First Time buyer needs a little help.

mermole69

Hello All,

Hope you have all had a very merry christmas.

My husband and I are FTB and have applied for a mortgage through RBS. I have spoken to them today and they have said it is "all agreed subject to valuation". Could someone please explain exactly what this means. I don't want to get our hopes up just in case but does this mean they are happy to lend the amount to us but are just waiting for the valuation to confirm what the house price is?

Sorry if my question seems a little silly but am so nervous about things going wrong. The mortgage is through RBS. Do they do the underwriting first?

Many Thanks in Advance for any advice/help given :rudolf:

_Andy_

Hi

Yep it basically means as long as the valuation is OK they should agree the mortgage.

mermole69

Thanks for the reply. That has made me feel slightly more hopeful.

Thanks x

davenkelly

hi,

I have just applied for a mortgage through RBS at the start of december, and mine was all agreed in principle subject to a valuation like yours was,

i assume RBS do the unerwriting first, as the valuer came round about a week ago, and the very next day we had a formal mortgage offer drop through our door,

They were just waiting to see if the valuer valued the house at the purchase price,

So i don't want to get your hopes up as it could still fall through, however in my experience with RBS it has been as smooth as smooth could be!!

hope this helps!!

:-)

pixie359

Hi mermole69,

You can almost certainly relax. They don't even necessarily require that the house is valued at the price you're paying (i.e. the valuer saying £125k when you're paying £135k). They just don't want it to be miles off (paying £200k for a £120k house).

As long as you're not getting massively ripped off or being a complete idiot with the offer, it's fine.

Good luck.

mermole69

Cheers for the replies. Congrats Davenkelly. I spoke to RBS when arranging the survey and they said so long as the valuation is ok the mortgage offer should be through qite quickly. We are still keeping our fingers crossed though.