The (sh)abbey - are they trying to avoid lending?

koexelek

Probably up to two working days

Leon_W

Hi Emma

In my experience Abbey dont instruct a valuation until the mortgage is approved, and a good thing too in my view. I've never had a say in when it is done so I'm not sure where Jills comment has come from.

Mortgage underwriters are constantly monitored for performance and consistency of decisions so, in theory, it shouldn't matter which underwriter signs off your case, the final decision should be the same. In order to monitor this, extra information could be asked for to back up decisions already made which is assesed by managers etc. Of course, if something isn't quite right they reserve the right to change their minds and it has been know for lenders to pull mortgage offers on the eve of completion because further information has come to light.

I think you've just been unlucky but should OK.

jill2002

I'm not sure where Jills comment has come from

Leon,

Which comment is that then? Emma stated that her valuation had already been done (via a broker - read back on many other thread and the same has been done through brokers). I said it should never be done until mortgage completely approved.

Leon_W

Hi Jill

What I am saying is that a broker has no input on when the valuation is carried out - that decision is made by Abbey. I cannot get a valuation done before Abbey approve a mortgage as it is just not possible.

jill2002

Some brokers have obviously found a loophole - as in Emmas case.

Leon_W

Hi Jill

I don't think thats possible. With some lenders, when I submit an application, I can instruct a the valuation there and then before I send in any paperwork (I don't, because I'd rather know what the lender wants before they potentially lose any money !)

With Abbey (nee Santander !) all the paperwork goes in, the underwriter has a quick shufty, makes sure it all fits AND THEN instructs the valuation. There are no loopholes or ways of bypassing this. It's actually a good system and the way it should be as it prevents clients losing a valuation fee on an application which stands no chance.

Anyway, thank goodness your with Santander and not C&G !

jill2002

Anyway, thank goodness your with Santander and not C&G !

Ha ha - after 18 years it may not have been a bad thing !!:beer:

emmahane

sorry jill if ive mislead you but as i said my broker didnt know the valuation had taken place, she had nothing to do with it and certainly didnt instruct it, she thought they might have done it early as we werent paying for it, therefore we wouldnt lose our fee, not sure why abbey did it before our mortgage had been approved but still leaves us in the dark, the extra info they wanted after was proof of tenancy agreements for our other properties, which match what we put on the rental form they originally asked for and a letter from our accountant which also matches the original accounts we sent, so im hoping everything will be fine

jill2002

Emma,

If everything matches - you will be absolutely fine. Don't worry.

Jill

emmahane

thanks jill, any idea on timescales now that we provided extra and the valuation has been oked?