How long for a valuation to be returned ?

paulb369uk

Morning all,
Just had my valuation done for my First Direct mortgage (the £180 one) can anyone advise me how long it takes for the outcome to reach FD, the valuer said he will inform them today but FD said at least 48hrs !!!!

Thanks

Paul

nathanhill69

Remember, even if the valuation is submitted today you have to allow it time to pass between the relevant departments within FD before it is "married up" to your application. If it only takes 48 hours for FD to process the valuation then that's pretty good going - I'd leave it a day or two and then give them a call to see that they have received it and it's on your file.

For what it's worth I've been going through a re-mortgage with FD and I have so far been very impressed with how things have been done - it's been about 1 1/2 months from the initial phone call application and everything is in place, including redemption statement, to enable them to do the drawdown on the requsted date.

Fingers crossed

spcdust

paulb369uk

nathanhill69 wrote: »

Remember, even if the valuation is submitted today you have to allow it time to pass between the relevant departments within FD before it is "married up" to your application. If it only takes 48 hours for FD to process the valuation then that's pretty good going - I'd leave it a day or two and then give them a call to see that they have received it and it's on your file.

For what it's worth I've been going through a re-mortgage with FD and I have so far been very impressed with how things have been done - it's been about 1 1/2 months from the initial phone call application and everything is in place, including redemption statement, to enable them to do the drawdown on the requsted date.

Fingers crossed

spcdust

May thanks I am just hoping the valuation is what I need as I have split from my partner so need some additional funds, was your valuation what you expected?

Paul

nathanhill69

My valuation was a "drive by" i.e. house exists and what have other properties sold for recently - TBH it was probably slightly under what we could get for our house but it didn't make much difference to us as it served it's purpose. I would imagine a surveyors valuation will always veer on the side of caution compared to an estate agent - however as yours was more in-depth hopefully it will be a bit closer to what you are expecting. It's difficult to tell with the way the housing market is at the moment.

spcdust

whu

i got a letter from the valuers on 22 april saying they were carrying out a drive by valuation - spoke to them on 29 april and they said verbally that the value was the one we had estimated and that they had sent the info to FD - got a message from FD yesterday saying mortgage offer docs are being sent out now
Nathan - how long after the mortgage offer docs were sent to you did you receive the legal docs?

nathanhill69

whu wrote: »

Nathan - how long after the mortgage offer docs were sent to you did you receive the legal docs?

It was about a week between the two, I returned everything by return post and evrything, including legal docs, were married up with my account within a few days of being sent. Looking at my paperwork, I originally called them on 3 April and did the AIP "interview" and everything has now been in place (including the final redemption statement) since around 14 May...Pretty good going on their part.

One thing to bear in mind is that some Building Societies are very slow at supplying your new lender with the redemption statement which obviously slows everything down. However you can always call you current mortgage provider (at the appropriate time) and request the statement (based on the date you hopefully will get your mortgage drawn down) and then Fax it directly to the FD Mortgage Department - some lenders respond quicker to customer enquiries compared to other lender enquiries.

Hope this helps

spcdust

fraser

mine took about a week in total from doing the valuation and first direct starting the next steps

whu

nathanhill69 wrote: »

It was about a week between the two, I returned everything by return post and evrything, including legal docs, were married up with my account within a few days of being sent. Looking at my paperwork, I originally called them on 3 April and did the AIP "interview" and everything has now been in place (including the final redemption statement) since around 14 May...Pretty good going on their part.

One thing to bear in mind is that some Building Societies are very slow at supplying your new lender with the redemption statement which obviously slows everything down. However you can always call you current mortgage provider (at the appropriate time) and request the statement (based on the date you hopefully will get your mortgage drawn down) and then Fax it directly to the FD Mortgage Department - some lenders respond quicker to customer enquiries compared to other lender enquiries.

Hope this helps

spcdust

Thanks - it seems that mine is going a bit slower as my AIP was about the same time as yours but hopefully will progress smoothly now-
a couple of other points:
1 My message said that the legal docs would come from HSBC - was that the case with yours?
2 When do you require the drawdown -if you pay the current mortgage in the middle of the month but the new should start at the end of a month when do you ask for the money and do you get a refund from the current provider for the extra 2 weeks you have paid them?

nathanhill69

whu wrote: »

Thanks - it seems that mine is going a bit slower as my AIP was about the same time as yours but hopefully will progress smoothly now-
a couple of other points:
1 My message said that the legal docs would come from HSBC - was that the case with yours?
2 When do you require the drawdown -if you pay the current mortgage in the middle of the month but the new should start at the end of a month when do you ask for the money and do you get a refund from the current provider for the extra 2 weeks you have paid them?

1. Legal documents come from HSBC, I suppose as First Direct are part of HSBC they just pool the legal department.
2. I've timed mine to hopefully do the drawdown on the date that I would usually make my monthly payment to my current lender which seemed to be the easiest way to do things (also this is the day after my current two year tie in deal expires). Hopefully the redemption statement should reflect all my payments and the calculated/owed interest up to that date. Believe me I'll be double checking all the figures and if I overpay to my current lender will seek a refund (although I think it should all work out fine)

A final tip, if people are getting their drawdown done on or very close to their monthly Direct Debit to their current mortgage lender ensure you cancel that Direct Debit in advance - otherwise your current lender will likely present the payment request to your bank and then you'll have to get it refunded back to you which could take a couple of weeks.

spcdust

whu

cheers again- my mortgage payments go out in the middle of the month but fixed period ends at end of the month - so should i request drawdown for end of month,pay my current mortgage in middle of month,cancel dd and then request a refund?

whu

just got mortgage offer!!when we get legal docs offer i think we need to sign in front of someone - can it be anyone?ie not solicitor etc and can it be a family member?