How long to receive written offer from lender

Rich833421

Hi,

Can anyone tell me how long (roughly) it takes to receive a formal offer of mortgage from lender ?

I had to drop in some addition salary confirmation over a week ago and I was told I would receive the offer letter within a week but I still haven't received anything. Not sure whether to view this as a good or bad thing really.

I know the mortgage adviser splits his time between Lloyds branches so maybe this is why I haven't had it.

Any advice would be greatly appreciated.

Thanks.

Elfbert

Has the survey been carried out?

I got my formal offer about 4 working days after the survey - but they had already emailed and texted to tell me it was coming in the post.

Rich833421

Thanks for your reply.

Yes they have already carried out the valuation survey and I have received a copy of this and all was ok.

They then asked for a confirmation of salary letter from my company but after 2 weeks! Said they hadn't received it so I took a hard copy into them last Monday but I haven't heard a thing from them. No emails nothing.

It's making me worry now !!!

What do you think?

Elfbert

Get in touch and ask. Might be some mix-up, might be they haven't checked the salary letter. Might be that someone never sent the salary letter to the right place! (They asked for one of my payslips 3 times....) Better to call up and check than be worrying about it.

Rich833421

Thank you, I agree I will give them a call tomorrow to check.

Many thanks for your reply.

On a plus side as I'm worrying about it so much I would think that if they were going to decline my application then they would of done so by now rather than carry out the valuation survey. I'm no expert on the whole process so until I see it in black and white I will remain paranoid !!!

Thanks again.

Rich833421

Just a quick update. After 8 weeks since lloyds carried out the valuation on the property I was intending on buying and despite constant reassurance from the mortgage adviser that it was all fine they have now come back and said that the late payment is an issue.

Obviously due to his reassurance over the last 8 weeks everything else has been progressing well and surveys have been done on my property and draft contracts have been written up for signing and It now looks like I've got to pull out letting not only myself and my family down but the buyers and sellers of the resperspective properties. Not to mention the costs I will incur for the work they have done so far.

This could all of not gone this far if I had been told earlier. Why it's taken 8 weeks from valuation to a decision of "NO" is anyone's guess.

So a word of warning to all. Don't pay a mortgage payment late and check to see if it falls on a weekend or bank holiday because the banks will penalise you for them being on holiday!

If anyone else is in a similar situation or wants to know more about my exact circumstances please feel free to ask.

Rich.