Barclays mortgage - awaiting valuation results (FTB)

Chloe27895

Anth84 said:

Have you had any update? We've heard nothing from our broker yet 😔

Nope, nothing 

Chloe27895

I managed to log in to track it, and it says:

"We've now reviewed the valuation report for the property you'd like a mortgage for. Your mortgage adviser will be in touch shortly."

Very confused as why my advisors assistant said there was no update and Barclays hadn't received the report yet when it says they received it the day of the valuation... So now to wait for a reply from the advisors assistant.

Not sure if this means there was some admin error like there was on your report, or if it's been undervalued/something's wrong  

Anth84

Just stay positive, sure all will be fine. We're expecting an update today but not heard anything so far 😔

Chloe27895

Thank you, good luck  

Anth84

Finally received our mortgage offer this morning! Yippee 

Hopefully you'll hear soon if you haven't already 🙂 

Chloe27895

Fantastic news!! Congratulations, I hope its plain sailing forwards from here for you

I spoke to our mortgage advisor briefly yesterday and apparently Barclays have the valuation report but our advisor has had to "amend the amount to be borrowed by £200 or so" as the maximum they would lend was slightly under what we asked for. To be honest I don't really know what he means...? We aren't trying to borrow an amount very close to what our original DIP was so I assume they don't mean in general the maximum they'd lend us, and I assume a property wouldn't be downvalued by only £200? But he said we should have the offer in the next day or do so I'll just wait!

Chloe27895

Unfortunately the house has been downvalued by £11,000, devastated

Anth84

Oh no, sorry to hear that Can you negotiate with the bullder? Hopefully they'll not want to lose to sale 

Chloe27895

I hope so, working out a plan and doing a lot of calculations to work out what we can afford, trying to stay positive! 
The vendor is selling a rental property meaning there is a no chain so I'm really hoping they'll be able to negotiate, fingers crossed...