How long to get a mortgage offer from Mortgage Works??

LittleYoda

Hi there

Calling all brokers, and anybody in the know!!

I am in the process of selling, and the buyer's survey was done at the end of October.

The mortgage offer still hasn't reached the buyer's solicitor's desk, although the buyer has apparently received a letter stating that the offer is there.

We are nearly at the five week stage between survey, and receipt of mortgage offer. Is this unusual?

Is anyone familiar with Mortgage Works - had a quick look at the website, and they certainly aren't a high street lender.

Is it reasonable to start becoming impatient, and demanding some action from the buyer to kick the lender up the *rse!!

Any advice, comments or experience of Mortgage Works or the situation in general gladly received.

This situation is so frustrating!!!!!!

Thanks
LittleYoda

dunstonh

s anyone familiar with Mortgage Works - had a quick look at the website, and they certainly aren't a high street lender.

They are coming up quite a lot at the moment as their deals are quite good for their lending criteria. They are owned by Nationwide. Their target market appears to be those that have a harder job proving income or just about fall outside the criteria of the typical high street lender (although they will do sub-prime as well).

My mortgage adviser has a couple on the go with them at the moment and the service has been fine. I know that because some copy offer letters arrived in the post plus one of the clients is mine (and I have been following it closely) and his took 3 weeks to get offer letter, which included getting employer to verify some info. The gap between the offer letter arriving and the last bit of info being supplied to lender was about 5 days.

So, if offer letter still hasnt turned up, that would suggest information is still outstanding. I thought the original offer letter goes to the buyer who then in turn passes it to the solicitor although I may be wrong on that.

LittleYoda

Thanks.

The agents have told me the buyer has received some sort of confirmation letter, but i am not clear on what it actually confirms as the agents are being far from helpful, and seem fearful about pushing the buyer for fear of losing the sale.

I am just assuming that the actual letter would go to the solicitor so i could be wrong on that one.

See what next week brings.

4 - 5 weeks just seems hellishly long - so maybe there is a problem i am not being made aware of.........

tracyannelee

We are in a similar situation, due to good rates the Mortgage Works are exceptionally busy, not that its any excuse! Our mortgage application was submitted early November and we are still waiting for an offer.

Simple mortgage, low amount, we have good credit, there is no reason for the delay except they cant seem to get it together with the paperwork which is very worrying!

whitewing

Our mortgage is thro Mortgage works. We saw the broker around 22nd Aug, just to see if a self-cert was a possibility for us. Put an offer in on the house on 2nd Sept and was in it on 5th OctThey were a little busy and difficult to get hold of near the end when we wanted to confirm money was being released, but it has been fine since.