How long between Valuation and Mortgage Offer?

tenacious

Hi all,
Im sure this has been asked a million times but how long does this take "roughly"?

Probably worth noting we are going through a specialist broker to Clydesdale Bank, who I am aware are notoriously slow. The application went into them last Friday and today we received back the valuation details, the surveryors have agreed the valuation which is good news with no conditions.

So how long can we expect it to take now, given that they have been much faster so far than we were thinking they would be??

KingElvis

Normally I would say three to five days but I don't know that lender, then they have to get the paper copy of the full offer to you and your lawyer which also takes a few days.

holly_hobby

Depends when the underwriters get the valuation - they are often electronically sent by the surveyor ( the old days where the surveyor went back to the office, and had the survey typed up and faxed or sent over, used to cause delays in busy periods) usually the survey should be with the lender within 48 hrs or so.

I would give it 7 days for your offer to be produced (may be longer if the U/Ws have a processing backlog) - and there have been no issues raised as part of the survey.

Hope this helps

Holly

tenacious

Great thank you! I am so impatient

The valuation was carried out on Tuesday and we got our copy in the post today, im assuming Clydesdale have had this today or earlier... So now we just wait I guess. Im very twitchy about it given I am an IT contractor going through a specialist broker, between work and MSE I am being kept vaguely distracted!

There were no issues raised in the survey, just a wall at the front of the garden that should be rebuilt and to get the electrics checked, they are listed as not needed before the bank lend to us so shouldnt be a problem.

Thanks again.

holly_hobby

Thats fine, as long as it valued up, and the surveyor has not requested garden wall works, or an electrics cert as part of a condition to offer - you should be ok.

Hope this helps

H

woodsey2002

Our valuation was done on the 6th of this month and the offer was emailed to us by 3pm on the 9th...I was expecting at least a week. amazed it came so quick. this was the Halifax.

robrymond

Our valuation was last week and still not heard if we have an offer. The valuation letter landed here on Monday, but our broker says there should be an update tomorrow. Tense waiting, can only think the worst :-(

tenacious

Dont think the worst robrymond (although I know it is hard not to!) We were told the whole process could take 4 weeks so I am not expecting anything soon (apart from possibly more questions!) Anything quicker than that will be a bonus! Who is yours with?

Woodsey - thats brilliant! Wishful thinking for us I think.

robrymond

It is with the Halifax. Obviously they've done the valuation which is always a better sign, but it seems to be taking ages. The contracts are supposed to be exchanged within a certain time period and we're still waiting weeks and weeks later, mainly due to the FirstBuy scheme taking ages to respond and accept us.

SusieWoozy_2

Sorry to jump in out of nowhere, but we too are buying through Firstbuy and the mortgage is going through (hopefully!) with Halifax. The Broker sent off the application on Friday and that day they took the money for the valuation. Have you heard back? is it the halifax holding things up or the Firstbuy admin themselves? If it's any conselation we had awful probs waiting for our eligibility letter took 2 weeks and 4 attempts to get it right

r83_2

My wife and I have applied for Halifax mortgage last monday. We both are FTB. £430 deducted from credit card same day and valuation is attending the new build today in noon. Broker claims everything is in place and its good that they have instructed the valuation, and we should hopefully have something by wednesday if not by Friday. anyone with similar time-lines?