Mortgage - Boring but PLEASE help!

[JoJoMummy321]

We are remortgaging at the moment and financial advisor said last Friday that we had been accepted/approved and it was with the underwriters. Then she said she had an update that a valuation was being arranged. Got the call today to arrange access for valuation.

Does this mean we are approved for the amount we want and credit checks are ok and we just now need the valuations to be ok or might there be other problems?

I guess I am just not totally sure where in the process were are. The application was approved and then spent a few days with underwriting before we heard about the valuation so have the underwriters done their bit?

Sorry...boring thread but mega stressed!!

I would have thought that means you're all ok subject only to the valuation/survey, but I am just guessing! Hope it is all ok for you

This usually means that you've had a decision in principle. A good lender shouldn't proceed to the valuation until they are happy with the money side of it all as this will cost you money needlessly.

Hope that helps, but give your financial advisor a quick ring who should be able to tell you for definate.

Yes, it means the underwriters are prepared to lend provided the house has the value you said. The valuation report usually comes back within 24 hours. The surveyor must send it to the bank before disclosing it to you, but once he's emailed it to your lender he is allowed to send it to you too if you ask.