Mortgage Broker- how long for approval?

L

Lan

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I gave all my information to my broker last thursday - How long is it normally before he should have an idea? He is telling me end of this week/early next week -is this normal?
 
No. Providing he has all docs, he should have approval within two days if he's good. Unless of course, he's based in the Aran Islands. Definitly shouldn't take over a week. He should be sending the case in with numerous banks.
 
48 hours is what i was told with the bank (not a broker)
The time frame they gave you seems a bit extreme
 
Can take anything from a few miuntes to a week depending on the lender, the case and the information you provided
 
I was told recently with AIB that it would take up to 3 weeks

But have previously got a mortgage in 48 hours with a different mortgage lender
 
Hello

Generally you can have a agreement from the banks within a couple of days, however all banks differ, it would depend on what lenders he/she has sent it too, this said it is fair to say that he/she is playing it safe on the time scale
 
Thanks for your responses. He came back to me today and has said we have approval from one bank suject to the condition that we take a 5yr fixed rate. Has anyone heard of this before. Its 4.84% Is that reasonable?
 
becoming standard these days.

some banks will offer more finance if you take a fixed rate

4.84% is good for a 5 year fixed rate
 
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