If mortgage lender is doing valuation, can we assume we passed credit checks?

jamielyn

My partner has just applied to remortgage in order to take a friend off the mortgage, lloyds tsb have done their credit checks, hes got an excellent credit rating, been with lloyds for 20 years, worked for the same company for over 10 years, the valuation was carried out yesterday, but im abit confused, he needs to borrow £125,000 to remortgage. The property could be marketed if he wanted to sell it for £179,000 but is the valuation based on something other than resale value and how do they get to that figure. Thank you .

trinh9htv

I am in the same situation. Valuation is carried out tomorrow. I'm nervous of what Halifax got to say. How soon will I know they offer me the mortgage?

michael1234

We're still waiting for our purchaser's mortgage to go through - also with the Halifax. His story is he applied 2 weeks ago, credit checks were fine but now after two weeks he needs to supply statements from his savings account which shows his deposit. (Lets just hope it doesn't show a personal/unsecured loan being dumped into that account !)

Would be very interested to know how things turned out for the applicants in this post!

iceage3

trinh9htv wrote: »

i am in the same situation. Valuation is carried out tomorrow. I'm nervous of what halifax got to say. How soon will i know they offer me the mortgage?

have you heard about your valuation yet?

Crinz

If Valuation has been done today then it may not be typed up and put onto the system until Monday. You should be able to phone and find out that it hsa all come back ok.

If they are unable to tell you it just means the valuer is still out doing valuations and hasnt got back to his desk to type everything up yet.

iwearahalo

For me no , they valued and then started the application process .

trinh9htv

yes, valuation done, no issue. they asked for proof of income, done, proof of deposit, done, asked for a letter from employer certifying employment, done and yet still haven't got a mortgage offer. i'm impatient, can't eat or sleep. worried sick that they might turn me down at this point, which could mean that i lose valuation fee + fee paid to the solicitor !!! does anyone know how much longer i have to wait? what is their usual time scale?

sophievenusdoom

trinh9htv wrote: »

yes, valuation done, no issue. they asked for proof of income, done, proof of deposit, done, asked for a letter from employer certifying employment, done and yet still haven't got a mortgage offer. i'm impatient, can't eat or sleep. worried sick that they might turn me down at this point, which could mean that i lose valuation fee + fee paid to the solicitor !!! does anyone know how much longer i have to wait? what is their usual time scale?

Who are you using as a mortgage lender?

michael1234

sophievenusdoom wrote: »

Who are you using as a mortgage lender?

I think he said the Halifax.

Our buyer is using them too. He applied about August 20ish and still no offer nor rejection ! See my thread here https://forums.moneysavingexpert.com/discussion/2687509

Its really tough and we are living on our nerves too !