Valuation to mortgage offer ??

MrSpoon1912

Hi

Was hoping for some advice from anyone in a similar position?

We have a mortgage application currently being processed with a lender that specialises in previous bad credit/ self-employed lending.

Valuation took place on the property on mid- December and this came back fine but valuer recommended a structural engineers report on the property due to age of house( circa 1870's) and a few cracks in the walls.

The SE report came back positive with no major issues aside from refurbishment to the property due to the poor decor etc.

Our broker has commented that the lender has forwarded the SE report to the valuer for their comments. Is this usual practice and are we on the way to a mortgage offer hopefully next week?

It has been 7 weeks since application was submitted and we are waiting for positive news on the mortgage before we instruct solicitor searches on the property.

Any views from people in a similar situation would be a big help.

Thanks

amnblog

What do you want to know?

MrSpoon1912

Hi

Whether a mortgage offer is the next step from here?

Feels like a long process although from reading other threads our lender is notoriously slow at responses.

Offer accepted- 11/11/14
Mortgage application submitted- 19/11/14
Valuation- 10/12/14
Structural Report- 16/12-14

Valuation of property fine and the valuers only recommendation was the SE report which was also fine.
Is it standard practice for the lender to forward this report onto valuer for his/ her comments before deciding on whether or not to lend?

Thanks

amnblog

Yes, forwarding the structural report to the valuer for comments is standard practice.

You have not stated the lender but your description gives me a good idea who you may be talking about.

It is common for a final review once all information is in and this can take up to 15 working days in busy periods.

The best source for an idea of timescales is, of course, your broker.

MrSpoon1912

Thank you for your response on this.

Will have to sit tight and wait for the lenders decision.......