how long to get mortgage approval?

C

cambazola

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Can anyone tell me how long it takes to get mortgage approval? I saw a house I really like yesterday, but it's going for auction on Wednesday week (10 days time), and I don't even have approval in principle yet! I should be able to get a solicitor & surveyor to get the place checked out before then (I hope!), but how long does mortgage approval take?
Thanks.
 
Actually, is that also a very tight time frame for a solicitor? Am I likely to be charged extra?
In fact, can anyone tell me how much the pre-auction legal stuff normally costs... if I'm not the winning bidder in the auction I presume they won't charge me a percentage of the sale price???
Would really love help - I'm feeling seriously out of my depth here!
 
If you get all your information (proof of ID and address, 3 months bank statements, 3 recent payslips, P60, proof of savings and statements on any current mortgage or other loans) together you will get mortgage approval within 3 working days. You'll need to get the contract to your solicitor this week and get a surveyor in ASAP. Normally solicitors will charge a nominal fee to review the title which is payable whether or not you are successful; ditto the surveyor. Ballpark you are looking at around €500 to get to the auction room.

Sarah

www.rea.ie
 
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