How long for mortgage offer?

loobylou36

I know this is a case of how long is a piece of string, accepted an offer first week in January, our buyers have had the survey done on our property and their offer is with their underwriters and has been since the 16th March. On speaking to our estate agent I have been assured that their mortgage application is fine but the underwriters are cautious due to the current climate and are double and triple checking everything

We are due to move into our new rental property in just over two weeks having already paid for one months rent to hold it for us (previous to that they held it for four weeks) I really don't want to pay the mortgage and another months rent to hold it.

Friends of our have just bought a property from offer to exchange it took five weeks, do you think it is realistic to expect exchange in the near future? I am so stressed out by it all and seem to spend most of the time in tears of frustration!!

JoJoArmani

seems like a long time to me....

we had our survey done on a Thursday, mortgage offer received following Friday (would have been sooner but for a mini hick-up on the Monday).

Seems a bit odd, maybe they need to get another mortgage arranged if this one is taking so long - or perhaps they have not done something the underwriters require....

Good luck!

Doozergirl

The only time I've ever had to wait that long for a mortgage company to decide (buyer's buyer) they rejected the application They did find another mortgage but in the end it took 7 months from offer to completion!

loobylou36

Thanks for your replies, I am going to sit tight for a couple of weeks and see what happens, but may consider pulling out if not sorted by then, we have had one sale fall through due to the buyers not being able to get a mortgage.
If this one doesn't work out I am going to stay put as I am not going to go through it all over again!!

Conrad

It's not unusual in the current risk averse lending climate where thoroughness is a byword and lthose few lenders still lending with mass appeal are inundated with unprecidented business levels.