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Valuation has been instructed, in mortgage process, what does this mean?
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Mjl11
Posts: 13 Forumite
They’re still looking at our case, we have had a mortgage in principle and now it’s goibg through properly. We’re so anxious waiting to hear if we’ll definately get it. Our broker has told us that the valuation has been instructed now so our agent should receive contact by the end of next week.
He said it is looking positive when I asked him.
However, just in the back of my mind, if it was to get declined would they still book this valuation?
Or is that a sign that it’s likely to be fine??
:beer: thanks
He said it is looking positive when I asked him.
However, just in the back of my mind, if it was to get declined would they still book this valuation?
Or is that a sign that it’s likely to be fine??
:beer: thanks
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Comments
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3 threads and 4 posts
My broker said the same, normally they do not instruct valuation unless they initially happy with the application, but on other hand I read examples where it's fallen over after valuation.
You overthinking everything (like I am currently)
You having sleepless nights over it (like I am)
Trust your broker and relax.0 -
However, just in the back of my mind, if it was to get declined would they still book this valuation?
It depends on your mortgage lender.
1) Some mortgage lenders will check all your finances first, before they book the valuation.
2) Other mortgage lenders will book the valuation as soon as they get your application, and then check your finances in parallel.
Doing option 2 can speed up the process, but if you fail the financial checks, you've wasted your valuation fee.
And of course, a valuation might show up problems with the property, meaning that the mortgage offer is reduced or refused.0 -
It means they have booked their valuer to inspect the house and report back to them.
As edddy says, diiferent lenders will do this at different stages so it may or may not indicate that they are happy with your finances.
Ypur broken should be able to give you an idea of what timescales are usual with your lender from this point on.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
AIP means they don't object to the concept of lending you the money.
They also want to be sure the house is proper security for the loan - and the valuation is when they check that.0
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