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At what stage is valuation fee paid?

I've been asked to, and have paid, the valuation fee to Halifax today.
Does this mean I've passed the initial checks and it's looking promising?

Comments

  • Sncjw
    Sncjw Posts: 3,596 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    No they need to value how much the house is worth and if the mortgage amount is within this. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment paused to pay off cc 

    Starting balance £66,565.45

    Current balance £55,819

    Cc debt free.

  • Sure.... I know what it's for...
    My question was where in the process the valuation fee is requested. I mean I can't see them requesting payment if there was no prospect of them lending to me as an applicant. Looking at the property itself is surely in the second stage of the process.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There'll be various enquiries running at the same time. Once all the data is collated and provisional checks passed. Then an underwriter will review your application as a whole not piecemeal. 
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Valuation fee is collected as the application is submitted so you would usually have been credit checked by that point.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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