Mortgage advice needed (Ta!)

John-Glasgow_2

Hi all,

Having recently had a offer accepted for a flat, we are now pushing to get the mortgage in place asap! We are quite confident we will be accepted, given that the loan amount is at the lower end of what we were quoted (in principal) for what we could borrow.

We have been dealing with the post office but after talking to an advisor today, they said it could be 4 weeks (or more), before our mortgage in principal can become an actual offer. This seems very long, we don't think we'll get the flat within this timeframe. And it doesn't fill me with confidence in their service that they can't give you a definite timeline for the process.

Should we go in branch to our bank and see if they can offer us a quicker solution? Should we contact a mortgage broker to help find the fastest mortgage offerings? Or should we just stick it out with the post office?

Any advice is greatly appreciated. First time buyer so trying to get my head around all this mortgage lark.

Cheers,
John

Thrugelmir

John-Glasgow wrote: »

And it doesn't fill me with confidence in their service that they can't give you a definite timeline for the process.

Applications differ. Any number of factors could result in "lost" time. So it's not possible to quote a definitive timeline. Not how business works.

If you were the only mortgage applicant then things would be different. You aren't. Mortgages aren't sold like tins of baked beans. Even lenders have constraints in terms of the amount of money they to advance in any given period of time.

John-Glasgow_2

Would it be possible to pursue the post office and bank mortgage and see which provider is quickest?

Is there any down side to this? More credit check footprints, perhaps?

catieeb06

Yes, you're not allowed to pursue 2 applications at the same time.

There's this little thing called Mortgage Fraud.