How long to arrange mortgage?

Snookie12cat

I am selling my house and it is a private sale and I am in contact with the buyer directly. They are a FTB and so didn't want to chase them too much, but also want to ensure things are moving in the right direction. 

How long on average would you say it takes to arrange a mortgage and how long should I be waiting to chase the buyer if I do not hear from a surveyor? My mortgage was applied for and approved in one day - I don't feel this is standard though but now have nothing to base it on.

Thanks

Grabs39

I don't know on average but ours in 2020 was AIP within a day, full application in four days after and surveyor visited in around two weeks from that.  The offer landed about 4 days after that, so probably just over 3 weeks from having the chain in place to having the mortgage offer.

Snookie12cat

Grabs39 said:

I don't know on average but ours in 2020 was AIP within a day, full application in four days after and surveyor visited in around two weeks from that.  The offer landed about 4 days after that, so probably just over 3 weeks from having the chain in place to having the mortgage offer.

Thank you. So all being well I should hear from the surveying department within 2 weeks would you say? Give him time to apply and pass? 

Grabs39

Snookie12cat said:

Grabs39 said:

I don't know on average but ours in 2020 was AIP within a day, full application in four days after and surveyor visited in around two weeks from that.  The offer landed about 4 days after that, so probably just over 3 weeks from having the chain in place to having the mortgage offer.

Thank you. So all being well I should hear from the surveying department within 2 weeks would you say? Give him time to apply and pass? 

Couldn't say - mine is just one example.  There are quite a few Mortgage Advisors on these boards who will have a good idea of what is a normal timescale.

Thrugelmir

Lenders outsource valuations to third parties. This in itself can cause delays if the surveyors are busy , booked on other work, on holiday etc. Two weeks isn't long on the general scheme of things after receiving an offer. 

Snookie12cat

Thrugelmir said:

Lenders outsource valuations to third parties. This in itself can cause delays if the surveyors are busy , booked on other work, on holiday etc. Two weeks isn't long on the general scheme of things after receiving an offer. 

Thanks - I don't mind if it takes a little longer to book in the val, just be nice to know the mortgage has been applied for I suppose as this is the first step normally. 

kingstreet

We aim to get from application to offer in two weeks.

However, we often see cases with specialist lenders take longer. A Kensington application submitted on 29 September was offered today.

Snookie12cat

kingstreet said:

We aim to get from application to offer in two weeks.

However, we often see cases with specialist lenders take longer. A Kensington application submitted on 29 September was offered today.

Ok, good to know. I think ill message and just check they have applied and then at least I know its just a waiting game until the val happens

TheJP

Snookie12cat said:

Grabs39 said:

I don't know on average but ours in 2020 was AIP within a day, full application in four days after and surveyor visited in around two weeks from that.  The offer landed about 4 days after that, so probably just over 3 weeks from having the chain in place to having the mortgage offer.

Thank you. So all being well I should hear from the surveying department within 2 weeks would you say? Give him time to apply and pass? 

You might not hear anything from the valuation surveyor, they may do a desktop/driveby valuation. This is usually done before offer so it very may well be done already.