Does valuation instructed imply the underwriter is "happy"?

Molehill

Would I be correct in thinking if the potential mortgage provider has taken the money for the valuation/survey and the online checker tracker "Valuation instructed" that the underwriter is happy with the application? Or am I putting too much faith in that they won't just spend £700 of my cash for the sake of it.

Thrugelmir

Until you receive a mortgage offer then there is no way of knowing.

Though don't worry unnecessarily.

Molehill

Thrugelmir wrote: »

Until you receive a mortgage offer then there is no way of knowing.

Though don't worry unnecessarily.

As a FTB buyer I have found the whole process a little confusing and stressful. I have a letter today dated from last Wednesday mentioning I can track online and that I should phone the local branch about outstanding items. Yet I spoked to the branch last Friday (two days after this dated) and the only issue then was they claimed they could only do a homebuyers survey and not a full one (I forget the term) on a flat. Just wondering if they are eagerly spending my cash or not.

Wh05apk

It depends on the lender, some will instruct the valuation as soon as they you have passed the initial underwriting, assuming the info you have submitted is correct, others will not instruct the valuation until they have fullen underwritten the aplication including checking payslips etc.

r83_2

It may mean so. We applied under FTB Shared equity on 5th September. Valuation done on 12th September and Offer received on 16th September. Between 12th and 16th, our file (as told to us by broker) was audited at Halifax Head Office for 2 days. Had this not been a case, we may have had our offer by 13/14th. If you're documents are all in order, your broker (if you opted through them) should have everything ready what bank may ask for. We supplied, 6 months payslips, 3 months bank statements, copy of our passports and Visa (since we are non-eu citizens)

Thrugelmir

Molehill wrote: »

and the only issue then was they claimed they could only do a homebuyers survey and not a full one (I forget the term) on a flat.

The surveyor valuing the flat would not have access to the whole building. So would only be able to make comment based on a visual inspection.

Molehill

Thrugelmir wrote: »

The surveyor valuing the flat would not have access to the whole building. So would only be able to make comment based on a visual inspection.

This is what we were told. Though as all three flats are up for sale with the same estate agents and vacant it was possible. But still we were told they see no point inspecting things we aren't buying. Would have been nice to know the general state of the building a bit more.