Lender Turnaround Time

Alphabet89

Hi all,

Do anybody know what the typical turnaround time is for mainstream lenders.

I applied with Halifax recently and their valuation fee was immediately shown on my bank pending payments but it was so quick i doubt that means that they have assessed the application.

First time buyer with a few funny circumstances so all a bit in the air and not many lenders fit my circumstances (per broker)

Thanks in advance

Zeebs90

We applied with Halifax a couple of weeks ago in a similar situation, however our application was approved instantly subject to valuation and proof of income/deposit. Once that was sorted (valuation took place a week later) our offer was issued the day after valuation. Halifax seem to be one of the faster lenders out there.

David_White

Have you applied directly or through a broker?

Alphabet89

Hi David- via broker.

Are they often quicker using brokers such as yourself?

David_White

If I submit a case to Halifax there's every chance of getting a valuation instructed the same day.

It'll be down to how prepared your broker was prior to submitting the application.

irdan87

Can't be very prepared in my case then as I'm still waiting for ANY kind of instruction 3 weeks later..

amnblog

Lenders are very quick to debit your card.


They then work at their own pace.


A simple case may go to offer in 10 to 15 working days if no complications.


Any extra requested information extends the time.


Backlogs on valuations can also delay matters.

David_White

irdan87 wrote: »

Can't be very prepared in my case then as I'm still waiting for ANY kind of instruction 3 weeks later..

Seems unusual.

I can only assume they've asked for further information from you.

Alphabet89

Broker has adivsed me that the valuation has been instructed /booked.

Does this mean they are happy with the financials or do they all the pieces together and then offer.

Thanks