Mortgage Offer timeline

Elimnmum

Hi everyone,

I was hoping some people on here could give me an idea of how long it took them from mortgage in principle to getting their full mortgage offer. 

We are currently looking at what dates for move in would be feasible for us. 

Thanks!

Hoenir

Pointless even thinking about dates until the transaction is well progressed.  The mortgage offer is only the very beginning. Of what can be a very stressfull period. 

Elimnmum

Hoenir said:

Pointless even thinking about dates until the transaction is well progressed.  The mortgage offer is only the very beginning. Of what can be a very stressfull period. 

Thanks but you’ve got to talk provisional dates with solicitors at this stage. Our offers been accepted. 

lika_86

How long is a piece of string? It's nothing to do with the mortgage, I'm pretty sure we had ours in a few weeks but the conveyancing took much longer. So many factors will impact dates such as length of chain, any issues arising, responsiveness of all parties etc.

It's far too early to be thinking about dates, although do convey any longstop dates you have to your solicitors (so if you need to complete by X date because otherwise you're pulling out, tell them that, and by need to move I dont mean that's an arbitrary date, I mean a real reason).

annetheman

There are many variables. Are you applying alone or with a broker? Which lender are you applying with? What is your circumstance (PAYE/self-employed, any debts, complex credit report featuring bankruptcies etc)? What are you borrowing for? Etc etc.

If you ask people on this forum for their experiences, they'll vary so much it won't really help you. E.g. My first ever mortgage took 8 weeks from full application to offer, my second took 4 weeks, my most recent took 3 working days - different lenders, circumstance, property types, mortgage types.

You can search for threads about your specific lender, usually there are people in there talking about their experience through to offer. 

dander

Mine, through a broker, has just taken 1 week from application to full offer. Think they just did a desktop valuation though, so that will be much quicker than many.

Bigphil1474

OP, are you talking about the form from your solicitor that asks for preferred moving dates? We filled ours in last week and just said any time in April or May, which is/was 8-15 weeks away. Don't think it means anything, but it will be more for people who maybe can't move for 4 months, or need to move in a specific window.

As others have said, the mortgage is pretty much separate. Obviously, you need it before you can complete, but I'd expect that to take less time than the conveyancing, particularly if you are in a long chain. Will also depend on what you are asking for -  a low LTV should be easier than a high one. Our solicitor told us the conveyancing should take 8 to 12 weeks for us, and we are in a chain of just 4: FTB -  Us - Other Vendor - Empty property.

kingstreet

There is no point looking at DIP to offer as most have DIPs done well before they submit a full application.

Our recent app to offer times are;-

08/02-15/02 Halifax
08/02-15/02 Nationwide
06/02-12/02 Halifax
19/01-31/01 Nationwide
24/01-26/01 Barclays
31/01-09/02 Virgin Money
12/01-18/01 Leeds.

jonnydeppiwish!

Depends on what you’re after and complex the mortgage situation is. We had an offer from Halifax, via a broker in 8 working days for an onward purchase. The let to buy mortgage has take 21 working days.

Both were ‘simple’ applications with no adverse credit etc.