how long before letter of offer issues?

[eimear25]

hi all

i have just applied for mortgage with the Mortgage Store (ICS)

can anyone let me know how long before the letter of offer is issued? Obviously it differs with lenders but a rough idea could be useful!

many thanks

 

[ClubMan]

Just wondering why you're going with ICS since they don't seem to be the most competitive in the usual categories according to the best buys list.

 

[CathyK]

Hi,


Assuming all the paperwork is in, a valuation will need to be done, you will be looking at about 2/3 weeks

 

[Savvy]

Clubman, They are second on the best buys list for LTV over 60% !!

 

[ClubMan]

Yeah - but not first in any category.

 

[eimear25]

thanks for the replies
ClubMan, i'm over the 60% and found them easy to deal with which is why I went with them.

 

[ClubMan]

thanks for the replies
ClubMan, i'm over the 60% and found them easy to deal with which is why I went with them.

Fair enough. Just don't pay over the odds for ease of service. In many cases once the mortgage is in place borrowers have little or no dealings with the lender other than to make monthly repayments (usually by direct debit). Better to get the best deal that will minimise your long term (interest) costs over the lifetime of the loan in my opinion.

 

[WizardDr]

If all your documents are in order (income, identification) and the valuation its 2/3 days versus weeks. It depends on the completeness on first pass.

 

[oysterman]

thanks for the replies
ClubMan, i'm over the 60% and found them easy to deal with which is why I went with them.

Of course they're easy to deal with. After all if you're not the cheapest you have to be nice to people. But, eimear, you'll be paying over the odds every month for thr next 25 years (or whatever) for that smiley face. Or, more likely, eventually you'll get fed up being ripped off every month and you'll switch to another lender. So you'll end up paying two sets of transactions costs for the same product.

The quicker people realise that mortgages are a commodity, the more real competition will be injected into the market.