egg mortgage timeline

i3u2

been reading with interest other posts relating to First Direct mortgage application timelines

is anyone able to post similar relating to their experiences with an egg mortgage application?


regards

luckyfool

I've seen a few Egg related posts indicating that they may be turning down applications even from people with very good credit scores and big deposits.

Not sure how widespread this is. I don't know what their service is like just now though.

i3u2

as i understand it the 'initial' valuation is free, which has happened, and once all paperwork has been requested / supplied and checked is there another valuation that needs to happen (paid for) before a formal mortgage offer is made?

am i correct in understanding this is the 'process'?

luckyfool

I'm not familiar with the Egg process, but I'm not familiar with any other lenders operating such a 2 step valuation process as a matter of course. Normally it's one valuation and that is it.

The exceptions I can think of would be for New Build where it is off plan and some lenders would insist on a reinspection once it was finished.

Their process might involve an initial Desktop or Electronic Valuation just to get an idea that the figure is in the right ballpark to avoid wasting yours/theirs time etc.

The_Architrave

Hi,

My timeline was:

Mon 28 April - Applied by phone, failed initial credit check and was advised to appeal
Wed 30 April - Sent appeal letter (more details are here).
Thu 1 May - Received a call to say appeal upheld, gave them required information, told should have response in a week or so
Mon 12 May - Called to chase and was advised that offer in principle was on its way, asking for bank statements, payslips, etc
Tue 13 May - Called by valuer, set appointment for Fri 16 May
Wed 14 May - Received letter, saying if info received by 27 May and in order would have offer by (I think, letter not to hand) 3 June

Unfortunately I didn't actually send the paperwork off until 27 May, so I expect it to take a day or two longer.

What stage are you at?

The_Architrave

As my LTV was less than 40%, I was expecting a "drive-by" valuation but in fact a valuer did call and spent about 15 minutes looking round. According to Egg, he valued the property at £10k more than my guesstimate and his report was restricted to a few fairly standard bland statements.

In terms of what Egg meant by free "initial" valuation, my interpretation would be that they meant "standard" valuation, which is what they now offer free.