Unreasonable timeframe for mortgage offer?

Are there any guidelines around the time frames banks should work to for a mortgage offer?

We're currently porting our mortgage and facing huge delays. It took 5 weeks to recieve an accurate mortgage illustration due to their error. Application was recieved 8 weeks ago... Valuation was completed 7 weeks ago with no issues and we are now in a 'queue' with our application not due to be worked on for another 3-5 weeks. I'm awaiting a phonecall from complaints whilst becoming increasingly concerned that we will lose our seller or onward purchase because of this.

Any advice on how to move forward with this when the complaints team do finally call? We'd have to pay a nearly £5000 exit fee to move to a new mortgage provider... 

Comments

  • kingstreet
    kingstreet Posts: 38,615
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    ... and the lender is?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Platform mortgages 
  • Are you porting with them?

    If so then its probably about average.  If its a new case submitted by a broker then it does feel particularly slow
  • Yes porting with them.

    I have since found an additional thread about their timescales on here.

    It's extremely frustrating
  • kingstreet
    kingstreet Posts: 38,615
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    Forumite
    Funnily enough I said Platform to myself. Ports are direct only and the last borrower to contact us couldn't get an appointment for a month to even start the process.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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