Waiting for buyer (FTB) for mortgage offer to be issued

pearlywhearly12

Hi all,

Just looking for some advice as our first home is currently under offer in Scotland. Been advised our buyer (FTB) is waiting for their mortgage offer to be issued before concluding missives on our sale. The timeline is as below:
03Sep21 - house on market
07Sep21 - offer received and accepted (house under offer)
20Sep21 - qualified acceptance letter sent to buyers solicitor
05Oct21 - Property valuation by mortgage lender

It has been over 5 weeks since accepting the offer and the only delay in concluding missives is our buyer still waiting for their mortgage offer. Was advised their lender carried out a property valuation on 5th October but no one came inside to view the house so unsure if an outdoor valuation was performed as we have a home report available. It's been 8 working days since the lender valuation and we have still not heard anything from the buyer. Not sure if it takes longer for FTB's to receive mortgage offers? 

We reserved a new-build in the meantime and took us a week from mortgage application to receiving our offer. Unable to conclude missives for our new build until missives have been concluded on our sale. 

Thanks for any advice

MaryNB

pearlywhearly12 said:

Hi all,

Just looking for some advice as our first home is currently under offer in Scotland. Been advised our buyer (FTB) is waiting for their mortgage offer to be issued before concluding missives on our sale. The timeline is as below:
03Sep21 - house on market
07Sep21 - offer received and accepted (house under offer)
20Sep21 - qualified acceptance letter sent to buyers solicitor
05Oct21 - Property valuation by mortgage lender

It has been over 5 weeks since accepting the offer and the only delay in concluding missives is our buyer still waiting for their mortgage offer. Was advised their lender carried out a property valuation on 5th October but no one came inside to view the house so unsure if an outdoor valuation was performed as we have a home report available. It's been 8 working days since the lender valuation and we have still not heard anything from the buyer. Not sure if it takes longer for FTB's to receive mortgage offers? 

We reserved a new-build in the meantime and took us a week from mortgage application to receiving our offer. Unable to conclude missives for our new build until missives have been concluded on our sale. 

Thanks for any advice

I got my mortgage with Halifax. When I called their surveyor (eSurv) I was told it could take 2-3 days for the report to be received by the lender once the survey was done. In my case the valuation was sent over the same day as the survey and when I rang my bank they said the offer was issued later that day. It then took about 7 days to arrive by post. I did tell the EA by phone that the lender told me it had been issued but I was waiting to receive it.
All in all, it could have taken up to about 10 working days in my case if the valuation wasn't send over so quickly. 

pearlywhearly12

MaryNB said:

pearlywhearly12 said:

Hi all,

Just looking for some advice as our first home is currently under offer in Scotland. Been advised our buyer (FTB) is waiting for their mortgage offer to be issued before concluding missives on our sale. The timeline is as below:
03Sep21 - house on market
07Sep21 - offer received and accepted (house under offer)
20Sep21 - qualified acceptance letter sent to buyers solicitor
05Oct21 - Property valuation by mortgage lender

It has been over 5 weeks since accepting the offer and the only delay in concluding missives is our buyer still waiting for their mortgage offer. Was advised their lender carried out a property valuation on 5th October but no one came inside to view the house so unsure if an outdoor valuation was performed as we have a home report available. It's been 8 working days since the lender valuation and we have still not heard anything from the buyer. Not sure if it takes longer for FTB's to receive mortgage offers? 

We reserved a new-build in the meantime and took us a week from mortgage application to receiving our offer. Unable to conclude missives for our new build until missives have been concluded on our sale. 

Thanks for any advice

I got my mortgage with Halifax. When I called their surveyor (eSurv) I was told it could take 2-3 days for the report to be received by the lender once the survey was done. In my case the valuation was sent over the same day as the survey and when I rang my bank they said the offer was issued later that day. It then took about 7 days to arrive by post. I did tell the EA by phone that the lender told me it had been issued but I was waiting to receive it.
All in all, it could have taken up to about 10 working days in my case if the valuation wasn't send over so quickly. 

Thanks Mary. Did you receive a digital copy of your offer too, or just paper-copy by post?

MaryNB

pearlywhearly12 said:

MaryNB said:

pearlywhearly12 said:

Hi all,

Just looking for some advice as our first home is currently under offer in Scotland. Been advised our buyer (FTB) is waiting for their mortgage offer to be issued before concluding missives on our sale. The timeline is as below:
03Sep21 - house on market
07Sep21 - offer received and accepted (house under offer)
20Sep21 - qualified acceptance letter sent to buyers solicitor
05Oct21 - Property valuation by mortgage lender

It has been over 5 weeks since accepting the offer and the only delay in concluding missives is our buyer still waiting for their mortgage offer. Was advised their lender carried out a property valuation on 5th October but no one came inside to view the house so unsure if an outdoor valuation was performed as we have a home report available. It's been 8 working days since the lender valuation and we have still not heard anything from the buyer. Not sure if it takes longer for FTB's to receive mortgage offers? 

We reserved a new-build in the meantime and took us a week from mortgage application to receiving our offer. Unable to conclude missives for our new build until missives have been concluded on our sale. 

Thanks for any advice

I got my mortgage with Halifax. When I called their surveyor (eSurv) I was told it could take 2-3 days for the report to be received by the lender once the survey was done. In my case the valuation was sent over the same day as the survey and when I rang my bank they said the offer was issued later that day. It then took about 7 days to arrive by post. I did tell the EA by phone that the lender told me it had been issued but I was waiting to receive it.
All in all, it could have taken up to about 10 working days in my case if the valuation wasn't send over so quickly. 

Thanks Mary. Did you receive a digital copy of your offer too, or just paper-copy by post?

Just paper. I had the EA chasing me so I called my lender for any update and they told me it had been issued. 
At the time Royal Mail were having issues due to Covid so that may have delayed things but I think in some areas there are still issues with post. 

greensalad

My mortgage (FTB) came through 4 days after the valuation. However, you never know if they are a more complicated case. It could be that the bank is requesting more information from them, or wanting an interview. Ours was just handed right over.

pearlywhearly12

greensalad said:

My mortgage (FTB) came through 4 days after the valuation. However, you never know if they are a more complicated case. It could be that the bank is requesting more information from them, or wanting an interview. Ours was just handed right over.

Thanks greensalad. Our mortgage was issued the day after valuation so just wanted to hear how long it may take others.

RS2OOO

Applied for Mortgage on Tuesday (via phone), valuation done on Wednesday, offer received digitally on Thursday evening!

Our FTBs applied for their Mortgage via a broker, 2 weeks later they were asked to supply more up to date pay slips which took them another 2 weeks to obtain, then another 10 days for them to get the appointment with the broker to re-submit the application. They didn't turn up for that appointment and subsequently pulled out of the purchase so I don't know how much longer it would have taken.

So I take from that the timescales can vary significantly from one applicant to the next for various reasons.

Drawingaline

Seven weeks for us to get a mortgage offer from application. I am self employed and they kept requesting more and more info, it was very frustrating. 

Straight forward applications can be very quick, anything a little different seem to be held up. We knew we would most likely get the mortgage, my income is a quarter of my husband's and we weren't borrowing up to the max, it was annoying that we would provide info, knowing it would probably be another week before it was looked at, only for them to want yet more info after that!

[Deleted User]

I sold to first time buyers in June and they only got theirs 3 weeks ago :-( 

pearlywhearly12

Deleted User said:

I sold to first time buyers in June and they only got theirs 3 weeks ago :-( 

Wow, 3/4 months for a mortgage offer Did you have a next place that was waiting for you to exchange? 

[Deleted User]

pearlywhearly12 said:

Deleted User said:

I sold to first time buyers in June and they only got theirs 3 weeks ago :-( 

Wow, 3/4 months for a mortgage offer Did you have a next place that was waiting for you to exchange? 

The house I’m buying has tenants living in it and they still haven’t left so the fact our buyers were slow didn’t cause a problem for our seller