Woolwich Valuation?

Jennie2827

I have been told that a valuer has now been instructed by Woolwich. Does the valuation with them generally happen before any checks and underwriting? What was your experience?

dave1988

No checks And underwriting first as I'm going with barclays and mine is Monday and all my checks etc have been done

ACG

If the valuation has been instructed, i would say you have been accepted.

Assuming the valuation comes back ok then you will get a mortgage offer.

Jennie2827

Thank you all.


Dave.....how long did it take for your checks and underwriting? The valuation is being done tomorrow.....but i only submitted the application a week ago? Surely, it takes longer than three days to underwrite an app?

ACG

It depends with Woolwich, sometimes it can take 2 weeks. If your scenario is straight forward and they can locate you on credit reports and other internal checks it can be quite quick.

Jennie2827

Fingers crossed tightly that this is the case. . I certainly would not have categorised my finances as straightforward....lol! But I am sure my broker will let me know tomorrow.

mrchiggles

We got notified of the mortgage offer the day of the valuation - leading me to assume everything else had been done!

Jennie2827

My broker chased it up with Barclays this morning. Officially the app was submitted Tuesday morning. They had only done the credit checks and not underwritten for affordability yet......so they cancelled the valuation. Half an hour later, we get an email to say that they are rebooking the valuation as it has just been assessed! If the valuation had gone ahead, we may have had an offer today. I am still shocked that it only took three days after submitting an app to have gotten this far! Especially as it's a help to buy application that was not wholly straightforward. Thank god for good brokers.....:).

ethank

An immediate offer is in my experience a very unusual situation. Most take a few days after the valuation to make a decision.

I did get an immediate offer on the house that I finally bought with Nationwide, but we assumed that was because the our first house fell through - and we had an outstanding mortgage offer already which was for more money than we ended up lending.