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How long until mortgage approval?
Helen4163
Posts: 2 Newbie
Hello
My FTB mortgage application was submitted 17 days ago with no update for 16 days. They requested confirmation of my salary from my employer which was submitted and received by the bank 9 days ago. The estate agent said this was unusual and that they usually only take a day to be approved. The bank told us a week. Is this normal? Would appreciate any feedback. Thank you.
My FTB mortgage application was submitted 17 days ago with no update for 16 days. They requested confirmation of my salary from my employer which was submitted and received by the bank 9 days ago. The estate agent said this was unusual and that they usually only take a day to be approved. The bank told us a week. Is this normal? Would appreciate any feedback. Thank you.
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Comments
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Hi
We have been waiting for about a month to get our mortgage offer. But every week we have been updated and asked for more information.
Is it the full application you are talking about?***Twins mummy***0 -
As usual, your Estate Agent is an idiot and should be ignored.
Timescales for Lenders can vary wildly as they workload rises and falls. If they get it a situation where they have too many applications for the staff available we have a back log which sounds possible here. Back logs as usually cleared via overtime but can take several weeks for the Lender to get on top of.
If you let us know who the Lender is and whether you are using a broker, you might get more of an idea of current expected turnaround times.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Agree with AMNblog every lender works differently, some are more efficient than others. As brokers though we can only give you our experiences of dealing with particular lenders - if you've gone direct to the lender the turnaround times could be different. Take the bull by the horns, phone the lender yourself and ask whats taking so long.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you. My lender is Barclays (Woolwich) and I approached them directly - didn't go through a broker.0
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From viewing to moving intro my house was 27 days, and that was even with me on holiday for a week in November and them having to wait 3 days for me to sign something!
Maybe as they say towards xmas is quieter to buy, so that's why it was so quick.0 -
Barclays are usually pretty quick if you provide all the requested information in full and promptly.
The timescale you indicate above suggests something is wrong.
Get on to the Lender and ask what is happening.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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