Time for mortgage approval

dexterwolf

We are selling our house but the people that want to buy it are still waiting for approval to see if they can get a mortgage to buy our house. It has been nearly a week since they apparently sent off their pay slips etc . How long does it take for people to say we will lend you 140k to buy a house?.

amnblog

Vendors often expect things to happen much sooner than they do and estate agents wind them up further.

The reality is that you can do little but trust your buyer as you have no way of knowing how their mortgage is progressing.

Some Lenders instruct valuation directly on application, others underwrite the whole of the financial side before they instruct valuation.

Here, we would not submit the application until we have the entire background information in, and in the form we want it. Therefore we get some estate agents chasing for valuation before the full application has gone in. The difference is that once submitted our cases go through quickly so application to offer is faster.

dexterwolf

When we purchased the house we are selling I am sure I had an interview and took all my pay slips etc and they said we can lend you X amount. This was of course depending on a survey to check the house was worth it . Is t it that straightforward nowadays then ?

dgtazzman

No, new regulations mean getting a mortgage is anything but as straightforward as it used to be.

Could take 1 (unlikely) or 2 weeks, could take 2 months, all depends on the case and how busy/motivated the mortgage provider is. If you look at the other thread on this forum, the average seems to be around 3 to 4 weeks from application till approval.

There have been times when it is busy that is has been taking people weeks just to get an appointment with an in-branch mortgage adviser.

Opal_Fruit_2

It's nearly 6 weeks since we put our application in. I'm worried our vendor will start to get impatient soon but there's nothing we can do to hurry things along.

Anzhelka

We are waiting now 1.5 month just to get an answer if we can get a mortgage.