Valuation to mortgage offer

3card

We have very recently accepted an offer for a house we were looking at selling 

The buyers a a young couple that are first time buyers. We have arranged for their surveys to carry out the valuation on Monday

Can anyone advise the timescale from the valuation visit to the mortgage offer to our buyers? (or not of course)

There are no estate agents involved in the sale so i cant ask them

Regards

newsgroupmonkey_

Sadly, it's a "how long is a piece of string".

The valuations are normally returned quite quickly - often within 24 - 48 hours. However, from there, it goes to the underwriters.

When we did ours a couple of years ago, the decision came back in a week or so. This time, it was much longer - 6 weeks if I remember. It was weird, because the first one was a 95% LTV. This time, it was only 60%, so the risk was much lower.

Rachelredwood16

Our experience recently was within a few days of the valuation being completed we had an offer. It would depend on the lender though I'd imagine and their specific case.

housebuyer143

It really is how long is a piece of string. Some lenders are horribly behind and taking months to get to an offer, others without the best rates can do it in days or a week. 

Without knowing who they are going with you really can't even guess. 

CRISPIANNE3

The persons buying our house has his offer in less than a week. However the EA was on the lenders case every day via their Mortgage broker.

trakky14

Depends on the lender! Halifax are generally quicker, Natwest seem to be very slow. Anything from a couple of days to a month basically!

housebuyer143

CRISPIANNE3 said:

The persons buying our house has his offer in less than a week. However the EA was on the lenders case every day via their Mortgage broker.

This does not speed them up. If they have a 14 turn around, then you submit the docs and it gets picked up in the order it is sent in. Chasing won't put it to the top.  If they want more docs, then it's back to the start of the 14 day queue.

NatWest and other lenders with the best rates have so much work at the moment they literally emailed today to report on his bad their times are. 
Other lenders like obscure building society with mid range competitiveness won't have this problem so can get to offer much much quicker. 

3card

Hi all

Just an update on this one

Our purchasers valuation/survey was carried out yesterday and this afternoon the buyers text me to say that they have already received the report and everything is great so it was much quicker than we all thought

Thanks for the replies