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Remortgage - help!
callmechar
Posts: 627 Forumite
Please help as I am stressing out.
Me and hubbie applied on 15/1/15 online on Tesco website for a remortgage. 178k left on mortgage, I told Tesco the estimated value is £252k (current lender used House Prices Index). DIP received online along with a mortgage offer in principle. We earn 50k between us. We asked for a 24 year mortgage at 2.89%.
Call 16/1/15 asking to book valuation. Booked for 19/1/15.
Paperwork received from Tesco 17/1/15 and sent back 17/1/15 (they wanted just 1 payslip and bank statements).
Valuation 19/1/15 - called Tesco just now and told valuation £285k! Really happy as we purchased the house 3 years ago for £205k!
Text from Tesco 19/1/15 saying they have received the paperwork sent.
Issue is that the mortgage is now saying "offer in principle - referred"
I called Tesco as to why the mortgage has been referred, who were not that helpful and said it could be because the LTV has changed. However I am worried now! Is this normal?
Could it be referred because they have the valuation and the paperwork?! So the underwriter will now decide to offer or is this not what happens?
Really worried!!!
Me and hubbie applied on 15/1/15 online on Tesco website for a remortgage. 178k left on mortgage, I told Tesco the estimated value is £252k (current lender used House Prices Index). DIP received online along with a mortgage offer in principle. We earn 50k between us. We asked for a 24 year mortgage at 2.89%.
Call 16/1/15 asking to book valuation. Booked for 19/1/15.
Paperwork received from Tesco 17/1/15 and sent back 17/1/15 (they wanted just 1 payslip and bank statements).
Valuation 19/1/15 - called Tesco just now and told valuation £285k! Really happy as we purchased the house 3 years ago for £205k!
Text from Tesco 19/1/15 saying they have received the paperwork sent.
Issue is that the mortgage is now saying "offer in principle - referred"
I called Tesco as to why the mortgage has been referred, who were not that helpful and said it could be because the LTV has changed. However I am worried now! Is this normal?
Could it be referred because they have the valuation and the paperwork?! So the underwriter will now decide to offer or is this not what happens?
Really worried!!!
0
Comments
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Panic over! Called Tesco again who said that condition of property satisfactory but the valuer had put a comment about being in a mixed local authority and privately owned area, which Tesco said automatically triggers a referral to the underwriter0
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