Mortgage application process

mair1

We are First Time Buyers and a decision in principle offer from Building Society. We found a property, had the offer accepted and completed full mortgage application online then sent all the relevant paperwork required by the building society. The building society have had valuation carried out today - my question is - would they have done this if they were not happy to lend us the money (subject to property meeting required valuation). Sorry to sound so unaware but obviously we have paid money for valuation and I am assuming that Building Society will have carried out other necessary financial checks and agreed the mortgage so long as the property comes up to value. Is this correct?
Many thanks for any feedback

stanmoresaver

mair1 wrote:

We are First Time Buyers and a decision in principle offer from Building Society. We found a property, had the offer accepted and completed full mortgage application online then sent all the relevant paperwork required by the building society. The building society have had valuation carried out today - my question is - would they have done this if they were not happy to lend us the money (subject to property meeting required valuation). Sorry to sound so unaware but obviously we have paid money for valuation and I am assuming that Building Society will have carried out other necessary financial checks and agreed the mortgage so long as the property comes up to value. Is this correct?
Many thanks for any feedback

Generally, when the lender is happy with you, the applicants, they then do the survey- one can never rule out a final check but it doesn't normally happen.

So, a qualified yes to your question.

HTH

SS