How long from valuation to mortgage offer ?

daniele9390

I’m a first time buyer and we applied for a mortgage on the 21st October, and had the valuation on the 24th October and now are waiting for the offer. I know it takes time but I’m panicking about if we will be offered a mortgage or not, so I’m wondering does anyone know how long Santander usually take between survey and a valuation ?

We are buying a property very cheap (Needs a lot of work but very good structurally) so we are buying the property for £25k less than it was valued on the day (according to the seller), is this going to affect our offer? The seller is still happy and doesn’t want any more money for it so we’re VERY lucky providing it all goes through but the property does have everything required including water electric kitchen and bathroom ....

Thanks in advance!!

Thrugelmir

daniele9390 wrote: »

and had the valuation on the 24th October

When did Santander receive the valuation report?

we are buying the property for £25k less than it was valued on the day (according to the seller),

Who valued the property on the day?

daniele9390

Hi, thanks for your reply! Santander instructed there own survey on the property, and I wasn’t aware they needed to wait for a report?! I rang Santander and they wouldn’t speak to me as I used a broker so I don’t think I’m able to get this information 😩

LRmortgage

Ask your broker for an update.
I can tell you that Santander are not the quickest at the moment, they have some amazing rates but this means they are inundated with cases to look at.
But your broker should be able to set your expectations and look at the case tracker.

SonOf

daniele9390 wrote: »

Hi, thanks for your reply! Santander instructed there own survey on the property, and I wasn’t aware they needed to wait for a report?! I rang Santander and they wouldn’t speak to me as I used a broker so I don’t think I’m able to get this information 😩

Santander employ other companies to carry it the mortgage valuation. It wont be a survey.

The question is a bit like asking how long a piece of string is. You could be looking at a week or two or you could be looking at a month or two. Possibly longer if there are serious retentions

frankiebowker

We had our application submitted via broker on 10/10 and still waiting an offer. Survey was completed on 17th

ilikepancakes

I have applied with Santander directly and they were extremely quick. I had valuation scheduled on Friday, they have updated me on Friday 3PM that the valuation has been done and the mortgage offer is on it's way. Following Monday my solicitor and I have received mortgage offer by post

Sanveen

Santander is quite slow at the moment. I have a few applications in process for my clients and they are taking atleast a week to come back after survey. Also, remember that most of the lenders nowdays instruct the survey straight away while they assess the application. Therefore, having survey doesn't necessarily mean offer will be issued straight away. The underwriters might be assessing and can ask for further information/documents if required.