Morgage Approved

katkatmachine

If the valuation has been instructed there’s a good chance that you already passed the affordability test. We are also buying a new build, ours is 85% LTV with Halifax, but we will have to apply for a mortgage extension, house now is delayed due to covid-19. I think you’re even luckier than us, your mortgage offer might have been delayed but at least your new build is most probably done before the offer expires. 

jenks48

katkatmachine said:

If the valuation has been instructed there’s a good chance that you already passed the affordability test. We are also buying a new build, ours is 85% LTV with Halifax, but we will have to apply for a mortgage extension, house now is delayed due to covid-19. I think you’re even luckier than us, your mortgage offer might have been delayed but at least your new build is most probably done before the offer expires. 

The New build is empty across the road from me. My application has been going on forever.. .good luck just thought I'd check it out fingers crossed if the valuation has been instructed good chance ill get a morgage offer.
 Good luck to you too
 

jenks48

I'm still awaiting the Physical valuation on the property I'm wanting to buy. What happens if it gets valued less due to the panademic? Does the morgage offer fall through only I have been messed about something rotten by barclays which they have admitted too.any idea on what happens?

JessJ23425

jenks48 said:

I'm still awaiting the Physical valuation on the property I'm wanting to buy. What happens if it gets valued less due to the panademic? Does the morgage offer fall through only I have been messed about something rotten by barclays which they have admitted too.any idea on what happens?

Wondering the same, our valuation will hopefully be happening very soon now L&G are resuming from tomorrow.
If it comes in lower what's the options we have?

hollygriff90

We are also the same, we have been told our mortgage with nationwide is all pre approved pending valuation. It’s a new build so hoping it’s all ok

jenks48

Mine is the same. Hoping all ok too.
Goodluck hoping to hear soon 

jenks48

I'm just concerned if the new builds get valued lower where do you go from there..I'm hoping not but knowing my luck there is gotta be another hurdle.
Just have to wait and see..mine is the last new build empty so praying it will be okay..

MovingForwards

If the surveyor values the property lower than your offer you can appeal it if there's evidence to support a higher valuation, make up the difference yourself or find another property to buy.

Barclays wouldn't turn round and say 'the property is valued at £100k, but as we've made a few mistakes along the way it's ok we will lend £200k" (can't remember what your offer is, but you get the idea).

The property has to be sufficient in value to repay the loan in full, if they repossess the property in the future. Obviously, they don't know what the value will be in the future.

jenks48

MovingForwards said:

If the surveyor values the property lower than your offer you can appeal it if there's evidence to support a higher valuation, make up the difference yourself or find another property to buy.

Barclays wouldn't turn round and say 'the property is valued at £100k, but as we've made a few mistakes along the way it's ok we will lend £200k" (can't remember what your offer is, but you get the idea).

The property has to be sufficient in value to repay the loan in full, if they repossess the property in the future. Obviously, they don't know what the value will be in the future.

Yes I am aware of the lending and yes they made a right mess of my application.. well put it this way if they under value it mine will be the only one because it's the only one unsold and empty.  I have already increased my borrowing by another 5k because of there mistakes which they've admitted again ..so sadly I have no more funds to put down its is already a 65%ltv borriwing 
I will wait and see and appeal if it comes back lower. 
Thanks for the advice

Safe'n'Sound

MovingForwards said:

If the surveyor values the property lower than your offer you can appeal it if there's evidence to support a higher valuation, make up the difference yourself or find another property to buy.

Barclays wouldn't turn round and say 'the property is valued at £100k, but as we've made a few mistakes along the way it's ok we will lend £200k" (can't remember what your offer is, but you get the idea).

The property has to be sufficient in value to repay the loan in full, if they repossess the property in the future. Obviously, they don't know what the value will be in the future.

Unless I'm missing something here, why is 'offer the valuation price' not the first option? The most obvious scenario seems to have been omitted from the options! Like I said, forgive me if I've missed an obvious point.