TSB Valuation to Offer Query- Panic!

heytink

Hi all,

First time buyers, we are slightly concerned about the length of time we are having to wait for our mortgage offer

Timeline:
Offer accepted 15th June (185k)
Meeting with broker 18th June
Full application submitted to TSB 19th June
Valuation took place 24th June

As of yet we have still not heard back regarding an offer and are getting a bit nervous. I asked the broker on Tuesday for an update and they said it was with the underwriters and should take 'a few days' to come back with an offer.

Some background info: partner and I have a combined salary of 50k, no dependants or debts and 15% deposit (157k LTV). The deal we have chosen is a 35 years repayment mortgage with low fixed rate for 3 years so monthly repayments are very manageable. I am just panicking now and thinking the worst

I would really appreciate some advice on the following which have been bothering me:

-Do ALL applications go to an underwriter before final approval? I have seen conflicting info on this with some saying an app will only get referred to underwriters if they are concerned by something, others saying it is normal procedure for all apps. Does it differ lender to lender?

-If the valuation took place on 24th June and we have not had a word back to say whether it was good or bad, is this normal? Or should we have received some info on the outcome of the valuation by now? If we have not heard back and it has progressed to underwriters can we assumed there was not a problem with the valuation?

Any advice from any mortgage savvy people out there would be very much appreciated!

exotictramp

hi, we are in a similar situation, applied 19th june aswell, but our valuation was 29th. we didnt get a text either to say valuation was accepted, but our broker said they had spoken to nationwide and apparently it was ok?... that was yesterday.

still nothing this morning. this forum seems to suggest people get texts back quite early on.. trying not to panic day off work today doesnt help lol!

I think all go to underwriters for final checks before offer, some get randomly selected for audit which can take an extra few days to process...

kingstreet

No idea about TSB but different lenders operate in different ways.

Nationwide is taking two to three days to offer from receipt of valuation.

heytink

Thanks This is all so stressful and everyone (of course) has a different experience so you're never sure if yours is normal or not!

I'm not sure if as we have gone through a broker and not direct to the lender we are not getting updates as we would had we gone direct. No text or email or anything re the valuation for us

Fingers crossed though!

Sarahj1590

I have got my mortgage offer through TSB (direct).

They were very quick up until after valuation for me too, but in my experience it is nothing to worry about. The MA told us it just takes a long time for them to complete the final checks before issuing a mortgage offer. Prior to this he had told us that if the valuation came back OK then we have basically got the mortgage offer.

A couple of days after our valuation we received a copy of it through the post, so it is strange not to have heard anything.

Senior_Paper_Monitor

TSB instruct valuation as soon as application made (and fee paid if applicable - they generally have valuation fees and high ones at that) unless broker applicant specifically contacts them and instructs to hold.


TSB are not particularly quick at moment and the timescales you are referring to are perfectly normal.

heytink

Hi all,

Finally broke and chased the poor broker again and good job I did, he phoned TSB only to find out the valuation never went ahead as the valuer was 'ill' that day and they didn't think to tell us or the broker about it!! So we are just sitting back merrily twiddling or thumbs waiting for a report on a valuation that never took place! They are going to book in another one today but seems very sloppy to me. Grrr, not impressed by TSB at the moment..

Stacer

We are selling our house to a first time buyer who has applied for a mortgage with TSB. Timeline is - offer accepted 21 Sep, current situation is that valuation has not yet taken place but "might be possible" next week. I am assured that the mortgage was applied for soon after offer made but reading this thread this seems unlikely. I would welcome any opinions.

Thrugelmir

Valuation appears to be holding up the process now.

Stacer

I agree, the valuation is holding up the process but in this case it isn't even scheduled yet. Looking at the posts on this thread, the valuation usually takes place within days of the application.

Thrugelmir

Stacer wrote: »

Looking at the posts on this thread, the valuation usually takes place within days of the application.

Sometimes there's delays in getting valuations performed. People aren't sitting around doing nothing.