Mortgage valuation. Good sign for mortgage to be accepted?

Cupoftea_123

Hi, 

Me and my partner are FTB and we are purchasing a new build property.

We have just had confirmation from our mortgage advisor that the valuation of the property is happening Monday next week. Is this a good sign? The mortgage application is with Halifax.

The mortgage advisor has said that they dont require anything more from us and should have a decision at least 48 hours after the valuation. 

Is that a good sign to say that our mortgage will be accepted or is it still anyone's games until after the valuation?

Thanks for your help in advance! 

Roger-D

Being a new-build, you should be OK, condition-wise. The one area I foresee an issue is when developers price things unrealistically high and the lender does not agree to it's market value.
If this turns out to be the case you'll likely be offered a loan but at a lesser amount, you therefore having to make up the shortfall.
Affordability etc would hopefully have been checked at DIP stage.
Fingers crossed for you.

kingstreet

Valuation is instructed as soon as the application is submitted.

Halifax usually checks and signs-off income before the valuation comes back so on its arrival, the offer is automatically issued.

Cupoftea_123

Roger-D said:

Being a new-build, you should be OK, condition-wise. The one area I foresee an issue is when developers price things unrealistically high and the lender does not agree to it's market value.
If this turns out to be the case you'll likely be offered a loan but at a lesser amount, you therefore having to make up the shortfall.
Affordability etc would hopefully have been checked at DIP stage.
Fingers crossed for you.

Fingers crossed! Our mortgage broker said everything should be find regarding the valuation since it's the last house of its type on the development and the rest have sold. 

It's so nervous waiting! 

Cupoftea_123

kingstreet said:

Valuation is instructed as soon as the application is submitted.

Halifax usually checks and signs-off income before the valuation comes back so on its arrival, the offer is automatically issued.

Hopefully all Is well and we get an offer after the valuation. Our mortgage advisor has said it should be fine as the rest of the houses of that type/ style on the development have sold and we're buying the last one.

So in theory, they shouldn't value it any different.... Hopefully 🤞 

Does that usually mean with Halifax, that the decider on the mortgage now is the valuation and everything else has even accepted?