TMW mortgage offer will be in the post.. On Friday!

Quietstorm

After a long drawn out underwriting process and several complaints to my broker I am informed that the offer letter from TMW will be in the post on Friday. How long does it usually take for TMW to instruct the valuation and when can I expect to find out the results of the valuation?

Dave_Ham

How can the offer be in the post if the valuation has not yet been done?

TMW have been a nightmare for the past few months, us brokers have taken many an ear bashing on their behalf. I have only placed business with them when absolutely last or only option...

Quietstorm

I'm told that the underwriting was done first, to avoid taking valuation fee for no good reason. When lenders are satisfied with affordability on a buy application do they then instruct valuation or provide an offer letter. Sorry I'm just a little confused.

Dave_Ham

Yes they do underwrite upfront and then instruct valuation. That is why I was surprised when you said offer letter in post and then valuation to be done.

It would appear they are still underwriting your case, but they are taking 5 days to review and then another 5 days if they check something.

They have some inexperienced underwriters assessing cases at the moment also...

Good luck

GMS

TMW have an online system which the broker can access and send documents to you by email if necessary.

Without a valuation being carried out and assessed as satisfactory then there will be no offer as Dave says.

Absolutely no need for the broker to say anything is in the post when they can access it online. Especially if they have told you it is an offer without a valuation.

Call the broker tomorrow and clarify exactly where you are up to with it.

Quietstorm

This is the message that I got from the case manager at L&C :

Hi, your application is now in the offer queue at TMW and should be issued by Friday. Regards.

Dave_Ham

Before I am too critical of the broker, are you sure the valuation has not been done yet?

Quietstorm

100% certain that the valuation has not been done as I received a call from the vendor this evening just wanting to know what's happening. Although I've been reading about drive by valuations on the site. Are TMW likely to do this?

GMS

If the valuation has been done the broker will have a copy of it.

As k them for it first thing tomorrow. If they dont have it then ask how they have told you the offer will be in the post on Friday.

Whilst on ask them for the lottery numbers for Saturday seeing how they are good at predicting the future!!

If valuation has been done and assessed I stand to be corrected and will forego the lottery numbers!

Dave_Ham

Depends upon loan to value, but very unlikely

In this case, 9am call to L&C to ask what is going on

Quietstorm

Thank you both for you're advice. I guess his message really wasn't that clear after all. It's a shame because I instructed solicitors today thinking that there was light at the end of the tunnel. I guess I'll have to call them again, to clarify. The TMW saga continues...