Is having a valuation good news?

jarshay

Hey All,

We submitted our full mortgage application a couple of weeks ago and have had a valuation instructed on the property - does this mean that we have passed the credit checking, affordability and lending criteria?

How far away are we from getting the offer?

LadyGMadameToThee

It means nothing. The valuations almost always throw up numerous issues with the property. The first house we looked at was rejected after the valuation picked up a large power pylon too close to the house. Second valuation too close to a river. Third valuation has just come back with the lender demanding a full damp & timber report which will probably show that thousands of pounds worth of work needs to be done - meaning we'll have to withdraw from the sale. It never ends! The valuations carried out by lenders are also known to be undervaluing the properties across the whole of the uk!

jlpike

Most lenders instruct valuations day 1 before underwriting so it does not mean you have been accepted yet

BLOW_FLY

Our application went through full underwriting process before valuation was instructed.

Valuation was then just a formality, surveyor carried it out on a Friday and the full mortgage offer was issued Saturday morning.

Each case and lender is different though of course.

That said, if valuation is being carried out then I'd say it's definitely a positive sign.

BF

davilown

Just going through HSBC at the moment - they go to underwriters first then they send out an text saying mortgage has been approved subject to valuation. Go the valuation date next week so should be relatively straight forward .....

Missymae0

We have been through underwriters and now instructed valuation. I'd take it as a positive sign just not out of the woods yet. Good luck

elonii

Depends on different providers. I'm about a week into the process with Coventry Building Society. They instruct a valuation on Day 1. So that's booked for next week whilst they are also gathering my income proof from my accountant and myself.

Fingers crossed for everyone in the application process at the moment. I personally can smell the Dulux and the new carpets already

jarshay

Thanks for all of your comments. We are going through with Santander - fingers crossed we are nearly there!

Thrugelmir

BLOW_FLY wrote: »

Valuation was then just a formality, surveyor carried it out on a Friday and the full mortgage offer was issued Saturday morning.

Valuations aren't a formality as far as the lender is concerned. Adequate security for the money being advanced is just another part of the process.