When should I submit full mortgage application if in chain?

Rosea19

So we accepted an offer on our house last week and had an offer accepted on a house we want to buy a view days later. The owners of the house we want to buy have yet to buy somewhere and our buyers are FTB.
So my question is, can we submit our full mortgage application now or should we wait for the chain to complete? We already have an Agreement in Principle, so just need to do the full application. Ive never been in a chaim before so unsure how it works.Thanks.

JenJam111

Hi,
If you used a broker for the mortgage I would expect them to advise re time frames: if not maybe speak to your conveyancer.

Thrugelmir

You might wish to start the ball rolling. Firstly that mortgages are taking longer than normal to process and secondly your vendors might expect you to show some commitment. Takes time for a chain to build.  
Have your purchasers started the mortgage application process?

Rosea19

Thanks for your replies. We're not using a broker bjt going direct through Nationwide, so think i'll give them a call to get the ball rolling. I think our buyers have started the mortgage process but i'll double check with the EA.
We also received all the instruction forms etc from our solicitor and she advised us to not complete the forms she sent us until the chain completes.

Suseka97

There's a Nationwide Mortgage thread under the Mortgages & Endowments section which might be worth a look for you.  It gives a lot of examples of how long the process from application to offer is at the moment and it's clearly taking quite some time.  Something for you to take into consideration, it's not a quick process.

saajan_12

Rosea19 said:

So we accepted an offer on our house last week and had an offer accepted on a house we want to buy a view days later. The owners of the house we want to buy have yet to buy somewhere and our buyers are FTB.
So my question is, can we submit our full mortgage application now or should we wait for the chain to complete? We already have an Agreement in Principle, so just need to do the full application. Ive never been in a chaim before so unsure how it works.Thanks.

The general advice is to wait until the chain is complete.
I'd agree with that, provided the people still looking for a house will be using a mortgage, as it'll likely take them approx the same time as you. Otherwise you could be ready long before they are, and your mortgage offer could expire. 

Rosea19

I checked the mortgage we want to use today and the interest rate has already increased since we last looked, so we might just apply for the full mortgage this week so we can lock in the rate and hope it doesn't expire by the time our sellers sort themselves out!

Thrugelmir

saajan_12 said:

Rosea19 said:

So we accepted an offer on our house last week and had an offer accepted on a house we want to buy a view days later. The owners of the house we want to buy have yet to buy somewhere and our buyers are FTB.
So my question is, can we submit our full mortgage application now or should we wait for the chain to complete? We already have an Agreement in Principle, so just need to do the full application. Ive never been in a chaim before so unsure how it works.Thanks.

The general advice is to wait until the chain is complete.

Little point in building a chain then finding one of the parties is unable to obtain a mortgage or has found an alternative property to purchase. With no commitment I'd leave my property on the market as insurance. They'll always be a more willing buyer.