Mortgages

[Bunch]

Has anyone ever heard of a mortgage company that works backwards? Apparently this means that the survey is one of the last things that gets done. Does this sound reasonable?

Whats a person got to do to get a response to a post around here?

Do you mean getting a mortgage in principle before you make an offer ? Then you offer on a property and have the survey/valuation done, firming up the financials before exchange.

Thank you lizs, no, I mean we have accepted an offer, they have had their mortgage agreed in principle but we've been told the survey will be one of the last things that gets done.

Unusual, I have never come across it. Do you know which company there mortgage is with?

Your solicitor should be able to find out if the estate agents dont know if you are using one.

The solicitor and agents both seem to think its fine. I however am suspicious! Not sure which company it is but it's one that is giving them a high percent mortgage.

Hi I'm an EA (don't shoot me we aren't all dicks) 3 weeks tops with no mortgage val and I'm twitching. Without a mortgage (unless cash) there is no sale. How long since the offer has been accepted?

Oh no! Seven weeks! Apparently they've been waiting for the buyers employer reference to come back for ages

Honestly? Ditch them, don't pull out so to speak but put it back on. Payslips 'should' be what the mortage company needs unless self cert which are hard to come by. I'd tell your agent to to re market from tomorrow. If your buyer is serious, wants your property and can proceed there will be a mortgage val within a week. Any other questions feel free to ask. 7 weeks is a piss take.

Thank you for that. I appreciate the advice as I have no clue what I'm doing! We've been on the market approx 18 months and this is our second offer, the first fell through so we're a bit twitchy!

That was the case for us when we bought last year. Bank did all the other financial checks first, valuation last of all. We'd got our own survey done too, but if I recall correctly it took at least 7 weeks for valuation. Confirmation of mortgage came v soon after and exchange right after that.

And I don't think 7 weeks is a pisstake - you'd be very lucky to exchange within that timeframe. If agent and solicitor are happy I don't see that you should be panicking just yet.

Thank you libelulle, that sounds a bit more positive!

Libelulle, you are right 7 weeks to exchange isn't a pisstake but 7 weeks without a val is. You at the very least need a val booked with a company name (mortgage companies farm them out) and the name of the surveyor conducting the val.

But with bank doing it that way around it essentially means valuation is last step - in our case literally everything else had been sorted by that point. If this is the case here (and obviously I don't know if there are other issues in the mix here) then there is no cause for worry. It is a new develo

-sorry- new development for banks to do it this way around, but it is apparently becoming more common. It definitely isn't just the buyer telling tall tales, it's a recognised way of proceeding at least in our experience (major bank too, not the associated national bank of a small pacific island :) )

That's what we're being told is happening. Everything else is being sort first apparently.

They are first time buyers too so I guess everything has to be triple checked as they are starting from scratch.