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survey and mortgage offer
amjustagirl
Posts: 291 Forumite
What's the norm for a first time buyer is a survey carrried out on the property then a mortgage offer is obtained or vice versa?
Thanks
Thanks
Win's of 2014 so far-Maxfactor mascara, £50 Pizza Express Voucher, Dr Oetker Pizza, Nuby sippy cup :j:beer:
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Depends on the lender.0
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We're going through the process at the moment.
Our mortgage was offered but the the provider had it valued before the mortgage was confirmed.
We have since had our own survey carried out.0 -
The lender carries out a "mortgage report and valuation" by a surveyor of its choice. You can opt to have the same surveyor carry out something like a Homebuyer's report for you at the same time and eliminate some of the double charging, or you can have a different surveyor of your choice carry out a more detailed inspection, like a Homebuyer's report or chartered building survey.amjustagirl wrote: »What's the norm for a first time buyer is a survey carrried out on the property then a mortgage offer is obtained or vice versa?
Thanks
The mortgage report and valuation is needed to establish the property is suitable security for the loan and represents fair value for the price. Without this, no mortgage offer can be issued.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I have received & accepted my mortgage offer, but the valuation & building survey has not yet been done.amjustagirl wrote: »What's the norm for a first time buyer is a survey carried out on the property then a mortgage offer is obtained or vice versa?
The mortgage offer documentation said that the offer can be withdrawn. If the valuation report throws up any problems then the mortgage offer may be withdrawn.0 -
That's a conditional, or pre-offer.Andrew_Cottrell wrote: »I have received & accepted my mortgage offer, but the valuation & building survey has not yet been done.
The mortgage offer documentation said that the offer can be withdrawn. If the valuation report throws up any problems then the mortgage offer may be withdrawn.
Most lenders go for the valuation and only make a formal offer when all the documentation is in place.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They already took the booking fee, so I suppose they are not expecting to withdraw the offer. Correct me if I am wrong.kingstreet wrote: »That's a conditional, or pre-offer.0 -
Probably not.
When you start off with an application, the mortgage offer is normally "subject to status information and valuation" then once the payslips and bank statements have been analysed it's "subject to" valuation.
Most lenders don't bother issuing a written confirmation, even though the process is the same. I'm pretty sure borrowers like the certainty of having that unconditional offer in their hands in preference to one which is still reliant on the valuation results.
I guess this is HSBC? If they can find a way of doing it differently to everyone else, they will.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That's correct.kingstreet wrote: »I guess this is HSBC?
As far as I can see, the terms & conditions do not mention the valuation. It does say they can withdraw if they discover any adverse information that would reasonably affect their decision to lend.
I assume an adverse valuation may reasonably affect their decision.0 -
For most lenders, a valuer's report is the final piece of the jigsaw in determining whether a mortgage should be granted.
In a way, issuing an "offer" before it, is like an extended agreement in principle. It is saying the borrower qualifies for a mortgage and the status checks on the applicant are complete, but the property has not yet been inspected.
The terms and conditions probably won't mention it as they will apply to the mortgage as a whole when it is completed and running.
TBH any lender can withdraw a mortgage offer at any time for any reason, so the valuation or lack thereof is only one possible reason. One that other lenders get out of the way first, that is.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
a valuation has been booked in for next week is that just so the lender can see the house is in a decent state before giving a mortgage offer to my buyer? does it mean if they have a good credit history, suitable deposit to have got to this point?Win's of 2014 so far-Maxfactor mascara, £50 Pizza Express Voucher, Dr Oetker Pizza, Nuby sippy cup :j:beer:0
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