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Broker says mortgage has been approved however..

Faxasam
Faxasam Posts: 21 Forumite
10 Posts Name Dropper
in Mortgages & endowments
Last Tuesday my broker called to say our mortgage has been approved subject to valuation, however this was 1 week ago and they’ve not asked for valuation payment yet.

Any ideas as to what’s happening?? Wouldn’t they ask for payment straight away?

Comments

  • pramsay13
    pramsay13 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Have you to pay for your valuation? 
    I don't think I've ever had to pay for a valuation.
  • K_S
    K_S Posts: 6,908 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Faxasam said:
    Last Tuesday my broker called to say our mortgage has been approved subject to valuation, however this was 1 week ago and they’ve not asked for valuation payment yet.

    Any ideas as to what’s happening?? Wouldn’t they ask for payment straight away?
    @faxasam Other than some small building-societies, if there is a fee for valuation it is payable at the point of submitting the application. Perhaps the product you have gone for comes with a free valuation.

    I am a Mortgage Adviser - 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.

  • Faxasam
    Faxasam Posts: 21 Forumite
    10 Posts Name Dropper
    There is definitely a fee payable £175. It is with a building society. 
    Mortgage broker has not answered today and isn’t quick with replying to an email either.
  • Faxasam
    Faxasam Posts: 21 Forumite
    10 Posts Name Dropper
    Does anyone think it’s ok to contact the bank directly? Will they speak to me even if I have a broker involved?
  • dunstonh
    dunstonh Posts: 121,299 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Does anyone think it’s ok to contact the bank directly?
    The banking side may not have access to the broking side.   
    Why would you need to speak to the bank?  The broker should be much easier to deal with, which is one of the positives when dealing with brokers.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • K_S
    K_S Posts: 6,908 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 3 August 2021 at 3:58PM
    Faxasam said:
    There is definitely a fee payable £175. It is with a building society. 
    Mortgage broker has not answered today and isn’t quick with replying to an email either.
    @faxasam Chorley, Vernon? Off of the top of my head I think they instruct the valuation (and call to take the valuation fee) after almost all of the underwriting is done. So if your broker has indicated that underwriting was done a week ago, then not sure what the delay is.
    No harm in giving them a call, these societies have fairly small teams. The delay could just be down to something as simple as your underwriter being on annual leave.

    I am a Mortgage Adviser - 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.

  • Faxasam
    Faxasam Posts: 21 Forumite
    10 Posts Name Dropper
    K_S said:
    Faxasam said:
    There is definitely a fee payable £175. It is with a building society. 
    Mortgage broker has not answered today and isn’t quick with replying to an email either.
    @faxasam Chorley, Vernon? Off of the top of my head I think they instruct the valuation (and call to take the valuation fee) after almost all of the underwriting is done. So if your broker has indicated that underwriting was done a week ago, then not sure what the delay is.
    No harm in giving them a call, these societies have fairly small teams. The delay could just be down to something as simple as your underwriter being on annual leave.
    Yes, Chorley! Cheers thanks 
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