Valuations

john1b

My mortgage application is currently with the underwriter and I have heard that they will not be doing any valuations during the current situation. Does this mean I am now left sweating on whether my mortgage is approved or not until they can get out and do a valuation?

Thrugelmir

Lenders subcontract the valuation work to outside third parties. Many third parties have furloughed their staff. 

CrazySexyCool

I'm in a similar position. When I had my telephone appointment with the mortgage advisor, she said that for the majority of cases they will be doing desktop valuations, which means that they don't need to go out. But those that can't have desk top valuations, will be put on hold. I got an email prior to the bank holiday weekend saying that they will look into whether they can do a desk top valuation for my case, and that they will keep me updated.
Hopefully your lender will do the same.  

inma972

Hi, Could you disclose which lender(s) have enable desktop valuations and those who haven't? I'm in the same situation as john1b, however the real estate agent claims via info from their preferred broker (not the one I use) that most lenders now offer desktop valuations. Thanks

john1b

Apparently mine don’t do desktop valuations. Is it possible they could say I am approved subject to valuation? I would feel better if that was the case.

john1b

It’s a new build by the way. Shared ownership 

CrazySexyCool

I'm shared ownership too!  I am currently staircasing - are you purchasing or staircasing?
I am remortgaging, well attempting to, with Nationwide. So they are doing desk top valuations whenever possible.
I cannot comment on other lenders - not a broker, nor estate agent, or anything like that.
I agree with you john1b - I would love to be told approved subject to valuation, but from checking my credit file, they still haven't done any searches yet. So seems that they want to get the valuation done first.

omd3x

Hi. I had to be bearer of bad news but we were In same position, we were told we were approved ‘subject to valuation’, been waiting on valuation since 22/03 & got news this week that our mortgage offer has been pulled as they are no longer offering 90% LTV and we would need to go 80% (Danske.) 

We have been advised that this may be a good thing, as if our mortgage went through at current pricing and the market were to crash, we could be left in negative equity. Ie not worth what we’ve paid.
i know it’s super crap waiting on news, but we are hoping it’s for the best. Sending positive vibes that it works out for you too! 

Thrugelmir

john1b said:

Apparently mine don’t do desktop valuations. Is it possible they could say I am approved subject to valuation? I would feel better if that was the case.

Wouldn't mean anything. Without a mortgage offer the legal process isn't going to proceed. 

CrazySexyCool

It may not mean anything, but knowing that credit checks etc are all fine is one less thing to worry about. I completely understand where the OP is coming from in that regard.
In response to omd3x's comment, I don't think it will be entirely relevant in this case as it is shared ownership. Unless the OP is buying 100%, the LTV is highly likely to be lower than 80% anyway.

Thrugelmir

CrazySexyCool said:

It may not mean anything, but knowing that credit checks etc are all fine is one less thing to worry about. I completely understand where the OP is coming from in that regard.

Lender will rerun the entire application if too much time has elapsed. I wouldn't bank on much movement in terms of the lifting of restrictions for some weeks yet.