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How long are mortgages taking to be approved?
SecondStar
Posts: 668 Forumite
As the title, really.
My ex is buying me out of our house. I was told he applied for his mortgage with NatWest on Monday 16th Jan, and there was a mortgage on valuation survey done on our house on Tuesday 17th January.
My ex is buying me out of our house. I was told he applied for his mortgage with NatWest on Monday 16th Jan, and there was a mortgage on valuation survey done on our house on Tuesday 17th January.
He was sent documentation from his new lender’s solicitor to arrange the transfer of deeds and transfer of equity, and he has had his mortgage application accepted.
Have other people experienced their applications going through this quickly, recently?
My own application with Nationwide was accepted on Friday 27th January, and the valuation survey is booked for tomorrow. Would be great if I could expect to be accepted within 2 weeks!
Have other people experienced their applications going through this quickly, recently?
My own application with Nationwide was accepted on Friday 27th January, and the valuation survey is booked for tomorrow. Would be great if I could expect to be accepted within 2 weeks!
‘When you only have two pennies left in the world, spend one on bread and the other on flowers. The bread will sustain life, the flowers will give you a reason to live.’
Frugal living in 2025.
Frugal living in 2026.
261 No Spend Days in 2024!
3-month Emergency Fund: £3,500 / £3,500 - DONE!
1k Pet Emergency Fund - £1,000 / £1,000 - DONE!
6 month Emergency Fund: £5,768 / £8,000
Nationwide 1 year 6.5% Savings - £1,600 / £2,200
6 month Emergency Fund: £5,768 / £8,000
Nationwide 1 year 6.5% Savings - £1,600 / £2,200
0
Comments
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Ours is with Nationwide and it was approved after 6 days in total. We got lots of updates by text and no request for extra info. We did it through a mortgage advisor, not sure if that helped.1
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That does help, thank you. The last time I went through this process in 2020, it took about 5 weeks to be approved. Guess there was a backlog at that time.‘When you only have two pennies left in the world, spend one on bread and the other on flowers. The bread will sustain life, the flowers will give you a reason to live.’Frugal living in 2024.
Frugal living in 2025.
Frugal living in 2026.
261 No Spend Days in 2024!
3-month Emergency Fund: £3,500 / £3,500 - DONE!1k Pet Emergency Fund - £1,000 / £1,000 - DONE!
6 month Emergency Fund: £5,768 / £8,000
Nationwide 1 year 6.5% Savings - £1,600 / £2,2000 -
We are averaging application to offer in two weeks or less.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.1
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We applied to Nationwide directly (November 2022) and got offer through 3 working days after valuation.1
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For anyone else curious - I put my application in on 27/1, valuation survey was 30/1, and I’ve just had my mortgage offer made this morning on 31/1. Through Nationwide. Very speedy!‘When you only have two pennies left in the world, spend one on bread and the other on flowers. The bread will sustain life, the flowers will give you a reason to live.’Frugal living in 2024.
Frugal living in 2025.
Frugal living in 2026.
261 No Spend Days in 2024!
3-month Emergency Fund: £3,500 / £3,500 - DONE!1k Pet Emergency Fund - £1,000 / £1,000 - DONE!
6 month Emergency Fund: £5,768 / £8,000
Nationwide 1 year 6.5% Savings - £1,600 / £2,2000 -
This probably won't help much, but I'd guess approval time depends on the applicants individual circumstances.
When I sold/bought last year, my mortgage offer was through within a week or so, but I was taking additional lending with my current company (Santander).
My first buyer struggled to get a mortgage offer form two different companies, at which point the EA advised to remarket, and we went with a new buyer, who got his offer through within a couple of weeks.1
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