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First time buyers!
Fififlower26
Posts: 3 Newbie
I’m in need of advice/ reassurance.
I’m 27, me and my partner Have found a home of my dreams. I seem to be the one worried and my partner is relaxed as anything!
Anyway, application was submitted a few weeks back. Valuation was today. When am I likely to hear anything back. Can it be denied after valuation? We’ve had our hard search a couple weeks back but haven’t heard back! Just curious if anyone has any advice/ experience with this! We’ve gone with Barclays mortgage.
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Comments
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My mortgage offer after valuation took about 3 weeks - I wouldn't worry how long it seems they are taking to get back to you, everything is taking a lot longer at the moment!! I'm into month 5 since my offer was accepted with no date in sight yet.
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So to answer, yes your mortgage application can be denied after valuation if the lender deem the property to be over priced based on the survey.
Depending on which lender you are with will depend on how and when you find out. Many wont notify you of the valuation but let your conveyancer know. By the sounds of it you have passed the stress test and its down to whether what you want to borrow matches up to what the property is worth i.e. LTV!0 -
Like previous comments it could potentially be denied if the valuation was incorrect, I’d suggest if they’re still doing a valuation after your hard search they most likely haven’t found any issues from a credit perspective. So you should be fine.0
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