-
The gift from family thing should be quick. ID and money laundering checks. A letter signed by family member to say it's a gift and they have no stake in the property. That's it. Should only be a few days.
-
We've applied for a mortgage as first time buyers from Clydesdale Bank through L&C and it seems to be taking a good while to get a mortgage offer. I know it says on their website it could take up to 40 days or something and it's only been two weeks since we sent the last documents they needed but I'm starting to get a bit antsy and it seems it's only taken friends a few days to a week to get a mortgage decision from other banks. Apart from my lavish spending habits on hobbies such as cycling, can't see why we wouldn't get one but am starting to panic a bit.
You are reading a single comment by @CYOA and its replies.
Click here to read the full conversation.
Hovis
eskimojudi
@CYOA
Update/recap:
Feb 7th - saw house, made offer, offer accepted.
Feb 8th - applied for new mortgage via L&C (both self employed with up and down years but OK capital & credit ratings)
Feb 8th- May 26th - much fuckery from L&C
May 27th - offer from lender including acknowledgement that to get on a decent lower ltv product we'd be using some money in the form of a gift from a family member.
May 28th - sign paperwork with solicitor assuming quick exchange
May 28th - June 26th - waiting for lender to acknowledge to the solicitor that we'd be using some money in the form of a gift from a family member.
June 29th - the alleged deadline from the vendors onward purchase to exchange as they say they can't wait any longer.
Had similar threats before in this process so pinch of salt etc but I'd be so fucked off if it all fell through after 5 months of stress and money.