Mortgage application timescales

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danielwesthead
danielwesthead Posts: 18 Forumite
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in Mortgages & endowments
I applied yesterday (full application) for a mortgage and accord have already performed a hard search today. Is that standard or very fast and can we expect to hear back early next week?

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  • Moneyminded
    Moneyminded Posts: 281 Forumite
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    With a full mortgage application the lender will be looking at both you (and any person you are buying with) in terms of how you manage your finances, any financial commitments, your income and deposit amount.

    They are also looking at the property you wish to purchase to see if they are likely to get their money back should you fail to pay your mortgage.

    It sounds like they have started to review your credit file so the next step I would expect to be a mortgage valuation on the property.

    I'm assuming you are using a broker as you mention Accord, who unless I am mistaken only work through brokers? What has your broker advised in terms of expected timescales?
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 (aiming for October 2025)
    • MFW 2024 #15 £446.24/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.44
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    edited 1 February 2020 at 12:53PM
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    I applied for a mtg with Santander.
    DIP 18/12
    Full app 19/12
    Surveyor instructed 20/12
    Surveyor values 23/12
    24/12 mortgage offer !

    Now that is quick ( was via a broker )
    Just waiting to exchange now
  • danielwesthead
    danielwesthead Posts: 18 Forumite
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    Yes it's through a broker. He said usually 8 days but he's had them back within a week previously
  • EJ_96
    EJ_96 Posts: 18 Forumite
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    danielwesthead wrote: »
    I applied yesterday (full application) for a mortgage and accord have already performed a hard search today. Is that standard or very fast and can we expect to hear back early next week?

    I'm in the same boat.. my full application was submitted yesterday and a hard search was done yesterday. The valuation was booked in for today, Accord seem to be moving VERY fast.

    Fingers crossed!!!!!
  • daniele9390
    daniele9390 Posts: 19 Forumite
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    I just bought a house with Natwest.

    When I applied with Santander they took about 6 weeks and kept asking for further information, I gave up and applied with Halifax, after 4+ weeks and not hearing anything back after the valuation I gave up again and my broker then applied with Natwest, they booked the valuation in on the Thursday, for Monday and the application was accepted on the Tuesday!

    It's different for everyone, but Natwest were absolutely brilliant.
  • danielwesthead
    danielwesthead Posts: 18 Forumite
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    Have you had a decision yet?
  • Dribiddi
    Dribiddi Posts: 119 Forumite
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    Does anyone know if Barclays request valuation, is that a good sign that we’ve got over the initial hurdles? I’m in Scotland so all it actually means is they’ve asked the broker for home report
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