How long for mortgage?

Cashel14

Hi folks,

I'm applying for a mortgage with my partner, have the perfect property (very cheap and well within our budget) picked out. We begun the process looking for houses a couple of weeks back. Our bank has said that it won't process any mortgage until we have the property picked out and the process takes a minimum of 1 month before any decision is made at all. :mad:
Problem is the property is going to auction in 2 weeks. The auctioneer will sell us the property prior to auction if we can show a definite mortgage agreement from our bank. We aren't going for a mansion either, 3 bed semi and a mortgage of 100k, we have impeccable credit history and decent savings.

Does anyone out there know if there is a quicker way around getting a mortgage in this day and age? I know the banks are being extremly cautious but in fairness 1 month minimum seems to be stretching it.

Thanks in advance for replies

JoeyJJ

Doesnt seem too bad, however if you try to get all the documentation in early and talk to them maybe you'll get it through, start your life assurance process if you havent already done so that can take a while if you need to do a medical or get records from your doctor.

chicken fingers

If it was very cheap somebody would buy it for cash now.
Its perhaps, modestly priced I would imagine.

BillieB

What bank is that do u mind me asking?? I just got approved there and have no property picked out. Took about 3 weeks and I had all the documents ready to go at the start of the process. You cant go sale agreed on a property without written approval from banks.

Raskolnikov

I hope you guys are shopping around for the best rate, and not just going with the bank who do your day-to-day banking with.