Valuations - are they a formality?

picardygirl

papermoney wrote: »

Thanks everyone - I realise 'formality' may be the wrong choice of wording. I have applied for a mortgage through Nationwide and the valuation is being done tomorrow - so I wasn't sure if this meant all checks had been done and it now just relies on the valuation coming back ok (which im not too worriedabout, even though we are buying a repo).

We've recently remortgaged with a new lender, about 2 weeks after the full application went in, i got a phone call to say all checks have been carried out and no more paperwork was required, the next stage was a valuation to ensure the property is worth what we stated! House valued on the Wednesday, received mortgage offer on the Friday.

beecher2

dashfield wrote: »

But we wanted to switch lenders and the best deal for us at the moment seems to be 3.49%, which will save us £185 a month compared to what we currently pay. But that is only if we get no higher than 80% LTV.

http://www.nationwide.co.uk/hpi/

Check here for a vague idea of what valuation you might get.

papermoney

picardygirl wrote: »

We've recently remortgaged with a new lender, about 2 weeks after the full application went in, i got a phone call to say all checks have been carried out and no more paperwork was required, the next stage was a valuation to ensure the property is worth what we stated! House valued on the Wednesday, received mortgage offer on the Friday.

Thanks I had a text from the mortgage advisor at 6pm to say that he had just checked his emails and the mortgage offer is in - yay

The house was valued on Wednesday last week - so im hoping we get a paper copy tomorrow or Thursday.