[EBS] How long to expect to wait from AIP + Valuation, to underwritten with full appr

jb35a

Hi, I'm in the process of trying to buy my first home with my girlfriend and we're at a stage where we are waiting to hear back from EBS, on if the underwriters are happy to grant full mortgage approval.  The valuation is complete on the property, and we already had been granted loan AIP from EBS in March.
How long does it normally take for a banks underwriting dept, to get back to the applicant with a decision these days?
I'd be keen to hear about other peoples expeirences on how long they were waiting,  from when the banker who is processing the application submitting the application to underwriters to hearing back with a decision.
I'd be keen to hear from other people, on how long they were waiting from when their banker submited the final application, to hearing a decision back on the final loan approval.
The nerves are setting in now and I'm afraid to let myself get excited about our first home just yet, incase the rug gets pulled from under us!

Cheers & thanks!
-Dave

BBMcQ

I'm sensing your less looking for info and more just looking to vent some anxiety over how long the process takes. TBH if you complete the whole process in 3 months you are doing very well (from sale agreed to getting keys). You would think the banks would be falling over themselves to get new customers and make 25% interest off any mortgage drawdown amount. Being a FTB at the moment is awful but I would advise you to keep making phone calls and don't worry about annoying anyone apart from the private seller on the other end of the sale.

machalla

If you have AIP I doubt you will have any issues at this point barring the house valuation comes back with a negative assessment.

I'm buying through EBS at the moment. I think its been roughly 2-3 weeks to get the loan offer out to us even with most of their requirements met in advance.

It can't hurt to query with EBS as to their timescale. They seem to have a queue of loan offers to work through at the moment so there may be some delay with that. We lost a week due to the relevant person being on holiday.

Hopefully all goes well for you with it and the offer arrives soon.

jb35a

Thanks for getting back to me, perhaps I ranted a bit much BBMcQ!
We went sale agreed about two weeks ago, as I mentioned the valuation is all done and we're just waiting to hear from EBS on if we've the full loan offer approved before we can swap contracts and get solicitors more involved.
I'm assuming in the 3 months wait in your example, a fair ammount of that time is the usual conveyancing process with solicitors working away, while they cannot start working away until they've a loan offer from the bank.
I'm genuinely looking to get more of an idea on how long to expect to be waiting from when when the banker sends off for the full approval with the underwriting team, to a decision being made on the full loan offer?  Is it a 5 - 8 working day thing, or much more of a several weeks or months kind of affair?

Cheers,
-Dave

SuziXX

Hi Dave,

We just got a loan offer from Ebs last Friday! We got Aip in Feb, went into our mortgage advisor 2 weeks ago with proof of funds and he sent the valuer to the site. From when he sent the application up to the underwriters with the valuation to when he sent us an email confirming loan offer it was 8/9working days (Tuesday to Friday the following week!)
Hope this helps!

MissElle

We also went with the EBS for our mortgage and it took us just over 2 weeks to get full approval from the underwriters. They had come back with a query on my shift allowance so that did hold us up a bit I think. Best of luck OP, its a nerve wracking time! We're hoping to close in the next month, we've found our branch really great to deal with.

jb35a

Thanks for all the insight MissElle, SuziXX & Machalla, the consensus at the minute seems to be 8 - 15 business days (Given no need for a load of additional documentation)! That's great news
Our experience with EBS has been noting but positive as well, we managed to do everything to date without ever dropping into a branch, just emailing an adivsor in the branch - besides one evening leaving the supporting doc's in the letter box.
Our application was in, in early Jan, we had AIP by the end of Feb and we've just sale agreed in the last few weeks, in my mind this is the last big thing that really could go wrong - touch wood.