Mortgage Appointment Wait

Sarah1805

Hello,

We are first time buyers and had an offered accepted for a property a week ago. Since then we have provided our estate agent with all the documents they want such as solicitor, proof of funds for the deposit etc..
We also informed them that we could not get an appointment for a mortgage interview, as we already have a decision in principle, until 26th September due to my partner working 9-5 and I work shift work and mostly weekends making it difficult to find a day to go, having a holiday mid September as well and the bank not having any appointments sooner on the days we could do. When I explained this to the estate agent in person they were fine about it but when I got home I had received a snotty emailing saying it was too far away and we needed to move it sooner as she explains ALL vendors expect a mortgage application to be done within 2-3 days of an offer being accepted! So I reiterated our situation and we had another email back explaining it may be best to use their mortgage broker they have :mad:

Now is it really a vendors expectation that we would have all the application done within 2/3 days or are they just wanting us to use their broker? And has anyone else had to wait this long for a mortgage appointment?

We were in a previous sale which fell through and we had to wait 4 weeks for a weekday appointment even then with a different bank and we were not told that this was too long!

Thanks

mrginge

You want the vendor to wait a month before even starting a mortgage application?
Just tell the EA to keep marketing the house and if they find someone more committed to the purchase then to go with them. At least that way you're not messing anyone about too much while you decide if you can be bothered to pull your fingers out.

Senior_Paper_Monitor

I'm not often on the estate agent's side - but I agree with them totally in this case (but I'd use another broker rather than the agent's).

Mrs_Rachel_Trelfa

My 2 pence for what it's worth - when we viewed the house we have bought we did make it clear to the vendors that we were not able to formally apply for the mortgage until aft pay day at the end of the month (think it's was just before the middle of the month when we viewed) as we needed the savings we were putting away each month to finish off making our deposit. The vendors were happy with that as it gave them time to look for a place as they were not able to start looking until they had an offer. We already had a n AIP.

The day after our offer was accepted we contacted the bank to make an appointment for the next available slot after pay day. We did have the estate agents call asking if we have applied for the mortgage, which I politely told them that the appointment has been booked in for such and such date as we had already told the vendors that we needed to wait until pay day. They were fine with that and we had instructed solicitor and that was progressing which showed commitment.

I guess it depends on if the vendor wants or needs the sale to be done quickly.

Have you instructed a solicitor to show that you are serious?

Goldiegirl

ALL vendors probably don't expect the mortgage application to be done in 2 - 3 days.

But, the majority would expect the application interview to be booked sooner than a months time. It gives the impression that you are going to be difficult buyers, and may spook the seller so much that they'll decide that they'd rather not sell to you.

Malmo

As a vendor, I would not be happy to wait that long for a buyer to have their appointment, assuming the chain is fully formed and everyone is ready to proceed.

As a buyer, I would be engaging an independent mortgage broker to make the full application much sooner, typically within 24-48 hours following the offer being accepted by the vendor.

KRB2725

I think 2-3 days is possibly unrealistic (although we engaged a broker within 24 hours), but I think a month is too long. If I were the vendor I would continue with viewings and go with another buyer if they made an acceptable offer.

As pp has suggested, you do not actually need an appointment, you could proceed with a broker much quicker. As you are electing not to do this it would make me (if I were the vendor) think you were either being deliberately slow or not entirely committed.

ACG

Some agents expect an application within 32 seconds - It does not happen but it does not stop then being unreasonable.

However as with SPM, it is very rare I would side with estate agents but if I were selling my house and I was told I had to wait a month before an application went in, the house would still be on the market. Most purchases complete within 6-8 weeks. You are suggesting waiting the bulk (or at least half) of that before even starting.

You either need to speak to another branch of the bank, see if you can do the application over the phone or find a broker (whether that be the agents or another).