Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Peach80
    • By Peach80 19th Apr 17, 11:22 AM
    • 8Posts
    • 0Thanks
    Peach80
    First time buyer confusion
    • #1
    • 19th Apr 17, 11:22 AM
    First time buyer confusion 19th Apr 17 at 11:22 AM
    Hi all,
    First time posting and buyer so if all the information does not come across well sorry!

    So here's our timeline of events it's been going on forever!!

    Reserved a new build back on the last weekend of January this year was given 5 weeks to exchange contracts. House not due to be built until sept.

    Got a mortgage in principle through Halifax and everything seemed to be going on perfectly until just before valuation it was declined so back to square one.

    By this time we were a week off our date where our reservation could be took of us- luckily not!

    Broker looked for new mortgages for us and got us a mortgage in principle with tsb which was applied for. TSB have been very thorough and looked at all documentation, affordability all good but this has took weeks. Our broker would not leg them do the valuation until we had confirmation that the underwriter was happy so nearly 4 weeks ago we got the news that all was good and it was offer subject to valuation! The valuation was done last Thursday and when I spoke to the broker this morning he looked on his tracker and it showed that tsb was still awaiting the valuation report!

    We are now 11 weeks since reserving the property, which is being built quicker than anticipated and could be ready by June now, I don't understand the processes that now follow and would just like some advice! I am also particularly nervous that it is now going to decline on valuation which would be gutting, would it be really inappropriate to phone tsb myself?? We are doing Htb so I am getting emails from them as running out of time, although we have had all searches done and deeds signed etc from the solicitors.

    Sorry I have rambled and doing this on my phone so can't see what I am typing so sorry if it makes no sense just very apprehensive about the whole thing
Page 1
    • kingstreet
    • By kingstreet 19th Apr 17, 11:30 AM
    • 31,447 Posts
    • 16,806 Thanks
    kingstreet
    • #2
    • 19th Apr 17, 11:30 AM
    • #2
    • 19th Apr 17, 11:30 AM
    If the valuation was done Thursday, it's only due back today, as the SLA is 48 hours.

    Then the case will have to go back to the underwriter for the valuation to be signed-off and the offer issued.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Peach80
    • By Peach80 19th Apr 17, 11:33 AM
    • 8 Posts
    • 0 Thanks
    Peach80
    • #3
    • 19th Apr 17, 11:33 AM
    • #3
    • 19th Apr 17, 11:33 AM
    Thank you for replying you see that's what is confusing- my broker told me everything has been done and it did not need to go back to the underwriter. Guess I am just being inpatient and have no ideas on the actual processes
    • alex_163163
    • By alex_163163 19th Apr 17, 11:34 AM
    • 131 Posts
    • 88 Thanks
    alex_163163
    • #4
    • 19th Apr 17, 11:34 AM
    • #4
    • 19th Apr 17, 11:34 AM
    I wouldn't recommend approaching TSB directly! Leave all communication via your broker, id say. You could do more harm than good.
    Also, if the valuation was only done on Thursday then we've had 2 bank holiday days since then so only 1 working day for it to be sent through, reviewed and approved. I've not dealt with tsb before but that time frame doesn't seem unreasonable.

    Has your solicitor requested that the HTB ATP be extended if the original deadline day is looming? I think this is a possibility. Ask your solicitor would be my advice.
    • Peach80
    • By Peach80 19th Apr 17, 11:37 AM
    • 8 Posts
    • 0 Thanks
    Peach80
    • #5
    • 19th Apr 17, 11:37 AM
    • #5
    • 19th Apr 17, 11:37 AM
    Thanks great advice will speak to our solicitors today. Very nerve racking especially when you don't know what you are doing.
    Thanks again
    • kingstreet
    • By kingstreet 19th Apr 17, 11:44 AM
    • 31,447 Posts
    • 16,806 Thanks
    kingstreet
    • #6
    • 19th Apr 17, 11:44 AM
    • #6
    • 19th Apr 17, 11:44 AM
    TSB uses the same system as Halifax.

    If it goes to underwriters in the first place, it has to go back to be signed-off every time something happens.

    I can't imagine it's taken this long without being referred?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Peach80
    • By Peach80 19th Apr 17, 12:20 PM
    • 8 Posts
    • 0 Thanks
    Peach80
    • #7
    • 19th Apr 17, 12:20 PM
    • #7
    • 19th Apr 17, 12:20 PM
    Yes it was referred to an underwriter but no valuation fee was taken until we were told it was agreed subject to valuation?
    I am sorry for sounding dumb we really have no idea on the processes and it does not seem to have been straight forward for us.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

249Posts Today

2,025Users online

Martin's Twitter
  • RT @themiltonjones: Bother. Chucked out of Question Time.

  • Hmm I meant getting radical in my last tweet - having googled 'getting rad', I may not be in touch with t'lingo... https://t.co/t538UveBuz

  • Dimbleby becomes the Dimblebomb and kicks someone out. Question time getting rad #bbqt

  • Follow Martin