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How Long is the Average

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  • How Long is the Average

    Hi
    My buyers had a valuation carried out, surveyor said the report would be with "them" the next day (bt them I suppose they mean mortgage co)
    Its now 10 days (excluding w/e and b/h)
    How long is the average time for mortgage aprovals ???
    Not sure uf the valuation has come back ...
    Spoke with Solictors PA on Wednesday and was told just waiting for buyer mortgage co
    then we are good to go

  • #2
    Re: How Long is the Average

    This varies hugely - it will depend on such things as to whether they already had a Decision In Principle for a mortgage or if they are doing "everything now", in which case as well as them needing to review the report (and make recommendations to their loan team), they may be waiting on other searches, their credit to be evaluated (especially if it is a join application).

    And of course the truth is that some surveyors do not always deliver when they say they will, mortgage companies sometimes have a backlog of work to get through and so on.

    From buyer and selling shaking hands to Keys & money changing hands can take around eight to ten weeks - Six weeks if both sides are REALLY on the ball!

    They may already have a DIP for the mortgage but until the reports and searches are in, they cannot proceed - and I am afraid they DO tend to drag their heels a bit, especially if the other side is using a "generic solicitor" instead of a licensed conveyancer (who tend to be quicker and cheaper as they specialise).
    QuickToSell - Online property listing service

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