How Long To Approve an Application

Beancounter

I have my late father's flat on the market, I accepted an offer nearly 4 weeks ago now and we have been waiting for the buyer to have their mortgage approved.

Is this length of time usual? If they were going to be turned down then it would have happened before now I would imagine?

I think it is a BTL purchase.

betmunch

Nothing unusual here.


Also the time taken dose not give any indication of whether or not the application will be successful.

Beancounter

betmunch wrote: »

Nothing unusual here.


Also the time taken dose not give any indication of whether or not the application will be successful.

What's the average timescale then?

When we applied for our (very small) mortgage recently it was all done and dusted in 3 weeks.

betmunch

It depends on the lender, if the clients gone via a broker, and if they are on the ball post-application.


Recently I had one take 2 months due to the amount of time the lender came back with queries.


Often I have them done within a week.


Which lender are they using? That's the best guide to average timescale

Beancounter

I've no idea which lender they are using, sorry.

Other than the initial viewing of the flat we have not had any direct contact with them. Hoping things get moving soon.

Thrugelmir

Hasn't the EA been keeping you informed?

betmunch

Beancounter wrote: »

I've no idea which lender they are using, sorry.

Other than the initial viewing of the flat we have not had any direct contact with them. Hoping things get moving soon.

Don't worry, I wouldn't expect you to know the lender.


Just be assured that a month isn't out of the ordinary.


Maybe get your Estate Agent to earn their money and contact the buyers for an update, I would expect my EA to contact any parties they are involved with that don't seem to be making any progress.

Beancounter

Thrugelmir wrote: »

Hasn't the EA been keeping you informed?

betmunch wrote: »

Maybe get your Estate Agent to earn their money and contact the buyers for an update, I would expect my EA to contact any parties they are involved with that don't seem to be making any progress.

They have been pushing them on a wee bit, hence the appearance of some paperwork at my solicitor last Friday. I am sure they are as anxious to get the deal tied up as I am.

Ultimately we are working at the pace of the lender. Once this is approved then my solicitor says the conveyencing can be done in a week.

Beancounter

betmunch wrote: »

Which lender are they using? That's the best guide to average timescale

I spoke to my solicitor again today and the buyers solicitor is trying to chase things up. They are with NatWest and going through a financial advisor if that makes a difference to timescale?

Been told it will be approved "any day now".

csgohan4

Are the buyers using the EA's mortgage advisor, if they are, good luck

GoldenShadow

Beancounter wrote: »

I spoke to my solicitor again today and the buyers solicitor is trying to chase things up. They are with NatWest and going through a financial advisor if that makes a difference to timescale?

Been told it will be approved "any day now".

We are doing Natwest via broker. Full application submitted on Fri 26th June. Sent paperwork on Tues 30th June as requested. Natwest approved subject to valuation yesterday (7th July) and have a valuation of the property booked for Thursday. Our accepted offer was placed on 16th June, so three weeks one day in so far. The vendors knew about the valuation survey being booked before we did ie. knew we had been approved thus far.

Direct contact with the buyers would be the best way to know what is what. I have been telling ours when application went in etc because I don't want communication to dissipate and the kind of worry you have to creep in.