How long for mortgage offer?

(12 Posts)
Mumsywumsywoo Wed 09-Mar-16 17:10:09

How long after their valuation should I expect a mortgage offer (or not as the case may be)?

Honeyandfizz Wed 09-Mar-16 17:35:16

We have are just going through an application with Yorkshire bank, it has been about 2 weeks between valuation and offer. We delayed it though as my dh payslip didn't print off properly and we had to resubmit it.

Mumsywumsywoo Wed 09-Mar-16 17:45:54

We are doing it through a broker and I don't think any other info has been requested. The valuation was only carried out last Friday...

Slowlybutsurely Wed 09-Mar-16 18:41:22

Ours was the same day! We had a text saying the valuer had been out and then within the next 5 minutes a text saying offer in the post! Couldn't believe it (am still convinced there has been a mistake and they'll change their minds ha!)

Mumsywumsywoo Wed 09-Mar-16 18:53:45

Lucky you! What mortgage company

Slowlybutsurely Wed 09-Mar-16 18:54:45

Nationwide. Won't sleep properly until it all gone through though...

Mumsywumsywoo Wed 09-Mar-16 19:08:28

I know what you mean. My mortgage broker has just said he will call me...why at this time of night? That can't be good news..

Slowlybutsurely Wed 09-Mar-16 19:27:44

Fingers crossed!! Keep us posted!

Mumsywumsywoo Wed 09-Mar-16 19:33:29

Got the valuation back. It's a no goer. 50k under value by two different surveyors! It's a sign we shouldn't have it anyway..

Slowlybutsurely Wed 09-Mar-16 19:39:29

Oh no! Will the seller drop the price? That is a huge under valuation?

Bearbehind Wed 09-Mar-16 19:43:44

Definitely go back and offer the vendor the lower price.

The fact 2 professionals have valued it so much lower is their problem more than yours.

You can buy any house- they only have that house to sell.

They would have to have no requirement to sell at all to not budge on the price.

Good luck.

Mumsywumsywoo Wed 09-Mar-16 20:08:52

Thanks Bear. I have drafted an email to the EA offering the lower price. The EA has said all along that the vendor has no need to sell (it's a holiday let at the moment) so I really do not expect him to budge. Even if a cash buyer comes along they will still get a survey that will still reveal a low valuation so he does have a problem on his hands.

Im so upset but I half expected it.

Will keep you lovely lot posted. Thanks for the support.

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