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Underwriting

15 replies 534 views
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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Replies

  • edited 8 May at 8:03PM
    WindofchangeWindofchange Forumite
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    edited 8 May at 8:03PM
    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! 
  • ThrugelmirThrugelmir Forumite
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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. 

    “An investor who has all the answers doesn’t even understand all the questions.” - John Templeton
  • Confused789Confused789 Forumite
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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! 
    Yes I know what you mean! Although hoping valuation comes in slightly lower to give me some extra negotiating power! 
  • Confused789Confused789 Forumite
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    10 Posts
    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. 

    Thankfully no change as both key workers so stable income! Fingers crossed then. 
  • jenks48jenks48 Forumite
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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. 

    Thankfully no change as both key workers so stable income! Fingers crossed then. 
    I'm glad I've just picked up on this my morgage application went in 10th March..long story....underwriter has now instructed a valuation last week. Same as you borrowing 64%. LtvThis is a new build so I'm hoping it will go through..i have been told that wouldn't instruct a valuation if they had no intent on lending the money
     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. 😊
  • Confused789Confused789 Forumite
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    jenks48 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. 

    Thankfully no change as both key workers so stable income! Fingers crossed then. 
    I'm glad I've just picked up on this my morgage application went in 10th March..long story....underwriter has now instructed a valuation last week. Same as you borrowing 64%. LtvThis is a new build so I'm hoping it will go through..i have been told that wouldn't instruct a valuation if they had no intent on lending the money
     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. 😊
    Are they doing a physical valuation? 
  • jenks48jenks48 Forumite
    91 posts
    10 Posts Name Dropper
    jenks48 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. 

    Thankfully no change as both key workers so stable income! Fingers crossed then. 
    I'm glad I've just picked up on this my morgage application went in 10th March..long story....underwriter has now instructed a valuation last week. Same as you borrowing 64%. LtvThis is a new build so I'm hoping it will go through..i have been told that wouldn't instruct a valuation if they had no intent on lending the money
     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. 😊
    Are they doing a physical valuation? 
    Not at the moment I dont think so I think applications go on hold but there was talk on some going desktop valuations. Mine is with Barclays so I'm unsure whether they will. That will be the next hurdle. Who is your application with?
  • csgohan4csgohan4 Forumite
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    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/ PIxie RIP
  • jenks48jenks48 Forumite
    91 posts
    10 Posts Name Dropper
    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% LTV
    So it's quite possible they may do a desktop valuation with barclays mine is just over 60% ltv. Am I right in saying there is a good chance of getting a morgage offer if a valuation has been instructed? 
  • Confused789Confused789 Forumite
    17 posts
    10 Posts
    jenks48 said:
    jenks48 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. 

    Thankfully no change as both key workers so stable income! Fingers crossed then. 
    I'm glad I've just picked up on this my morgage application went in 10th March..long story....underwriter has now instructed a valuation last week. Same as you borrowing 64%. LtvThis is a new build so I'm hoping it will go through..i have been told that wouldn't instruct a valuation if they had no intent on lending the money
     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. 😊
    Are they doing a physical valuation? 
    Not at the moment I dont think so I think applications go on hold but there was talk on some going desktop valuations. Mine is with Barclays so I'm unsure whether they will. That will be the next hurdle. Who is your application with?
    Mine is with kensington. Fingers crossed for us both. 
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