Underwriting
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Confused789
Posts: 54 Forumite
OK, so long story... Will try and make it short! Trying to buy a new build with kensington so went through a broker. Agreed in principle, went to underwriter who asked for a few other things, did those. Was about to be valued when lock down started so now just in the long wait. However, the more this has gone on the more I've had time to think and worry! 🤣 Am I OK to assume that everything would be OK if it has gone to the valuation stage? And provided that comes through OK we would get an offer? It's 64%ltv so we have a large deposit.
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We had our valuation done at the start of the year (Feb), and 7 days later had an e-mail with a mortgage offer. I can't imagine they are going to go and value a property if you have no hope of getting a mortgage on it. Fingers crossed the valuation comes back with what you need I guess is the bigger stress, as what you offered pre-COVID may be different to what a surveyor thinks it's worth after COVID. I would stress with that point that I personally don't think you should get worried, as there have been so few sales that there is no reliable data at present to know what the property market is doing, so I can't imagine that valuations are going to have changed too much if at all once they get going again. I should also add I am no broker, just a regular Joe like you, so take all of the above with a huge pinch of salt!0
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With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.
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Windofchange said:We had our valuation done at the start of the year (Feb), and 7 days later had an e-mail with a mortgage offer. I can't imagine they are going to go and value a property if you have no hope of getting a mortgage on it. Fingers crossed the valuation comes back with what you need I guess is the bigger stress, as what you offered pre-COVID may be different to what a surveyor thinks it's worth after COVID. I would stress with that point that I personally don't think you should get worried, as there have been so few sales that there is no reliable data at present to know what the property market is doing, so I can't imagine that valuations are going to have changed too much if at all once they get going again. I should also add I am no broker, just a regular Joe like you, so take all of the above with a huge pinch of salt!0
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Thrugelmir said:With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.0
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Confused789 said:Thrugelmir said:With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.
Like you mine has been stuck for weeks but hoping things move now.
House is across the road from me empty and I see it everyday. 😊0 -
jenks48 said:Confused789 said:Thrugelmir said:With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.
Like you mine has been stuck for weeks but hoping things move now.
House is across the road from me empty and I see it everyday. 😊0 -
Confused789 said:jenks48 said:Confused789 said:Thrugelmir said:With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.
Like you mine has been stuck for weeks but hoping things move now.
House is across the road from me empty and I see it everyday. 😊0 -
took 6 weeks for offer for me from Barclays with a desktop Valuation, which was valued the same as it was before the lock down so no down valuation. <60% LTV"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
csgohan4 said:took 6 weeks for offer for me from Barclays with a desktop Valuation, which was valued the same as it was before the lock down so no down valuation. <60% LTV0
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jenks48 said:Confused789 said:jenks48 said:Confused789 said:Thrugelmir said:With a large deposit. There's certainly more leeway for the underwriter in terms of the property valuation. Providing your personal circumstances haven't changed to impact affordability. Then you should still be on track.
Like you mine has been stuck for weeks but hoping things move now.
House is across the road from me empty and I see it everyday. 😊0
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