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Mortgage final offer

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  • Mortgage final offer

    Hi All,

    We accepted an offer on our house over 6 weeks ago now and are lucky that there is only 3 families in the chain. The couple that's buying our house have not got a property to sell...BUT...28 working days today their lender ( who was found through a Financial Advisor) had a valuation done on our house and the report was back to the lender that same day from the survayor.

    I was wondering if anyone knew what the time scale is regarding from when the property was valued to getting the final mortgage offer? ( subject to NO PROBLEMS) .

    We have been told by a Finnacial Advisor friend usually around 7- 10 working days, and then our solicitor said yesterday 28 working days was far too long!.

    The latest update we received today was that the mortgage lender's have now stated that they have a back log ! ..and..there is nothing SINISTER !.
    Aslo without the buyers full mortgage offer the legal teams cannot move forward.

    Its the not knowing that's the worst and we are now hold the last family up in the chain beause of this.

    Looking forward to hearing anything constructive as we have had the " how long is a piece of string etc"!

    Thanks

    Bluey

  • #2
    Re: Mortgage final offer

    Usual turnaround times for documents to be processed by a lender is between 24-72 hours. So if a valuation was received on the Monday, by Thursday it should have been actioned. If this is the only outstanding evidence needed then an offer should have been produced. Your adviser is correct at 7-10 working days although in my experience it is quicker than this once all documentation has been received.

    Regarding the mortgage lenders backlog, the most I have experienced is a 5 working day delay (instead of the usual 24-72 hours which is standard). The problem you may have is waiting for 3 offers to be produced and all of you working to different timescales, with different lenders.
    Anthony
    Compare the Mortgage Market
    http://www.comparethemortgagemarket.com

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