How long does it take to get a mortgage offer?
Discussion
Skrambles said:
What's the current average time to get from making a mortgage application to getting a mortgage offer? It's been a while since I applied for a mortgage and I'd like to know roughly what timeframe to expect.
Thats an unquantifiable question really as every application will be different and every lender will have differing service levels.We advise our clients to expect it to be circa 4 weeks. It can often be a lot sooner, but it can also be a lot longer. For example, we have one case that started at the start of August, the valuation was instructed straight away, but due to a shortage of surveyors in the area, the appointment couldn't be booked until 14th September and the offer can't be issued until that has been received and assessed. Things like that can easily impact your timescales...
Have similar cases to Sarnie, one seems to have sat around for ever (actually about 4 weeks) and another last week took 24 hours. In fairness that was 10% LTV and Santander are also their personal bank so we didn't need to provide a single document and they did a desktop valuation!
One submitted the same day is still waiting for an underwriter to come back from a coffee break to be looked at with another lender.
One submitted the same day is still waiting for an underwriter to come back from a coffee break to be looked at with another lender.
As mentioned above it's totally dependent on individual situation and lender.
Last mortgage we applied for took 2 hours with mortgage advisor and offer back to us within a week - that's very fast. Generally speaking if a decision can't be made in branch then you're going to wait a lot longer - think weeks.
Last mortgage we applied for took 2 hours with mortgage advisor and offer back to us within a week - that's very fast. Generally speaking if a decision can't be made in branch then you're going to wait a lot longer - think weeks.
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