How long for a Mortgage in principle

k3caz

Quick question,

We are selling our house and accepted an offer 2 weeks ago, however the buyer is saying they are still waiting for the MIP from the financial adviser.

Should it take that long, I used L and C for mine and had it within 24 hours.

Any ideas or pointers

Thanks

ACG

Most MIP/AIP/DIPs are issues straight away. Sometimes they will refer and can take a day or 2.

However, your buyer may have gone directly to the bank rather than through a broker and that can sometimes take a few weeks to arrange an appointment.

k3caz

Nope definitely through an local advisor, who is notoriously slow but even so, 2 weeks from saying that you have got a MIP which was a condition of us accepting the offer in, to getting your proof into the estate agents is extreme.

ACG

Get the agents to call the buyers and tell them you have put it back on the market as they have not provided an MIP, I bet you get one on monday.

I have never known a MIP take 2 weeks and we do a lot of adverse and quirky cases.