Can you get a mortgage offer without the valuation of property?

Counting_Pennies_2

I wonder if you can help.

My husband is due to start a new job soon. Our house is on the market.

We suddenly realised that we will have to wait 6 months before we can get a mortgage.

So we thought while he is still employed with the existing company we would get a mortgage offer, but we have now come unstuck in that we believe the valuation of the property we want will have to happen.

We are worried that if we go through all that expense, and don't end up selling the house that we have wasted a huge amount of money.

Really we are looking to secure a mortgage offer to be valid for a few months, and when we come to buy to have the valuation survey then.

Is such a thing available?

Many thanks

Senior_Paper_Monitor

No - you can get a decision in principal (not on a specific property) but frankly probably not worth the effort (for many reasons - not least that in 6 months there may a a deal from a different lender more suitable etc), valid for 1 - 6 months depending on lender.

A mortgage offer is specific to a property (and valuation) and secures that 'deal' until the end of its validity (3 - 6 months).

firstaspect

No you will need the valuation before you get an offer made. The mortgage lender makes the offer based on a particular property and so needs to have a valuation before they decide whether they wish to lend or not.

Hemichromis

a valraion is about 200 only and is often included in the lenders fees.
if you add the fees to the deposit and you do no go through with it you have to pay NOTHING

do you mean that you could not afford the house so you were trying to sell it but now your husband has a job you can afford a mortgage?

you have me confused because you dont need a mortgage to sell the property,

Counting_Pennies_2

Hemichromis wrote: »

a valraion is about 200 only and is often included in the lenders fees.
if you add the fees to the deposit and you do no go through with it you have to pay NOTHING

do you mean that you could not afford the house so you were trying to sell it but now your husband has a job you can afford a mortgage?

you have me confused because you dont need a mortgage to sell the property,

My husband is going to a job of much higher pay, but because they mortgage companies want 6 months continuous employment with the same employer, we have been told we won't be able to get a mortgage for six months, hence, if we do manage to sell this house, we won't be able to buy the house we want.

Senior_Paper_Monitor

You have not been totally correctly informed ..... while many lenders do require six months, some will take three and at least one is immediate (all provided no probationary period contained in contract of employment) - as ever it is a matter of matching lenders to circumstances.

Hemichromis

Senior_Paper_Monitor wrote: »

You have not been totally correctly informed ..... while many lenders do require six months, some will take three and at least one is immediate (all provided no probationary period contained in contract of employment) - as ever it is a matter of matching lenders to circumstances.

HSBC are good for mortgages if you have just started working.

firstaspect

Counting_Pennies wrote: »

My husband is going to a job of much higher pay, but because they mortgage companies want 6 months continuous employment with the same employer, we have been told we won't be able to get a mortgage for six months, hence, if we do manage to sell this house, we won't be able to buy the house we want.

Look for other lenders, you'll find plenty that won't require 6 months continuous employment. They may want some form of letter from the employer but I'd go see a whole of market broker and they will be able to help you out.

GMS

Some lenders will be ok with the job scenario, especially if it is a pay rise and in the same line of work.

Speak to a 'Whole of Market' broker to see your options.