Is this mortgage application progressing?

mlp

We have a mortgage application in with Skipton - flew through the decision in principle, but they've been best part of two weeks so far processing the main application.

Yesterday the valuation fee was taken from my account via debit card, which means they must have processed the transaction a day or two previously.

Also yesterday they asked for some clarification on a couple of regular expenditure items (HP payment for a car for example)

So, if they've taken the money for the valuation survey is that a sign that they're progressed beyond the the financial/credit checking? Providing the valuation comes back with the right figure are there any other hurdles to overcome?

betmunch

I havent used Skipton for so long I couldnt confidently give an answer. Recently someone in my office complain about how slow they are so I suspect you are not through the financial checks just yet.

Best thing to do is ring your broker and ask as they know your case and what to expect from the lender.

Good luck

amnblog

Why don't Lenders/Brokers keep borrowers more up to date on what is happening and what to expect.

mlp

I'm just a bit concerned that they must have processed the transaction for the valuation fee on Tuesday/Wednesday (as it usually takes two days for debit card payments to be debited fully from the account), but then on Thursday were asking for more detail on existing credit commitments.

Do they proceed to the valuation stage if there is a glaring problem with the financials?

I've found a "timeline" on another lender's website and it seems to suggest they do not instruct a valuation until they are happy with the financials (obviously the result of the valuation being the final piece of the jigsaw)

betmunch

Why on earth would another lenders time line be relevant here?

Just wait until Monday and ask your broker for an accurate update on whats happening

mlp

betmunch wrote: »

Why on earth would another lenders time line be relevant here?

It's not particularly relevant. Except that it seems to be a common-sense approach and I would be surprised if it wasn't fairly standard across the industry.

Which side of bed did you get out of this morning?

betmunch

One might also argue that not wasting an underwriters time until all requirements for an offer are ready for assessment is a common sense approach.

Each lender has their own way of dealing with an application

kingstreet

mlp wrote: »

It's not particularly relevant. Except that it seems to be a common-sense approach and I would be surprised if it wasn't fairly standard across the industry.

Which side of bed did you get out of this morning?

Some lenders underwrite the case before instructing the valuer. Some don't.

You shouldn't read anything into the methods of lenders to whom you haven't applied.

Stupid comment about beds...

mlp

Are there any brokers here who are currently waiting for Skipton to underwrite / instruct valuation / make offer?

No further progress in my case - they debited the valuation fee from my account a week ago but the online tracker says that the valuation has not even been instructed yet.

Broker said on Monday to give it a few more days so I will be chasing for an update tomorrow.

Thrugelmir

mlp wrote: »

No further progress in my case - they debited the valuation fee from my account a week ago but the online tracker says that the valuation has not even been instructed yet.

Perhaps they are waiting for a surveyor to confirm an appointment to undertake the valuation.

mlp

Valuation allegedly booked for Friday 13th...

Good job I'm not superstitious.