Accord: What happens after valuation?

Bex_27

Evening! We have our valuation booked in, Accord is flying through our application. What should we expect next? They have asked questions, approved already via underwriter. I am an FTB so new to this! We have an awesome MA but just wanted to ask people who have been through the process with Accord.

Thanks in advance!

ZappyBoy

Hi. I'd love to know your timeline with Accord. After your valuation, there probably will be questions from the underwriter. If they are happy, your application should then go for final checks.
Our application went in on the 4th of Aug, we had our valuation done on the 15th August. Came back fine. After that our application went to the underwriter who had about three sets of questions which we answered over the following weeks. After bank holiday, we were told there was a 4 day turnaround for updates. Our application was then passed from the underwriter last week to go through final checks. 
Hope that helps.

Bex_27

ZappyBoy said:

Hi. I'd love to know your timeline with Accord. After your valuation, there probably will be questions from the underwriter. If they are happy, your application should then go for final checks.
Our application went in on the 4th of Aug, we had our valuation done on the 15th August. Came back fine. After that our application went to the underwriter who had about three sets of questions which we answered over the following weeks. After bank holiday, we were told there was a 4 day turnaround for updates. Our application was then passed from the underwriter last week to go through final checks. 
Hope that helps.

Thanks Zappy for your reply! We only applied last week, our DIP was referred but before we even had a chance to answer their questions they approved it. I then sent over a set of three questions, they asked about my other halves missed payment on his HP finance, his default (his former partner got them into debt without him knowing 😡) and they asked me about a mail order missed payment, an old agreement to pay, an old missed loan payment. All of these were satisfied within ten minutes of sending across, I also wrote a supporting statement to highlight that we have worked throughout COVID, I became very ill and was hospitalised during this time and we still paid our bills despite being on sick pay, so hopefully that helped demonstrate we are a good candidate. This was all done on Friday, we were then quickly pushed through to valuation stage and that’s being done Thursday. I can’t believe how quickly they are going through this! Our DIP was approved on the 2nd September!

I am not sure what more questions they will ask as we have answered all around the issues we have had. What did they ask you? I reckon you should hear soon! I believe it’s 5 days after valuation. 

Cscott139

Accord are generally pretty good at processing applications. If they are happy with the application the case should get offered soon after the valuation provided that all comes back ok.

Bex_27

Cscott139 said:

Accord are generally pretty good at processing applications. If they are happy with the application the case should get offered soon after the valuation provided that all comes back ok.

It's a new build so hopefully will be all ok, it looks like they are just doing an online valuation as our builders didn't know about it. Do they do further checks after the valuation in regards to us? I have answered questions already and hoping they've already checked everything out.

Cscott139

The checks on you are separate from the valuation. They generally instruct the valuation straight away so this can be arranged before they have fully underwritten the case so they may still have work to do on assessing you even if the valuation is ok. From past experience though, if your broker has sent everything across straight away I would have thought that they will have finished going through the supporting info by the time the valuation comes back.

Bex_27

Cscott139 said:

The checks on you are separate from the valuation. They generally instruct the valuation straight away so this can be arranged before they have fully underwritten the case so they may still have work to do on assessing you even if the valuation is ok. From past experience though, if your broker has sent everything across straight away I would have thought that they will have finished going through the supporting info by the time the valuation comes back.

Thanks, that's really good to know, I am new to the process so it's quite overwhelming. Fingers crossed they are happy and we hear so *hopeful* good news soon!

ZappyBoy

They had all documentation and queried things such as what a payment to LISA was from my current account. Explained this was for a Lifetime ISA. Also asked about partners commute to work just outside of london. 
Also as it's a new build they wanted a Disclosure form which the seller's solicitor had to fill in and send across. So be prepared for questions once it gets to the underwriter.
Hoping for our offer tomorrow.

Bex_27

ZappyBoy said:

They had all documentation and queried things such as what a payment to LISA was from my current account. Explained this was for a Lifetime ISA. Also asked about partners commute to work just outside of london. 
Also as it's a new build they wanted a Disclosure form which the seller's solicitor had to fill in and send across. So be prepared for questions once it gets to the underwriter.
Hoping for our offer tomorrow.

We will see what they throw at us then! I prepared quite of lot of information before giving it to my MA so hoping he has everything. Good luck! Can you keep me posted? 🤞🏻🤞🏻🤞🏻

Justellie

Hello, I just wondered if anyone had any updates on how they are getting on with accord, I'm in the process of using them through habito, I am so nervous of the whole mortgage process though and finding it so stressful! I had the valuation done yesterday which was fine, they queried my student loan via habito today but nothing else yet. I just want an answer!! How long did you guys wait... 

shaunad93

I didn't have to wait long at all.  Just checked and valuation was on 11/8, offer 13/8. The longest wait was for the appointment for valuation as I had a homebuyer report at the same time.