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Virgin money
Zingy2014
Posts: 4 Newbie
Hi - I'm waiting on a decision (in principle) on a mortgage application for a new house. They have taking the valuation fee but not confirmed re mortgage.. Is this a good sign?!
Thanks
Zingy
Thanks
Zingy
0
Comments
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You only pay the valuation fee when a full application is submitted. This can only be done once a DIP has been agreed.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks for your reply - sounds positive then. So they would do all relevant credit checks /affordability etc before taking valuation fee0
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Do you have a DIP?
Valuation is instructed up front prior to any assessment so does not indicate anything other than the application has been submitted.
Are you applying directly or through a broker?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Through a broker and no DIP yet.
Just noticed the value fee plus application fee had been taken from bank account. So if, worse case they decide not to lend then they refund the valuation ..?0 -
You need to speak to your broker. The DIP must have been passed to get to the point of paying the fees.
No, they wouldn't refund if the valuation has been done. Valuation needed prior to underwriting.
Your broker should have explained all of this to you.
Go and ask them for an explanation.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Many thanks for your help0
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