Applied for mortgage last week - lender has already done a physical valuation?

jt1413

Hi,

I am in the process of acquiring a mortgage with Bank of Ireland (UK) on a property in Scotland. 

I sent off my application last Monday and was told it was a 6 working day timeframe to check our documents/application, then a 6-week timescale to issue the offer.

While I have heard zilch from our broker, the sellers estate agent has let me know that last week our lender visited the property to carry out the physical valuation and she gathers all is well (all she could say I guess).

Does this mean things are good, bad, going quicker than expected? I'm still awaiting an update on whether the documents we sent off are ok, the broker's checked them and seems happy but I was expecting a valuation to be weeks away, and I am I guess surprised it wasn't desk based (but then it is a kind of unusual property).

amnblog

Most Lenders instruct valuation as soon as an application arrives. Therefore this will give you no indication as to how the rest of the case is going.

Why a visited valuation is required in Scotland where a Home Report should already be lodged against the property I cannot say.

user1977

amnblog said:

Why a visited valuation is required in Scotland where a Home Report should already be lodged against the property I cannot say.

It happens if the Home Report surveyor isn't on the lender's panel, or (a few) lenders seem to prefer to do their own anyway (not sure what BoI's normal practice is).