Hard search done , is this a good sign?

COYI123

Hi everyone I applied for a mortgage on Thursday the 25th and a hard search was done on that day , a valuation was done in person yesterday , I’m just wondering if since the hard search has already been done and we haven’t heard anything bad from that , and they carried out a valuation the next day , is that a good sign ? Absolutely nervous right now any help would be much appreciated! 

Neilos9

neither good or bad, its the process..

COYI123

Neilos9 said:

neither good or bad, its the process..

I get that , but I was just thinking if their was anything they didn’t like on the hard search on the 25th , surely they would’ve said something straight away ? 

cymruchris

It's a sign that things are progressing, and that your application has begun processing. In due course no doubt you'll receive communication around whether you're successful, whether they need further information, or whether you've been declined. It's not a sign of success if that's what's in your mind. If your credit history is reasonable, and you've fulfilled all of the lenders requirements then I'm sure you'll be ok - but sit tight and see what comes.

COYI123

cymruchris said:

It's a sign that things are progressing, and that your application has begun processing. In due course no doubt you'll receive communication around whether you're successful, whether they need further information, or whether you've been declined. It's not a sign of success if that's what's in your mind. If your credit history is reasonable, and you've fulfilled all of the lenders requirements then I'm sure you'll be ok - but sit tight and see what comes.

Thanks for the reply ! Another quick question , I had the alert for the search from ClearScore , but I never use them really and on my ClearScore account it doesn’t have no up to date information (it thinks I don’t even have a mortgage or credit cards or that I’m on the electoral roll ) even though I am , and my Experian and credit karma are perfect . My ClearScore score is poor and has no information on it hence why it’s poor , but will this affect anything in their eyes ? 

chanz4

whos the lender, some dont do valuation eg halifax unless going fwd

COYI123

chanz4 said:

whos the lender, some dont do valuation eg halifax unless going fwd

It is accord

K_S

COYI123 said:

Hi everyone I applied for a mortgage on Thursday the 25th and a hard search was done on that day , a valuation was done in person yesterday , I’m just wondering if since the hard search has already been done and we haven’t heard anything bad from that , and they carried out a valuation the next day , is that a good sign ? Absolutely nervous right now any help would be much appreciated! 

@COYI123 Accord will have got all the information it needs from your credit file at the soft-footprint (visible only to you) DIP stage. If there was a problem in that, it would've failed the DIP.

When you submit a full application, Accord leaves a hard-footprint (visible to other lenders). The information that Accord gets from your credit history is the same in both cases.

For my recent cases, Accord has instructed a valuation after the case is assigned to a human being and they've conducted an initial assessment (a sense check). So looking at it through that lens, a valuation being instructed is a positive step forward.

Could it be rejected from this point on - potentially.

The underwriter could raise a query that the broker/applicant can't answer satisfactorily for whatever reason, etc. but assuming that your case meets criteria, and any contentious issues (if any) have been discussed with the BDM prior, the chances of that are low.

Good luck, hope you get an offer soon!

COYI123

K_S said:

COYI123 said:

Hi everyone I applied for a mortgage on Thursday the 25th and a hard search was done on that day , a valuation was done in person yesterday , I’m just wondering if since the hard search has already been done and we haven’t heard anything bad from that , and they carried out a valuation the next day , is that a good sign ? Absolutely nervous right now any help would be much appreciated! 

@COYI123 Accord will have got all the information it needs from your credit file at the soft-footprint (visible only to you) DIP stage. If there was a problem in that, it would've failed the DIP.

When you submit a full application, Accord leaves a hard-footprint (visible to other lenders). The information that Accord gets from your credit history is the same in both cases.

For my recent cases, Accord has instructed a valuation after the case is assigned to a human being and they've conducted an initial assessment (a sense check). So looking at it through that lens, a valuation being instructed is a positive step forward.

Could it be rejected from this point on - potentially.

The underwriter could raise a query that the broker/applicant can't answer satisfactorily for whatever reason, etc. but assuming that your case meets criteria, and any contentious issues (if any) have been discussed with the BDM prior, the chances of that are low.

Good luck, hope you get an offer soon!

Thank you you’re answer makes a lot of sense , appreciate that a lot has really eased my mind . How long do accord normally take now days from application date to offer ? 

summerb64

What happened with your Halifax application last week? 

COYI123

summerb64 said:

What happened with your Halifax application last week? 

For some reason dip was only lending 2 X our income , and they had no reason why either , got no debt or nothing and perfect credit history