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Mortgage valuation today!

9 replies

ForeverQuery · 15/09/2021 11:04

Hello
Anyone know if/when I'd know if all ok/or not?
Mortgage approved subject to valuation so quite anxious about it.
Cheers

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ForeverQuery · 15/09/2021 12:59

Bump

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blacklilypad · 15/09/2021 13:25

It depends on the lender and the valuer but a couple of days is usual. If you are unlucky it might be a week. I had my on a monday then heard back on the wednesday.

That's assuming it's just a valuation and not a survey. Survey will take longer.

ForeverQuery · 15/09/2021 13:33

Thank you, it's just the valuation.
Hoping it's Friday then if not before Smile

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InpatientGardener · 15/09/2021 13:38

We had one with HSBC and they came back to us the day after but it was down valued significantly so dont know if thats why it was so quick.

croon979 · 15/09/2021 13:45

I had a valuation carried out for mortgage purposes with NatWest on Friday.accordingly to bank the usual turnaround time is 2 working days after valuation so I expected to hear yesterday. Still waiting to hear back and going crazy in the interim. Will let you know when I hear. Fearful of a down-valuation. ImpatientGardener, I would be interested to hear what you did with the your down valuation? Did you renegotiate purchase price with vendor or could you suck the difference up?

ForeverQuery · 15/09/2021 14:34

@InpatientGardener what did you do once it had been down valued?
I'm dreading this

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InpatientGardener · 15/09/2021 15:10

Originally we decided to stick with it. We're moving from the SE to Wales and are buying for less than we sold so could have sucked up the difference. We both felt really uncomfortable about it though because the LTV would have meant we were basically FTB again and the aim of moving was to reduce the mortgage..so we went for a second viewing to decide if the house was really worth it, and long story short it wasn't so we just pulled out. If it had been somewhere we wanted to live we probably would have tried to get the sellers to bring the price down. Partly I think the valuer undervalued due to a lack of similar properties and partly the sellers saw us coming! Bit scared it might happen again though.

InpatientGardener · 15/09/2021 15:20

Oh also I read that you can only appeal the valuation if you can provide evidence of 3 similar properties sold in recent years, can't remember how many, and we wouldn't have been able to do that because nothing nearby had sold in years.

Paranoidandroidmarvin · 15/09/2021 17:14

I didn’t even know ours had been done. Got our mortgage offer yesterday so it must have been

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