mortgage approval

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22 Dec 2009 00:00 by connas007 Star rating. 43 posts Send private message

 I agreed a price to buy a property late in October and I am still awaiting approval for a mortgage i am self employed with a profitable business and have been for 15 years I left it in the hands of the property agents to find a mortgage for me and I now feel I am being deliberately delayed and wish I had of sourced a mortgage myself has anyone else experienced this length of wait or am I just impatient.

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22 Dec 2009 19:06 by friendly Star rating in North Lanarkshire. 125 posts Send private message

Our approval took 15 weeks and that was directly through the bank. 

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22 Dec 2009 20:30 by EOS Team Star rating in In Spain of course!. 4018 posts Send private message

EOS Team´s avatar

 It really shouldn't take that long!  Maybe chat with a mortgage broker, like Patrick Robinson (AKA Smiley on the forum) and get him to sort it out for you.



Schools in Spain Guide | The Expat Files | Learn Spanish | Earn a living in Spain

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22 Dec 2009 22:54 by fultond Star rating in Haywards Heath & Tor.... 242 posts Send private message

We have just taken the keys this week of a property that we made an offer on in mid October. I am employed and pass all the necessary criteria, but the issue was getting the mortgage. Maybe our problem was different in that we had a 60% mortgage offered fairly quickly, but we were told that we could have up to 75% loan to purchase, with a limit of  60% loan to value. Without naming banks, we spent a long time waiting for approval from their London office, just to have it rejected. We also had a very slow and inefficient mortgage rep, that was employed directly by the bank, and needed constantly chasing by me, the property agent, and the lawyer. Not much consolation for you, but we were originally told it should take between 2 and 4 weeks.

Don't lose faith......



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09 Jan 2010 14:15 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

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Hi Connas007,

It is unbelievable you have been kept waiting for so long! Even the 15 weeks that friendly mentions is a long time for a mortgage approval to come through.   Being self employed should not be an issue, as long as you can supply all required paperwork, income etc.   Normal timescale from application to completion should be approx. 6 weeks.







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09 Jan 2010 14:57 by Jontymellor Star rating in Warrington & Cabo R.... 144 posts Send private message

I had a offer excepted early Nov 08 I had the keys by 19th of December 08, Mortgage checked, all paperwork coplete, I did give my lawyer POA which helps a lot, but you have to be confident in the people you buy through, I now have my apartment in cobo roig costa blanca.



I Live in Warrington & Cabo Roig

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09 Jan 2010 16:26 by connas007 Star rating. 43 posts Send private message


Thanks for your comments we have given up waiting and sorted out with our Uk bank (in two Days) so hopefully it shouldn't be too long now

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