Valuation survey so quickly?!

CG77

Morning all,

My mortgage application went in on Monday and on Wednesday I went to view the house again to be told by the lender the house had been surveyed the day before, on the Tuesday! He’d had the call on the Monday asking him to be at the house to let them in on the Tuesday. He wasn’t sure who had done it and very annoyingly I haven’t been able to get in touch with my broker or caseworker since then (neither is answering phone or returning my voicemails) so I haven’t been able to check but this can only have been the mortgage company I presume?

Is it usual to instruct a valuation survey the same day the application goes in and have it done the next day? They don’t even have my bank statements etc yet!

Thank you

kingstreet

A mortgage report & valuation will be instructed immediately by many lenders. If the survey firm the lender uses has capacity it will be done when that capacity allows, possibly the same or next day.

Lenders typically no longer wait for documentation and making a case "approved subject to valuation," on the basis that provided the documentation agrees with the application data, which it should, there is no reason to delay.

CG77

Thank you Kingstreet-I appreciate your reply. So hopefully it should be fairly straightforward once they’ve looked at the documents.

Once I manage to get hold of my broker (!), should he know the result of the valuation and be able to tell me?

Thanks again.

YHM

Dependant on the lender, he should get an update saying the valuation has been done and the outcome from it. This update usually comes through a couple of days after the survey has been completed.

Fiesto88

Entirely normal. I’ve seen cases where application was submitted at 8:30am and the valuation report has been approved by 6pm (admittedly during quiet periods).