Valuation

[Excitingthingsahead]

So this morning we had an email from our mortgage lenders saying that they are now requesting a date for the valuation.

Our application was sent to the underwriters on Thursday. So does this mean they've accepted our mortgage but just need to do the valuation to make sure we're not offering too much?

First time buyer, i haven't got a clue how all this works

YEs, they have accepted it otherwise they wouldn't bother doing the valuation! The valuation is for them to check that the property is worth what you are paying. Our mortgage broker says that it very rarely gets turned down because of the valuation, it's just a formality really. (Just going through the same thing!)

YESSSS so we got the mortgage. Omg im sooooo happy. Best news yet.

No - your mortgage application hasn't been approved yet! The valuation is part of the process. Mortgage lenders don't all lend on all kinds of properties and they'll want to know it's worth what you've offered and that in the event you default on the mortgage they'll be able to sell the place and recoup their money. Once they are happy with that, they'll process everything and the application may go to their underwriters. It would be highly unusual to have a mortgage approved in just a couple of days.

I misread your OP: the underwriters can't assess whether the mortgage is affordable for you and you meet their risk criteria without being sure of the value of the house.

You passed the affordability, they now use the valuation to decide whether they are prepared to lend on that particular property. You are only halfway there.

I understand with our mortgage our broker asked our mortgage company not to do the survey until our paperwork had been accepted as we had to pay for the valuation done by the mortgage company.

Are you using a broker? I would ask them incase you have to pay for the valuation.

We're using a bank. The bank have told us not to sign any paper work with the solicitor till its gone through cause if it falls for any reason we will have to pay for the solicitor.