can a survey of property be done even before the mortgage application is looked at?

fitzykev

hi all can a survey of a property be done after an application for mortgage is received but before the application is looked at by the under writer?

user1977

You can have a survey done whenever you want.

macman

Subject to the vendor granting access, of course.

fitzykev

I only put an application in this morning and paid the lender for the survey and they are sending someone out Thursday. surely they don't send a surveyor out until the application is approved pending the survey of course.  

Brie

I would want an agreement in principle before actually paying any money out.  

Snookie12cat

fitzykev said:

I only put an application in this morning and paid the lender for the survey and they are sending someone out Thursday. surely they don't send a surveyor out until the application is approved pending the survey of course.  

Not always the case. Lots of lenders send for the survey as soon as the app goes in

fitzykev

yes i got the agreement in principle first 

Marky4040

Snookie12cat said:

fitzykev said:

I only put an application in this morning and paid the lender for the survey and they are sending someone out Thursday. surely they don't send a surveyor out until the application is approved pending the survey of course.  

Not always the case. Lots of lenders send for the survey as soon as the app goes in

And it's likely they will have already run the credit check. 

fitzykev

would the broker done the credit check on there behalf?

housebuyer143

fitzykev said:

would the broker done the credit check on there behalf?

No, credit checks are done by the lender. 

K_S

fitzykev said:

I only put an application in this morning and paid the lender for the survey and they are sending someone out Thursday. surely they don't send a surveyor out until the application is approved pending the survey of course.  

@fitzykev The exact mechanics will differ across lenders, but generally speaking, most mainstream lenders will instruct a valuation either when they receive a full application (which looks to be your scenario) or at initial-assessment (the stage that comes before underwriting).

When a full application is submitted, the DIP stage (when the lender 'credit-scoring' is done based on the application and credit history) has already passed, so the lender has a reasonable level of assurance that it's a valid application. By instructing the valuation in parallel with underwriting, the process gets quicker.