mortage valuation question.

rossplym

hi guys, on the 15th june i had a mortage valuation done on my potential new home, i was just wondering how long it takes to hear back about if i got the mortage or not. im a first time buyer so dont have a clue.

kinger101

The mortgage valuation itself isn't a decision on whether the lender is willing to give you the money. It just allows the bank to make a decision on the properties value as collateral against the debt. The amount of time it will now take will depend on which order your bank does things, and how busy the underwriters are. I'd be giving them a call on Monday though to see how the valuation went.

rossplym

ok thanks, so i just call my mortage lender?

kinger101

Yes. Shouldn't be a problem. They could probably let you know how long the final decision might take as well, as they'll know the banks' process, and the current workload for the underwriters.

alchemist.1

rossplym wrote: »

ok thanks, so i just call my mortage lender?

Yes. Bear in mind the time it takes for an offer will depend on complexity of your case and how busy the lender is.

rossplym

thanks guys, i will call them tomorrow.

rossplym

i called them today and the survey and valuation was all ok, had to take another bank statement to estate agents as the one they took from me didnt show all my deposit. the estate agent said i should know by the end of this week.