How long for a valuation to be returned ?

nathanhill69

whu wrote: »

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?

I'd probably avoid family member, just get a friend/neighbour and that will be fine.

whu

does anyone know the best tool to work out how much you can reduce your mortgage term by if you use an offset mortgage?Also any ideas of what % of the mortgage you should have in savings to make it worthwhile for a higher rate tax payer?

whu

any responses would be appreciated - thanks

whu

NathanHill - have now returned the legal docs also - what happens next?
Thanks

nathanhill69

whu wrote: »

NathanHill - have now returned the legal docs also - what happens next?
Thanks

That should be it, they then check and double check paperwork and apply to your building society for a redemption statement. If you have a date in mind it might be worth giving them a call in a few days to confirm that they have all the paperwork and then "encouarge" them to apply for the redemption statement. Bear in mind that this stage is where delays can occur as some mortgage providers can drag their feet on supplying the statement. FD are happy for you to also contact your provider and request it as they sometimes respond quicker to customer requests. When you call FD just ask them for the mortgage departments Fax number and make sure they give you your reference number so if you do Fax a redemption statement over you include a cover sheet with that reference number so they can marry it up to your account.

whu

whu wrote: »

does anyone know the best tool to work out how much you can reduce your mortgage term by if you use an offset mortgage?Also any ideas of what % of the mortgage you should have in savings to make it worthwhile for a higher rate tax payer?

it has been suggested that 40% offset is required to make it worthwhile - anyone else have any ideas?
thanks

paulb369uk

Back to my original thread..... Sent comparisons off to the valuer and managed to get him to bump up the value 2.5k so i'm a happy bunny now:j

JonnyBravo

whu wrote: »

it has been suggested that 40% offset is required to make it worthwhile - anyone else have any ideas?
thanks

I really don't think you can apply such a broad brush approach.

It clearly depends on how much you've borrowed and at what rate vs the rate you could have got elsewhere surely?

I've just signed up to the FD 5.49% offset and this was better than any non-offset mortgage I could get at the time. Therefore to my mind I don't need to offset anything for it to be worthwhile.

nathanhill69

paulb369uk wrote: »

Back to my original thread..... Sent comparisons off to the valuer and managed to get him to bump up the value 2.5k so i'm a happy bunny now:j

Really glad to hear that Paul, I read your other thread and really felt for you as it was just a £2500 difference (in the grand scheme of things peanuts BUT obviously made a huge difference to your mortgage application - frankly I was surprised that FD were being so pedantic, although I suppose they have to draw a line somewhere). My sincere congratulations on convincing the valuer to ammend their valuation, it just goes to show that if you put that little extra effort you can pull the situation back.

JonnyBravo wrote: »

I really don't think you can apply such a broad brush approach.

It clearly depends on how much you've borrowed and at what rate vs the rate you could have got elsewhere surely?

I've just signed up to the FD 5.49% offset and this was better than any non-offset mortgage I could get at the time. Therefore to my mind I don't need to offset anything for it to be worthwhile.

Totally agree, I got the five year fix at 5.29%, better than any other traditional repayment mortgage available. I have savings to offset against it at present HOWEVER if I completely spend my savings the interest rate is still a good one.

whu

nathanhill69 wrote: »

Really glad to hear that Paul, I read your other thread and really felt for you as it was just a £2500 difference (in the grand scheme of things peanuts BUT obviously made a huge difference to your mortgage application - frankly I was surprised that FD were being so pedantic, although I suppose they have to draw a line somewhere). My sincere congratulations on convincing the valuer to ammend their valuation, it just goes to show that if you put that little extra effort you can pull the situation back.





Totally agree, I got the five year fix at 5.29%, better than any other traditional repayment mortgage available. I have a nice lot of earnings to offset against it at present HOWEVER if I completely spend my savings the interest rate is still a good one.

noted thanks Nathan and Jonny - I also have the 5.29% which i agree is a decent rate so anything i put in the offset accounts will be a bonus