mortgage application

M

maneno

Guest
Hi,I know this has been asked many times but wondering,how long does it take?applied personally about 3weeks ago,have savings of 100,000,which planning to put as part of morgage,applied for 280,000,salary, 42,000,reduced coz of recession,wife not working,no dependents,havent heard from the bank upto now,anyone sharing the same experience?
sorry about the long letter
 
From personal experiences, I know banks are working through a backlog at the moment as their is more scrutiny being put on applications. Ours took 2 weeks before we heard 2 months ago.
 
We are doing a self build and so far it has taken over 12 weeks - we got an indication of approval after about 4 but since then every week they are coming back with queries on everything. They even questioned if our application was an original despite it having being fulled out in blue pen! Both in full time employment earning 50k each and only looking for a mortgage of 150k - have 150k in savings!
Banks are just using any excuse to delay giving out any more money.
 
that seems long,i just hope i will get approval,its our first home,and me and wife are excited to start process,thanks
 
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