who gets informed about my mortgage

ric1982

Hi,

I am in process of purchasing a house. I am a little confuse about who gets to see the progress of my mortgage application apart from me?

Does the EA or seller or seller's solicitor made aware when
- my mortgage is approved?
- the bank gets valuation done if so does EA/vendor knows about the figure?
- when the home buyer's valuation report done?

Thanks,

lisyloo

The financial side of it is private so just you and the bank.
The banks valuation and home buyers report are often the same thing.
Clearly the seller is going to know if a valuer wants to come inside their house, check out the boiler etc., go up into the loft etc. because someone will be inside their house. Only the bank or yourself are entitled to the information coming from the report.


Obviously if you wanted the seller to lower the price due to any aspect of the report then you'd have to share your justification from the report.

ric1982

lisyloo wrote: »

The financial side of it is private so just you and the bank.
The banks valuation and home buyers report are often the same thing.
Clearly the seller is going to know if a valuer wants to come inside their house, check out the boiler etc., go up into the loft etc. because someone will be inside their house. Only the bank or yourself are entitled to the information coming from the report.


Obviously if you wanted the seller to lower the price due to any aspect of the report then you'd have to share your justification from the report.

Would they know when my mortgage is approved or denied?

TBagpuss

The seller won't be told automatically. Normally, you tell the lender which solicitor you are using and they will send a copy of the mortgage offer direct to your solicitor.

If the mortgage is declined then you will have to consider how to proceed - whether it's a minor issue you can fix, or whether it means you are going to pull out of the purchase, in which case you will have to tell the seller you are pulling out. You don't have to tell them why, but it may be appropriate to do so. (For instance, if you are pulling out because the lender won't lend on that property, it is in your interested to let the seller and their agents know, as if you are then still house hunting in the same area you don't want the agents to be put off recommending you to sellers, which could happen if they think that you pulled out for no reason, or because you had your mortgage offer pulled.