Mortgage stress

SusieWoozy_2

Can someone please put my mind at rest?

Is a valuation only done on a property when the mortgage lender is happy with all the other checks they've done?

We've had a right nightmare! We applied together for a joint mortgage but got turned down and the valuation was cancelled at the last minute because of something they found on my partner's credit file which we didn't even know about!

The application has now gone in in just my name (thankfully I earn reasonable money!) The developer has said the valuation is going to be done today.... does this mean we are on the home stretch?

xx

Thrugelmir

SusieWoozy wrote: »

The developer has said the valuation is going to be done today.... does this mean we are on the home stretch?

Until you've received a formal mortgage offer there's no certainty.

Jazzie99

Not necessary. Building Society did our valuation two days after putting in application, 10 days later they came back with an offer £40k less than what we applied for! We had applied for £30k less than they said they would give us when we Applied in Principle!! Goes to show nothing is certain until you get that final offer!

Our broker has been negoitating with them and, fingers crossed, with abit more proof of income and proof of savings we will get the full amount! Waiting to hear today..........

kk20

no. It is part of a chain of events. Only when all the pieces of information is in the lenders hand will they prepare it for the underwriters who will say yey or nay.