Mortgage Approval - how long does it take?

S

skinnyminny

Guest
In the current economic situation, I understand that banks are being more cautious in checking your financial status, earning potential etc...before they are releasing your Mortgage offer.
However, we have been waiting over 4 weeks now and the bank have explained that with the recent change in interest rate & also that they are being stricter on their requirements so it is taking longer to get through the applications.
So my question is has anybody else experienced these kind of delays due to backlog....I am worried that maybe something has changed that may prevent me from getting mortgage approval.
Any ideas? Thanks in advance,
 
It took me over 6 weeks to get approval, but my situation was non-standard. I wouldn't be too worried that there's something lurking that they haven't told you about but just keep at them and get specific updates from them. The credit people in NIB at any rate are "swamped" according to the lady I dealt with, although I've a feeling that it's actually the bank staff that you're dealing with directly that are swamped with people switching, getting approvals etc.

Sprite
 
Thanks for your reassurance.....what they have explained to us is that due to the recent change in interest rates (which made alot of approved offers void - so they had to be reissued with the new interest rates applied) and the stricter guidelines, they have a huge backlog to get through......so hopefully, that is the case...
In the meantime, I have asked a couple of my colleagues in work and they also experienced a similiar timescale, so maybe I am being over anxious....fingers crossed!
 
The rate increase reason sounds plausible. It would make sense if the backlog was dealt with in date order but this might not necessarily be the case.

In the meantime you could start organising your life and fire cover etc to avoid further delays when you get your offer.
 
Our solictor told us that she heard from a friend in Ulster Bank that they have let a lot of part-timers go so have less staff working on issuing offer letters
We are with IIB and are got a top up approved in May and only have offer issued in July
 
I got my loan offer from IIB bank in the middle of June and I had the first draw down for the site purchased early last week.
 
You must log in or register to reply here.
Back
Top