Valuation

ellyp95

Hi,

Had phone call today saying the valuation has been booked for next week!

I have been left a bit confused though as the estate agent told me that with them booking the valuation in it means the mortgage has been accepted subject to valuation? But this has come from the estate agent not my mortgage broker. Is this right? We have applied for a mortgage with Virgin Money.

Thanks

goodison12

Hi
We are going through a mortgage with Virgin and also got our valuation booked in for next Thursday. My MB said that they will do all the check extra and then make final decision when valuatio comes in. I

ellyp95

@goodison12 so does this mean all our documents have been looked through already and they feel we are ok for a mortgage, subject to the valuation? Or is it just standard practice to do a valuation for every mortgage application even if the documents don't look good? I'm a FTB and really confused lol

amnblog

Speak to your mortgage broker. An instructed valuation does not necessarily mean that everything else is checked in full.

goodison12

Very different opinions from MBs about what the process for a mortgage is. I suppose we just don't know until we get the offer and until then it's just an awful unsettling time for us all

ellyp95

@amnblog thank you, I emailed my mortgage broker once I had finished work but he will have also just finished work so I will probably get a reply tomorrow morning

goodison12

Please let me know what he says thanks

ellyp95

@goodison12 I know I was so excited when they rung to tell me the valuation was booked in, I thought that meant everything was fine with our application and it just needed the valuation before they give us an official mortgage offer. Now back to feeling blue and out of the loop

ellyp95

I will let you know

goodison12

Any news on the Virgin valuatio Elly??

ellyp95

@goodison12 sorry totally forgot to let you know!! My MB replied to my email basically saying it is no guarentee the mortgage has been accepted subject to valuation being ok, he said that each lender works differently, some underwrite then do the valuation, and some do the valuation then underwrite, so it is just a case of waiting he did say I should have an answer within a week of the valuation taking place though. Our valuation is on Tuesday this week (1st March) so fingers crossed we will have an answer by Tuesday next week! Hope you are not waiting too long for answers too