Question about mortgage application process

Bananaman02

If a lender was to instruct a survey - subject to their being no issues with said survey - is there ever an occasion when a mortgage offer would not be sent?

They wouldn't instruct one if there was going to be any issues with the potential loanee would they?

ACG

Some lenders instruct the survey at application stage (before underiting has taken place). But if the underwriting is complete and they have instructed a valuation its unlikely they would back out of issuing the offer.

Bananaman02

Thanks for the reply. When you say "unlikely" - is there ever occasions when they might back out?

We've just been waiting for a long, long time for the mortgage offer to come through from our buyer, despite it going through underwriters and a valuation taking place some 5 weeks ago.

Thrugelmir

Bananaman02 wrote: »

We've just been waiting for a long, long time for the mortgage offer to come through from our buyer, despite it going through underwriters and a valuation taking place some 5 weeks ago.

Chase through your Estate Agent to ascertain what 's happening.

Bananaman02

Thrugelmir wrote: »

Chase through your Estate Agent to ascertain what 's happening.

Trust me, we have! To no avail really. We're dealing with the Woolwich here which is met with groans from the various people at the estate agent that we speak to.

Obviously the delay has us concerned, so I'm trying to grasp onto every positive I can - so I guess knowing that a lender wouldn't instruct a survey if there was any chance they'd not issue an offer is small comfort

ACG

Yes it does happen, although I have never had experience of it personally.

Who is their lender?

Bananaman02

ACG wrote: »

Yes it does happen, although I have never had experience of it personally.

Who is their lender?

It's Woolwich (Barlclays I believe)

ACG

Im sure they only instruct surveys after underwriting (but its been a good 6 months since I last used them).

Bananaman02

ACG wrote: »

Im sure they only instruct surveys after underwriting (but its been a good 6 months since I last used them).

Thanks for that - I'm guessing that you're a broker of some kind? It's good to get some tips and advice from someone in the industry as its a minefield for someone like me!

ACG

Did my signature give it away? :P

If its been 5 weeks since the valuation and no offer I would be concerned. Maybe set a deadline of the end of the week before it goes back on the market or they tell you what the hold up is and come clean?

5 weeks is being more than fair your end I think.

Bananaman02

ACG wrote: »

Did my signature give it away? :P

If its been 5 weeks since the valuation and no offer I would be concerned. Maybe set a deadline of the end of the week before it goes back on the market or they tell you what the hold up is and come clean?

5 weeks is being more than fair your end I think.

Think that's what we're doing yeah. Man, was hoping you weren't going to say be concerned! DOH!

I guess this suggests there's something else at play here rather than the lender holding things up? That said, it was only a couple of weeks ago that Woolwich requested an additional document from one of the couple who are meant to be buying our house. They said it would take 7-14 days to process that and then the offer. Think we're just about at day 14 now.

There's just no clarity from that end - and from what we can tell, their broker isn't doing a great deal to push this along. But then this is all guesswork and taking word of our buyer when our estate agent speaks to them.