.
  • In_For_A_Penny_2
    In_For_A_Penny_2 Posts: 345 Forumite
    Waited nearly 10 weeks to be declined by Nationwide
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    ellie27 wrote: »

    If you were going to be declined the mortgage how quickly would you know - or would it be after about 4/5 weeks wait too?

    Only you know the reasons why the application may be declined.
  • Tarragondragon
    Tarragondragon Posts: 94 Forumite
    We'll be into week 4 tomorrow since our application was submitted, it's sorted of like asking how long a piece of string is, every app is different :)
  • amnblog
    amnblog Posts: 12,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    In_For_A_Penny wrote: »
    Waited nearly 10 weeks to be declined by Nationwide

    Sounds fun, but another major Lender has a habit of keeping applicants on the line for up to 16 weeks - so no cigar!
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • benjus
    benjus Posts: 5,433 Forumite
    Part of the Furniture 1,000 Posts
    ellie27 wrote: »
    Broker says 4/5 weeks it will take.

    Is your mortgage broker Yoda?
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    benjus wrote: »
    Is your mortgage broker Yoda?

    Is that a bit optimistic?

    We gave an date of 8 weeks away as a date of entry so was hoping 8 weeks would be plenty!
  • benjus
    benjus Posts: 5,433 Forumite
    Part of the Furniture 1,000 Posts
    ellie27 wrote: »
    Is that a bit optimistic?

    We gave an date of 8 weeks away as a date of entry so was hoping 8 weeks would be plenty!

    Sorry, just a little joke about how you phrased the sentence I quoted in my post above.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
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