Mortgage valuation

Calleja

Hi,

Myself and my partner are buying a house in England. We are using a mortgage broker. We had a DIP but then it took us a bit of time to find a house. Eventually we did, by which time our broker said he found a better offer for us with another company. So we submitted the application and he told us it would take a 'couple of days' to hear back. A week later and we hadn't heard so enquired and we are now told it will take approx. 2 weeks. The mortgage valuation is booked in for a few days time. Is it common to have the valuation done prior to knowing we have been approved in principle? I appreciate the mortgage won't be approved without it. My concern is that we've paid an upfront fee for the valuation which is refundable if the mortgage completes, but not if it doesn't, and it seems a waste of money if they turn us down for another reason.

Thanks for your help! 

K_S

@calleja It is common for the valuation to be instructed early on, either at submission or at initial assessment.

Going that the fact that it's a refundable-upon-completion val fee, I assume you're with an off high-street lender like Precise? I wouldn't worry too much, if you've got this far with Precise and your broker has done the ground work before recommending them, a decline is quite unlikely. With Precise, the valuation is immediately instructed at full submission 

Unfortunately, 2+ weeks to process a case is not uncommon at all currently be that with Precise (see current service levels here https://www.precisemortgages.co.uk/Home/ServiceUpdates ) and even a lot of mainstream lenders - Nationwide, NatWest, Virgin, HSBC, etc.

Calleja

@K_S - wow, that's some crystal ball you have! Thanks for replying, you have reassured me. It's only my second time buying a property and it's difficult trying to remember what order things are done it! Plus it's a very different market these days!

Thanks again!