mortgage application

warkadang

Hi everyone,
My broker submitted TSB shared ownership mortgage application a couple of days back and told me its pre-approved subject to property valuation. Its a new build house from So Resi.

For those who’ve gone through this recently, could you please share your experience on:

• How long it took for TSB (or other bank) to book and complete the site valuation?

• How long after valuation you received your formal mortgage offer?

• And what are chance of decline due to property valuation issue?

Just trying to get a sense of timelines and if there is still chance of decline. 
Thanks!

Albermarle

They may well just do a desktop valuation, so will be pretty quick. 

ACG

You will be fine if it is at valuation stage - assuming the valuation comes back ok which it usually does on new builds. 

I think its taking TSB about 2-3 working days from when the valuation gets back. 

Call the developers, ask them to notify you when it gets booked in for (if it hasnt already been booked in). 

warkadang

Thanks @ACG - very helpful. I heard from the broker that the valuation is booked in for tomorrow. TSB is paying for valuation so that gives us a bit assurance that rest of requirements are OK (otherwise they would not waste money on valuation?). What makes me worry is I submitted only one month payslip as I started a new job last month but broker said TSB does not require 3 months payslips. 

ACG

I think your broker is right. But in any event they would have asked for 3 if they needed 3. 
If they ask for 3 and the broker uploads 1 that is just delaying the inevitable - which is a waste of everyones time including your brokers. 

Your broker seems to be on it.