Survey arranged but no news from lender???

[mnahmnah]

Hi

We had our offer accepted on a house last Thursday. Immediately submitted our formal mortgage application and heard nothing since, just it would take around 4 working days.

Today I had a phone call from a surveyor saying our homebuyers report was arranged for Tuesday. Surely that means our mortgage application is approved? They wouldn’t arrange the survey otherwise?

Nothing from the lender confirming with our mortgage advisor

No, I don't think it does mean you've got the mortgage. What I think has happened is this: the mortgage lender think you are potentially a good customer, but they're sending in their own VALUER to make sure a) the house is not falling down and is mortgage worth and b) is worth the equivalent of, or more than the amount you are looking to borrow. It could just be they call them a surveyor/they call themselves a surveyor.

This is a perfectly normal timeline (quite fast, actually) and nothing to worry about at this stage.

Yes, it's a valuation as part of the application, not a survey. They will report back to the lender. Some are taking 5 working days or more to get the report back to the lender though.

The valuation is different isn’t it? Our house had a drive by valuation, then a separate survey for the homebuyers report. This was a surveyor ringing to say they had been instructed by our lender to carry out our homebuyers report, that we paid for.

I've never heard of a homebuyers' report being organised via the mortgage lender. I think you've got to call him back and find out exactly what he's been instructed to do and why.

Surveys are always arranged by the lender. In the three mortgages I’ve applied for previously, anyway. Stage 2 homebuyers report they said, as instructed by our lender, which we paid for through the mortgage application. Like I always have on previous mortgages. The valuation is a separate thing done as a drive by, like our current house had a couple of weeks ago, then the homebuyers report was done this week.

Not the same thing.

In my mortgage application i was asked to choose which survey I wanted and to pay for it. I chose level 2 housebuyers report. They rang today and said they had been instructed by the lender.

The fees are non-refundable once the survey has been carried out so I bet they don't wait until your mortgage has been through underwriting.

I know the underwriters have worked on it because they contacted the mortgage advisor with a couple of queries

They’re not always arranged by the lender. My lender did a desktop valuation and I instructed my own choice of surveyor.

Who is your mortgage application with? Ours was NatWest. It took 2 days and they emailed us as well as our mortgage adviser directly.

@lemonyellows
Accord, part of Yorkshire Bank. Our mortgage advisor said this is typical of wait times at the moment. I thought a valuation might be done soon, I was just surprised to be told the full survey housebuyers report was happening as soon as Tuesday, when the application hasn’t been approved yet. The mortgage advisor said this is a good sign and they will let me know as soon as they hear anything

@AlwaysPlayingYellowCar

Interesting. All my mortgages have had the survey arranged as part of the application. I didn’t realise it could be arranged separately.

I've always organised my own survey, never been organised by a lender. Who is your mortgage provider?