Post Office Mortgage

annavall

We went for a PO mortgage as it was the best rate/deal we could get, as advised by the two mortgage brokers we spoke to.
One of them applied on our behalf, and we got the "yes" the following day (1st October), valuation was done a week later. Our broker has supplied them with copies of bank statements etc that we had already left with him to avoid further delays, and the PO system yesterday said "application approved pending valuation". This is expected today or tomorrow.

Pretty swift I thought! We had a building survey done the same day, now we just need to wait for our buyer's valuation/survey to get booked in...

HoneyAndLemon

Hi

Apologies if this has been posted somewhere already but couldn't find it.

Can someone tell me what types of surveys/valuations the Post Office do, and what the fees are? We are hoping to apply through the Help to Buy scheme with them, and just wanted to make sure we've saved enough for fees etc.

Thanks!

stator

HoneyAndLemon wrote: »

Hi

Apologies if this has been posted somewhere already but couldn't find it.

Can someone tell me what types of surveys/valuations the Post Office do, and what the fees are? We are hoping to apply through the Help to Buy scheme with them, and just wanted to make sure we've saved enough for fees etc.

Thanks!

Under PO Help To Buy you have to pay for a standard valuation, starting at about £220 for a £100,000 house, the fees increasing with the value. But there is no mortgage application / product reservation fee, so it's quite a good deal.

If you want a Home Buyers report (I don't know why you would) It starts at £390. Building Surveys you have to ask about or arrange your own.

adamb4322

What is the house value you have gone for cause that will effect it.

I'm currently going through a help to buy application below stamp duty and so far I've spent £430 on a homebuyers report (that includes valuation) and £296 on searches...

I've personally allocated around £1400 for the legal costs etc...

ajide

So is it wise to just send in my contract together with my payslips to PO as I have only just started a new job last month?

Also, I am applying through the HTB scheme and can't apply online, but I have an AIP and been sent an app form.

ajide

Sent in application yesterday. Received today. Fingers crossed.

ajide

Been rejected by Postoffice for a mortgage of £62700 due to my credit score apparently. My credit score on experian is 811. confused.
No credit card, and just an overdraft.

Moseydo82

That's probably why mate, no credit history can be as bad as a poor credit history.

iku04108

Hey folks,

Anyone got any recent timelines. I have just applied today and was wondering how quickly they are getting processed.

Kyle

ShAnE

Ours got turned around in 13 days valuation was booked after 7 days. This was via a broker so not sure if that affects timelines or not.