"Formal" Mortgage offer

pollyanna24

I rang up Nationwide yesterday to get an update and she said that my mortgage had gone through and been passed as at 12.01pm.

But I have still not received any confirmation by e-mail or text. I've rang my solicitor and she said she would expect to receive the offer from Nationwide by post.

I just wondered what the normal timescale was for these things, i.e. for me to receive any notification and for my solicitor to receive the formal offer in the post?

marksoton

I got a text confirmation that a formal offer had been approved and was being sent out.

The paperwork came through the post about 3 days later.

KayTM

We discovered our application had been approved when the vendor's EA contacted us to say the lender's valuer had visited the property. First we knew of it! Of course we were pleased to have been approved, but we were the last to know. The lenders didn't notify us until we chased them to find out what was going on. Then they said that they'd approved the application and sent their valuer.

By the time we got any info about being approved, the valuer had already given it his OK (thank goodness). We were spared the wait between approval and valuer, I suppose. But it would have been nice if the lender had kept us better informed.

(Not Nationwide and rather not say more until the deal is done and dusted.)

marksoton

KayTM wrote: »

We discovered our application had been approved when the vendor's EA contacted us to say the lender's valuer had visited the property. First we knew of it! Of course we were pleased to have been approved, but we were the last to know. The lenders didn't notify us until we chased them to find out what was going on. Then they said that they'd approved the application and sent their valuer.

By the time we got any info about being approved, the valuer had already given it his OK (thank goodness). We were spared the wait between approval and valuer, I suppose. But it would have been nice if the lender had kept us better informed.

(Not Nationwide and rather not say more until the deal is done and dusted.)

Sounds the wrong way round!

Formal offers aren't normally given till a valuation has been carried out.

pollyanna24

marksoton wrote: »

Sounds the wrong way round!

Formal offers aren't normally given till a valuation has been carried out.

As far as I know, the valuation was done way back in August sometime, but again, I wasn't informed that this was approved and so had to assume it was.

Thrugelmir

pollyanna24 wrote: »

As far as I know, the valuation was done way back in August sometime, but again, I wasn't informed that this was approved and so had to assume it was.

Were you sent a copy of the valuation report?

libf

pollyanna24 wrote: »

As far as I know, the valuation was done way back in August sometime, but again, I wasn't informed that this was approved and so had to assume it was.

Request a copy of the valuation if you want to know.

pollyanna24

Thrugelmir wrote: »

Were you sent a copy of the valuation report?

No. But when I rang up and asked if Nationwide accepted what I thought my house was worth (it's a remortgage to buy my brother out), they said yes.

I didn't know I could request to see the report. Is there any need now to do so as I've been told over the telephone that I have been offered a mortgage?

I have found the whole process very long and drawn out. Part of me wishes I'd gotten a broker, but didn't think it was necessary.

It didn't take half as long the last two times I got a mortgage.

libf

I didn't know either but my solicitor wanted to see it so I rang them up and asked for it. I'm nosy so I'd want to see it anyways, but I don't suppose there's a 'need' as such.

Lungboy

It might have some useful information on it if you didn't also have a homebuyers or building survey done.

kinger101

pollyanna24 wrote: »

No. But when I rang up and asked if Nationwide accepted what I thought my house was worth (it's a remortgage to buy my brother out), they said yes.

I didn't know I could request to see the report. Is there any need now to do so as I've been told over the telephone that I have been offered a mortgage?

I have found the whole process very long and drawn out. Part of me wishes I'd gotten a broker, but didn't think it was necessary.

It didn't take half as long the last two times I got a mortgage.

Just wait a few days. It's probably in the post. The mortgage offer will contain some important details, particularly with regard to the rebuild value and terms of conditions required for insurance. You'll need a policy which complies with these, or funds may not be released.