Cheltenham & Gloucester Mortgage Time Frame

Ttp608

Hi, I have just applied for a mortgage with Cheltenham & Gloucester and they have today confirmed they have received my completed application and cheque for admin and property survey. They only requested payslips for 3 months but i thought id be proactive and provide bank statements passport etc (i had them checked and photocopied at my local branch) can anyone who has recently dealt with them tell me what kind of time frame i am looking at before i receive a formal offer. I am a first time buyer looking to buy a property at 235k with a mortgage of 185k. Will be borrowing 4.5x salary.

dunstonh

can anyone who has recently dealt with them tell me what kind of time frame i am looking at before i receive a formal offer.

2-4 weeks with only the valuation really being the thing which could hold it up....

Will be borrowing 4.5x salary.

...although that might as well.

Ttp608

they didnt have an issue with the income multiples as i have no debt and a good credit history. i also own a property out right and will be renting it out and using the income to make over payments on my mortgage. i have a further 50k in savings as a contingency. need to complete asap

herbiesjp

C&G did have a bit of a back log recently - not sure if that has now been cleared up

Getting the mortgage offer should happen as Dunston states, however as you state you are looking to complete asap, it maynot be the mortgage offer that holds you up but the solicitors and any enquiries they might make.

If you are looking for timescales for completion on the purchase allow 6-8 weeks, although it can happen more quickly if the solicitor is up to speed.

_Andy_

C&G are still behind, very bad service levels at the moment.

Ttp608

legal side is nearly done. All searchs are in and should hear back very soon. Solicitor has a few queries regarding right of way but other than that everything is going through as planned. Fixtures and fitting received and draft contracts. Just need to get mortgage sorted as soon as possible. How long as it taken others to get an offer with this provider?

helend

Hi
We applied with C&G (through Lloyds TSB) on the 5th, survey was done on the 17th and we received offer on the 25th - solicitors seem to be on the ball.
Hth

Kel80

Dont mean to scare you but here goes -

Applied beginning of November

Valuation done 3 weeks later

End of December told us we needed a structural engineers report

Beginning of March sent a formal offer with the money being lent when the work was done

Beginning of March told them required work was done, and asked them to go back to reinspect

They said within 5 working days, they actually went in beg of April

Last Friday our solicitor faxed them to confirm we had a gifted deposit, still no reply a week on...

All in all. due to C&G it has taken 23 weeks so far! Apparently they are bogged sown with work due to the colapse of Northern Rock!

JF77

Well TBH I think your situation is a bit more complicated than others. My remortgage was quick and straightforward.