Survey before or after mortgage offer?

[Jaggerdagger]

Hi guys, I asked another tjer question recently and you were all really helpful.

We are FTBs and have sent off the mortgage application 3 weeks ago for a 3 bed semi.

We are hoping to hear back about the mortgage application/valuation any time soon, but our question is whether we should go ahead and book a survey before or after the application is accepted? Thank you!!

[kerosene20]

After! Otherwise you may waste your money. Once it’s in the bag, instruct survey.

[HouseIsOnFire]

I disagree: I've always instigated both as soon as an offer has been accepted. If you wait to do the survey and something comes up that you need to pull out or renegotiate, then you'll have to reply for the mortgage anyway.

If you have an AIP then you should be reasonably sure you'll get the mortgage offer (though it's never a guarantee!), so why wait to get the survey done?

Also the process is long enough, if they're not going to be happening concurrently, then you're just slowing down your purchase!

[WoWsers16]

We did it before - however mortgage offer has arrived just 8 days after applied!!!!
but I want this to be as quick as possible so as soon as the solicitors asked I sorted x

[Paddingtonthebear]

We’ve had the AIP and now just waiting for the mortgage valuation . If that comes back ok then we will instruct a surveyor but not before, incase the house is down valued by the bank

[mooneclipse]

We waited until we had the mortgage offer but that only took 4 days to come back.

I think after 3 weeks I would be wanting to crack on with the survey unless I had serious concerns about downvaluation and wouldn't be able to make up the shortfall/adjust LTV.

[Jaggerdagger]

Thank you everyone, really useful. I'll phone our recommended surveyor on Monday.

I don't know why it's taken 3 weeks. We are both self employed so I guess they are leaving no stone unturned? It's with Nationwide and I think they are known to be a bit slow. It's with a broker which is annoying in a way because we can't log in and view the status of our application. Please cross your fingers for us. I'm so anxious at the moment!

[LCDP]

I would buy home buyers insurance if you’re paying for a survey before your banks valuation.

[Paddingtonthebear]

Are you waiting to hear back from the mortgage valuation or are you past that point?

[Hearwego]

Won’t the lender insist on a survey before releasing the cash?
You normally can’t put an offer in until you have a mortgage offer in principle as a FTB, the etstage agents will check this.
You only have a survey once your offer is accepted.
Sorry if I misunderstood your question.

[Jaggerdagger]

Sorry I haven't been completely clear:

We received our AIP oainod 9kkk

[Jaggerdagger]

Phone wasn't having it! Moved to computer...

Sorry if I haven't been completely clear.

We received our AIP and had our offer accepted on a house about 4 weeks ago. We then went for a FMA through a broker 3 weeks ago. Alongside a hard credit check showing up on my file, we've had a few texts from the lender to say that the valuation has been booked and - most recently - valuation report received. Although we know it's received, we don't know whether it's come back fine. That was 8 days ago, and in the mean time our broker last contacted us on Wednesday to ask for more documents showing proof of deposit.

I don't know if the lender (Nationwide) reveals whether the valuation report has been accepted separately, but I feel uncomfortable paying for a home buyer's survey until at least that has come back clear! I also don't want to annoy the sellers by waiting ages for a surveyor to become available before we can exchange contracts. I hope this makes more sense. I've enquired to a surveyor yesterday.

Thanks again, everyone, for your advice!

[Paddingtonthebear]

We are at the same stage as you. Nationwide mortgage via broker, the valuation took place on Tuesday and we received notification on Wednesday that the valuation has been received but nothing since. I thought that was a bit slow tbh but looks like we are in for a wait if yours has taken 3 weeks already. When we offered on another property last year the mortgage valuation came back the next day!

[Paddingtonthebear]

we won’t be instructing a surveyor or paying the solicitors I.d fees until the valuation is confirmed

[SamMil]

After. We've just pulled out of a purchase this week as our mortgage provider came back to say they wouldn't offer on the property following the valuation visit. Luckily we hadn't paid the solicitor or booked in the survey yet!

[AYearOfCushions]

We're in the same boat. Application submitted on Monday through broker.

Solicitors have been phoning regularly since the day the offer was accepted for us to instruct and pay for x,y,z but we're going to wait until we have the mortgage.

[Jaggerdagger]

Update! Got an email from the broker today. Apparently the application has been accepted and the valuation has also been accepted. However it's just waiting for underwriter to assess it all before an offer is made. Is this good news? I'm confused because I would have thought if the application has been accepted then an offer would be made straight away, and wouldn't need to go to an underwriter? Apparently the underwriting process is taking a week at the moment, so I'm not holding my breath.

[Paddingtonthebear]

Still waiting for mortgage valuation decision here

[Jaggerdagger]

@Paddingtonthebear Good luck! When did you have your valuation? Ours took over 2 weeks to come back! Lender is very slow at the moment.

I think my broker's email must have meant that our paperwork is accepted and ready to be sent to the underwriter, rather than the application proper being accepted. Got my hopes up for a bit there!

[Paddingtonthebear]

Last Tuesday. I’m just impatient 😆

Fingers crossed for you!

[housebuy2022]

Also applying for a mortgage through Nationwide - application has been in since end of April. Valuation accepted ( this took 2 weeks), credit checks accepted. Our MB said an offer looked like it was imminent but now it's been referred for an unexpected additional check by a senior underwriter. It's total torture! The process has been so so slow. 3 or 4 weeks all in all with Nationwide is seeming standard though from what I've gathered.

[Paddingtonthebear]

Ugh ours is with Nationwide 😬

[Jaggerdagger]

@housebuy2022 your situation seems to mirror ours completely. Also with NW. Apparently they are overwhelmed at the moment and the underwriting process is taking a week. It's horrible isn't it, the constant waiting and checking your phone. Also annoying that because it's through the broker we can't log in to check the status! Fingers crossed for some good news for you very soon.

[LennyFitz]

We just had a Barclays mortgage offer come through, and that took over 3 weeks too.

To answer initial question, we actually booked in surveyor several weeks ago because 1) I was confident of the offer coming through and 2) we're buying a 100+yr old house so I was more concerned about the survey than the mortgage at that point. Glad I did too, as both mortgage offer and survey report took a few weeks.

[Jaggerdagger]

Still waiting it's been over 4 weeks now. I'm so nervous. Torture!

[Paddingtonthebear]

Anyone had any news from Nationwide yet?