Precise Mortgages - how long from application to offer?

Gibbsl

I provided 3 months bank statements, wage slips, credit reports and proof of ID. I am currently renting so dont have the nightmare of also selling a property. The broker reviewed all information provided and came back to me with a bank of questions relating to the documents i provided that they know the lender may ask for explanations on. They then advised that they put this to an underwriter unoffically to ask whether the information would be enough before proceeding to submitting the full application. I'm hoping that this will cut down a little more waiting time, I guess only time will tell!!! Are you buying a new build? Im finding the solicitor a little slow to respond which is frustrating, i had to use the builders reccomended solicitors because of the incentives i got with the property. x

lsutton

Hi hun. We provide details the same. No we aren't buying a new build. Putting down 25% deposit but not sure that makes much a difference. Yep it's a nightmare as have buyers waiting but only until the end of August- they have had all their survey etc.

It says 4 working days to look at applications submitted so I would say that would be tomorrow or Thursday for us??

Faithshalo

Well, after a very very long wait... we should have our offer within the next 2 days... My stress levels have been through the roof..

We applied on 28th April, and the valuation was paid for at the time and only carried out on 29th June. The amount of to and froing has driven me to the edge but they are lending to what they class as a high risk so I can understand them being thorough but still, It's lucky our seller hasn't had another offer or decided not to wait... There is light at the end of the tunnel... that's got to be a good thing....

Gibbsl

Oh my goodness that is one long wait.. what has been the main delay for you?

lsutton

Oh no. We are in trouble if that happens to us and buyers and sellers won't wait.

Like above I'm interested to know how come it took so long!!

Faithshalo

Just the amount of time it took for them to look at the documents they asked for , it equated to around a week everytime. Unfortunately the valuation should have been 15th June but then there was a problem with the valuer and so it had to be rebooked. The next appointment was 2 weeks after, just pure bad luck there! The other was a tax credit letter. I no longer received them but they needed a letter to say I didn't owe anything. HMRC take forever to send anything but once that was done it moved forward.

The seller wanted to exchange this week but looks like it will be next week now.. Luckily they are moving to an empty flat so I don't think they are overly worried. I have to be out my rental by 22nd so I am hoping, praying and keeping everything crossed that we can exchange and complete by then...

Gibbsl

Fingers firmly crossed for you. I currently receive tax credits but havent included it as part of the affordability either because as soon as i move into the new house i wont be eligible to claim, bit worried now that, that is going to delay things.:-/

lsutton

Can I be nosey and ask what other documents they asked for ? Many thanks

lsutton

Looks like your all sorted though! Well done!

Missymae0

Valuer went yesterday and we've already had the report back which has now been emailed to our conveyancer.
Keeping our fingers crossed for an offer this week