RBS have instructed surveyors...??

dark_lady_2

Does RBS only instruct surveyors if they have approved you for a mortgage offer subject to the valuation of the property? or do they carry out a further credit check etc after the valuation before an offer is made? is the underwriting done before the surveyors are instructed or after?

im so confused and nervous!!!

yelf

they wouldnt pay a surveyor if they werent happy to give you the mortgage

dark_lady_2

thanks for the response yelf...

but they didnt pay for the surveyor, they deducted the fees from my RBS account

so does this mean if the valuation is fine the mortgage will go through?

im FTB so complete novice!

yelf

pretty much yes

dark_lady_2

really??

so what happens next??

I didnt have a broker or anything i just did this thru the bank advisor

thanks yelf

tyros_2

The bank valuation is so they know what the property is worth. If this is above or equal to the price you are paying, the mortgage should be fine.

dark_lady_2

Thanks Tyros,

so does this mean they wont do any further credit checks or anything?

tyros_2

Have they given you a mortgage in principle? They will do one credit check (I think it's only one) at some point but if you pass one credit check, I don't see what the advantage in them doing another one would be.......

dark_lady_2

Hi Tyros,

yes, they gave me a mortgage in principle about 2 weeks ago, then i had to submit my p60 and a direct debate mandate and solicitor details. they verified my wages through my account.

does this mean the underwriters have approved me so thats why the survey went ahead?

thanks

tyros_2

I'm not a financial adviser so don't take any of this as the truth, but the lender will always want to know the value of the property before giving a mortgage. That's why they've instructed the surveyor. Hopefully, if the surveyor agrees on the value of the property, the lender will agree on the mortgage and you're sorted.

dark_lady_2

I hope the surveyor agrees the offer price is not too high,

thanks tyros hope its all sorted soon