Mortgage application timescales

danielwesthead

I applied yesterday (full application) for a mortgage and accord have already performed a hard search today. Is that standard or very fast and can we expect to hear back early next week?

Moneyminded

With a full mortgage application the lender will be looking at both you (and any person you are buying with) in terms of how you manage your finances, any financial commitments, your income and deposit amount.

They are also looking at the property you wish to purchase to see if they are likely to get their money back should you fail to pay your mortgage.

It sounds like they have started to review your credit file so the next step I would expect to be a mortgage valuation on the property.

I'm assuming you are using a broker as you mention Accord, who unless I am mistaken only work through brokers? What has your broker advised in terms of expected timescales?

[Deleted User]

I applied for a mtg with Santander.
DIP 18/12
Full app 19/12
Surveyor instructed 20/12
Surveyor values 23/12
24/12 mortgage offer !

Now that is quick ( was via a broker )
Just waiting to exchange now

danielwesthead

Yes it's through a broker. He said usually 8 days but he's had them back within a week previously

EJ_96

danielwesthead wrote: »

I applied yesterday (full application) for a mortgage and accord have already performed a hard search today. Is that standard or very fast and can we expect to hear back early next week?

I'm in the same boat.. my full application was submitted yesterday and a hard search was done yesterday. The valuation was booked in for today, Accord seem to be moving VERY fast.

Fingers crossed!!!!!

daniele9390

I just bought a house with Natwest.

When I applied with Santander they took about 6 weeks and kept asking for further information, I gave up and applied with Halifax, after 4+ weeks and not hearing anything back after the valuation I gave up again and my broker then applied with Natwest, they booked the valuation in on the Thursday, for Monday and the application was accepted on the Tuesday!

It's different for everyone, but Natwest were absolutely brilliant.

danielwesthead

Have you had a decision yet?

Dribiddi

Does anyone know if Barclays request valuation, is that a good sign that we’ve got over the initial hurdles? I’m in Scotland so all it actually means is they’ve asked the broker for home report