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How long does the mortgage process take from application May 2016
Zimmith
Posts: 5 Forumite
Hi all,
We are home movers and are in a very good position where the chain is us, first time buyers and a new build. We have applied for a mortgage with Natwest via a broker and were wondering how long the process takes from date of application to mortgage offer? Any experience you guys have had in the last few months would be immeasurably helpful.
We already have an agreement in principle and have given all necessary documents and payments (i.e. valuation costs, initial solicitors fees etc).
The reason we want to know is that we have 24-28 days until exchange with the new build company and knowing how long it does actually take would set our minds at rest.
Thanks in advance!
Zimmith
We are home movers and are in a very good position where the chain is us, first time buyers and a new build. We have applied for a mortgage with Natwest via a broker and were wondering how long the process takes from date of application to mortgage offer? Any experience you guys have had in the last few months would be immeasurably helpful.
We already have an agreement in principle and have given all necessary documents and payments (i.e. valuation costs, initial solicitors fees etc).
The reason we want to know is that we have 24-28 days until exchange with the new build company and knowing how long it does actually take would set our minds at rest.
Thanks in advance!
Zimmith
0
Comments
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between a week and 5 months.0
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Is it more on the weeks than months side?0
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How so marksoton? I was meaning that the chain is small, our buyers are first time buyers and there is no upper chain above us therefore we are in a better position than a lot of other chains in the UK.
Regardless, thanks for your answer. I know it's essentially a case of how long is a piece of string but I do know that processing times vary with different times of year and different circumstances (e.g. stamp duty hike being a prime example) so I was asking for a ballpark figure or recent experience.
Have a nice weekend.0 -
There is a whole, very long thread on the Mortgages board with people posting timelines, so I suggest you have a look at that...0
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It took us 20 days from putting in our full mortgage application to having our mortgage offer.0
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We did our mortgage application on 2nd April and the full offer was issued on 19th April so just over 2 weeks!0
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Thanks all, thats given us a better idea.0
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For a straightforward case, with all documentation required, this could be as little as 5 working days.
Industry average in the UK is 15 working days (3 calendar weeks).Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0
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