Mortgage timescales

Milo,n,Molly

Hi, looking for your experiences on timescales of buying a house. We decided we wanted to move house and the perfect house came on the market, we have equity in our current house and a deposit for the new house so after speaking to the mortgage lender we were given a mortgage in principal and offered the asking price which was accepted.
The estate agent knew we were renting out our existing house so weren't waiting to sell but it has taken 4 weeks to confirm the changes to our existing mortgage and set it as a buy to let and we are now going through the approval for our mortgage.
The estate agent has phoned me this week to say that if we aren't moving forward with surveys and searches by next week they will be re marketing the house. I have tried speaking to the mortgage providers who are saying that we are not behind and that this takes time.

Soooo....... The question is, is 4 weeks a reasonable time frame to buy a house? It seems rather quick to me ( unless you're a cash buyer)

murphster

Can you not do both applications together, I am, in fact needed to as I needed some of the equity for a deposit.

Milo,n,Molly

The mortgage company insisted that we were approved on the buy to let before proceeding with the new mortgage application and that has already been done now so we are on our way but it's not going fast enough for the estate agent who wants things moving much quicker

amnblog

Did you apply direct to the Lender?

Milo,n,Molly

Yes, I'm dealing directly with the building society

amnblog

A broker would have set both the BTL and the purchase deals in motion simultaneously.


The EA understandably is only interested in the progress of the purchase mortgage as that is the bit that 'they can see'.


Sounds like a kick is required for the building society.