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Accept mortgage offer before independent survey?
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Help1234
Posts: 464 Forumite
Hello, we applied for a full mortgage and had a basic valuation done which came back fine. We had the full mortgage approved the other day and we received paperwork in the post yesterday and one form - the acceptance of offer we have to sign and post back. I’m not sure what the deadline is but the mortgage lender have said to post back as soon as possible.
We are FTB and buying a Victorian semi. We have a full building survey booked in for Monday and were told results take 7 days.
Should we post back our signed acceptance of the mortgage offer now or wait until we have received the full survey results?
Thanks
We are FTB and buying a Victorian semi. We have a full building survey booked in for Monday and were told results take 7 days.
Should we post back our signed acceptance of the mortgage offer now or wait until we have received the full survey results?
Thanks
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Comments
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Just because you have signed and returned an offer document, it doesn't bind you to actually purchasing the property. All you agreeing to is the terms and conditions of the mortgage.
I would send it back on the basis everything comes back fine on the survey. If anything does crop up, speak to your broker / lender and find out what your options are.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Your lender may request sight of the survey. As they may wonder why you are having this done after receiving a mortgage offer. In that you are aware of something that they aren't.0
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Oh right I am just having done after receiving advice to do so based on the age of the property and because we are a bit clueless so wouldn’t be able to tell ourselves if there were any major issues0
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I can't see anything suggesting the lender knows about the survey.Thrugelmir wrote: »Your lender may request sight of the survey. As they may wonder why you are having this done after receiving a mortgage offer. In that you are aware of something that they aren't.0 -
No it is an independent survey0
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We had our mortgage offer before our survey was done. No issues.0
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What is your commitment in doing so?Should we post back our signed acceptance of the mortgage offer now or wait until we have received the full survey results?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
nothing is agreed until exchange of contracts, both sides can still pull out, assuming in England"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
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