Mortgage valuation gone ahead. Good sign?

rascal_russ83

Hi all,

I'm a FTB and I am purchasing a new build property.
I have just had confirmation from my mortgage broker that the valuation of the property I wish to buy happened yesterday. Is this a good sign? My mortgage application is with Halifax.
Also what happens after the valuation? Any more paperwork to do or is the valuation the last piece of the puzzle before an official offer is given to me?

Many thanks for your help in advance

kingstreet

Valuation is instructed at point of application.

Read nothing into it. Your offer will normally be issued within 48 hours of the return of the valuation if the lender has all the supporting docs and is happy with them.

rascal_russ83

kingstreet wrote: »

Valuation is instructed at point of application.

Read nothing into it. Your offer will normally be issued within 48 hours of the return of the valuation if the lender has all the supporting docs and is happy with them.

My full application went in early last week (got a decision in principle a few weeks prior) and the monies for the survey only got taken over the weekend. My broker said that the underwriting has been done and that the offer is only subject to the valuation now.

kingstreet

Was there something wrong with the case that is had to be referred to a business assessor or credit decisioning?

Halifax only puts a stop on the valuation instruction if there's an issue requiring a referral.

For example, if there is historic adverse or one year self-employed, the system doesn't issue the valuation instruction on submission of a full application until a business assessor has signed-off the case.

When the valuation comes in, it then has to be signed-off again before the offer is issued.

rascal_russ83

kingstreet wrote: »

Was there something wrong with the case that is had to be referred to a business assessor or credit decisioning?

Halifax only puts a stop on the valuation instruction if there's an issue requiring a referral.

For example, if there is historic adverse or one year self-employed, the system doesn't issue the valuation instruction on submission of a full application until a business assessor has signed-off the case.

When the valuation comes in, it then has to be signed-off again before the offer is issued.

Nothing other than a little bad credit a while ago,

Other than that all fine.

kingstreet

rascal_russ83 wrote: »

Nothing other than a little bad credit a while ago

Which is all you'll get Halifax to accept and the usual reason for the delay in the valuation instruction.

rascal_russ83

OK. That's good to know. So that being said and the valuation now done what else can I expect to happen. Sorry for being so naive but all new to me.

cns06

Each lender is different but most will then accept the valuation and carry out final checks before issuing an offer to you and your solicitor. Sometimes applications are selected for audits before the offer is issued which can cause delays. In our case the offer was issued in around 3 working days after the valuation the first time and the second time (we changed property) it was longer, well over a week. So it shows it really can vary. Apparently the second one was delayed due to the rush on mortgages before the changes in SDLT.