Still waiting on a mortgage offer....into the 5th week!!

Tashbert

Hi,

My boyfriend and I are in the process of buying our first house, we viewed it on Feb 15th had an offer accepted on the 17th and DIP with Nationwide on the 19th...we collected the extra paperwork needed for Nationwide to apply for a full mortgage offer and they received that on the 29th February.

Since then they have requested different documents on a weekly basis...first was payslips (after we applied for the mortgage) next was our employment contracts, then bank statements for the entire month of March. It's now 4th April and I'm starting to panic as its been nearly 5 weeks!! I'm happy enough to send these on but they already had the 3 months prior to our mortgage application (Nov/Dec/Jan)

Is this normal?!?!

I'd much rather have a yes/no answer rather than stringing it out...even our solicitors are progressing and have asked for payment so they can begin searches!

RhysHSCC

This is normal, I wouldn't worry too much about it.

I update applicants on their applications, I've seen some take as long as 6 months plus.

An application can take as long as it takes unfortunately, each own is different. It doesn't help that a lot of lenders have had a lot more work due to the stamp duty changes. A lot of people rushing to beat the change has resulted in a massive influx in applications so it means it taking longer than usual in some cases.

ellyp95

We had or offer accepted on the 11th of February, and just received our mortgage offer today! So I would say it seems to be normal. Although our mortgage broker did keep us up to date on how things were going.

I am sure you will hear something soon, good luck!

Ralph_T

You haven't begun searches? That was the first thing I did. They can take a while!

It took under 3 weeks to get my mortgage offer, and that was during the busy month of March (initiated at around 3rd March, Offer on 23rd). Yes the time does vary from lender to lender - I did insist my broker find a lender that was reputed to process applications quickly and they did. My searches came through on about the same day, so by the 24th I had everything I needed to progress. My broker was good though, they knew all the paperwork needed and I submitted the lot, all at once (bank statements, proof of deposit, payslips, P60's, identity), very little piece-meal feeding of information. I only had one query. Also, have they done the valuation yet?

I do find you need to constantly chase things.

Thrugelmir

Tashbert wrote: »

Is this normal?!?!

There's been a lot of activity to avoid the new stamp duty rules. Not helped by Easter break falling just before.

Tashbert

Just waiting for the offer before we pay the non-refundable searches.

The valuation was done on March 7th, so pretty quick.

Can only assume they wanted extra documents to cover the time elapsed from the initial application!