How does your mortgage co do a valuation on a new build -exchange 28 days from res

fashionvictim

I have a reserved a Taylor Whimpey new build few weeks back.

TW say they require exchange within 28 days from reservation, but when I had an appointment with my mortgage company they said they don't give the mortgage offer until they have done the valuation.

House should in theory be finished by Dec 2015, build in progress but the roof is not on yet

I am keen to exchange asap to lock in my buyer.

Soooo a bit confused. Surely I cannot exchange with mortgage offer and the property is still being built, will they go to site to value before it's finished? Or look at a show home? Anyone had any experience with this?

kingstreet

The plot is valued from the plans.

For added security, some lenders re-inspect before completion (Coventry).

fashionvictim

kingstreet wrote: »

The plot is valued from the plans.

For added security, some lenders re-inspect before completion (Coventry).

I've gone to my current mortgage provider - Halifax, as want to port across my fixed rate which is a great rate

Do need to get some bits of paperwork to them so once that's done I hope they will be able to issue the offer. I remember them saying I have to pay a valuation fee, assume they charge to look at the plans too

David_White

I bought a new build through Taylor Wimpey in August last year and used Halifax for my mortgage.

From what I remember I got my Offer before they'd even started building but I believe they checked the property before allowing me to complete which happened about 6-7 months after reservation.

fairyloveheart

I am pretty sure they often value new builds on comparables and sometimes do a paper exercise.