second viewings,Post office mortgages,valuations

mrs_motivated

Anyone dealt with the Post Office in respect of mortgages recently, and if so were they speedy and efficient?

Also am having a second viewing on a property tonight (taking my daughters ) and will be hopefully making an offer tomorrow. Trying to look past the 'I have fell in love with this house' and be more practical any tips what i should be looking at on a second viewing etc.?

Thirdly - the property is a detached bungalow built in 2004. Do you recommend I have a homebuyers report or just a valuation for mortgage purposes?

Leeaquila

Hi, no they were not speedy and efficient, declined without giving a reason even though approved in principle.

Would advise making sure they can actually help before getting too carried away with the application process.

Leeaquila

And second viewing is good to check out the practicalities, such as are the sockets in good locations, general condition of electrical wiring, does the cooker work, is there enough space for your kitchen white goods, if the property has been refurbished, is it covering anything up like damp, are the windows well sealed, what are the neighbours like..... lots of things you perhaps miss first time around!

Dave_Ham

Post Office are a bit of an enigma, they seem to either like a case and speed it through lovely or do not like a case and then request loads of nonsense and ultimately the applicant walks away or they get declined.

They took an awful lot of business in the first half of 2012 and I do not think they are currently looking for bundles more..

There rates are certainly not market leading now on any of the loan to value categories..

You cannot help if you have fallen in love with the house, just have to try and play the game a bit better...

I would be saying to them is there anything that you should know and let them do the talking. It is imperative you ask them what there chain looks like ie what are the circumstances of the vendor from whom they are buying, or have they not found a property yet etc.

I would never put an offer in the next morning as it smacks of over eagerness. That said, you know the local market and I do not and if someone else will bid then go in all guns blazing..

Good luck

mrs_motivated

Thankyou both for your comments. I went to the Post Office to get a AIP , basically so if i do put in an offer the vendor can see I can finance it. I want 80% LTV and the post office looked reasonable. HSBC had a better deal , but if i remember right i saw on a thread here that they use Countrywide for valuations etc. and i want to avoid anything to do with countrywide at all costs as they took ages and ages last time I had a mortgage.

The vendor is currently not living in the property and there is no chain. He had agreed an offer with another party but the other purchaser was in a chain that fell though so it is been re-marketed.
I am currently in a private rent - tenancy ends 17th November, so ideally would like to complete before the end of October. Although I have become good friends with the landlord who says i can extend on a month by month basis if i want to.

I had a look and the current vendor bought the property for £240K in 2007 - currently marketed at £199950 (the price has dropped by £20K already)

I was thinking of offering £185K with a limit of £190K - i was thinking as he is living elsewhere and I have no chain etc. he might accept this?

Dave_Ham

Your logic is sound..

When you got the AIP, Post Office were in the top 2-3 at that loan to value

Avoiding HSBC, there are still likely to be better alternative lenders for you now...

All the best