We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Mortgage application / valuation question
go_cat
Posts: 2,509 Forumite
If a mortgage was to be declined would it be more likely before or after a valuation was completed ?
I guess what i am asking it would a bank / BS bother valuing if they were going to decline the application ?
I guess what i am asking it would a bank / BS bother valuing if they were going to decline the application ?
0
Comments
-
Ask the lender not to instruct the valuation until the mortgage has been agreed.
However there is always a chance the mortgage could be declined due to the property.
Why do you have concerns?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for your reply.
The buyers of our house have applied and the house has been valued ... but they are still having to send in extra paperwork and I am panicking abit
0 -
Barclays agreed a mortgage in principle for my cousin. They then sent a valuer to value the house (a new build). The valuation came back in line with the price. All the searches were done, and on three separate occasions Barclays apologised for the delay and confirmed that the mortgage offer would be with the solicitor but each time nothing happened. Eventually, two months after the valuation, the mortgage application was refused with no explanation. She then went to Santander, and from application to moving in was four weeks.
Another friend had their mortgage offer pulled by Barclays the day before they were due to complete and exchange on the same day. You can imagine the chaos this caused with removal arrangements.
So yes, anything can happen, but the truth is that usually things do go smoothly.
(I am not saying Barclays are any worse than any other lender, these are simply the two examples that I am aware of).I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
Just because they are asking for more information it doesn't mean they are going to decline anything.
What extra paperwork have they been asked for?I am a Mortgage Adviser. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Just because they are asking for more information it doesn't mean they are going to decline anything.
What extra paperwork have they been asked for?
I don't know exact;y but its something to do with one of the buyers being self employed even thought they had an AIp and are using a mortgage advisor through EA
i am just unsure if this is normal to value first then ask for more info etc0 -
They are probably asking for SA302's (a document which shows net profit for self employed from HMRC) or possibly a form from their accountant showing the same thing.
Plenty of lenders ask for bits and bobs after the valuation has been instructed. Every lender works differently.I am a Mortgage Adviser. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards