Mortgage Offer Delays

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    Mortgage Offer Delays

    Property was valued 21st September. I have been chasing Estate Agents to find out latest situation with my buyers. It now transpires although the property was valued 21st September, 6.5 weeks ago, buyers still have not had their mortgage offer from Nationwide. Whilst chasing this info, I have also discovered the buyers are holding back on instructing surveyor until after they have had their mortgage offer. I had been led to believe the survey had already been done at the same time as valuation.

    Are mortgage offers really taking so long before offering? I'm not comfortable with the delay on instructing Surveyors. Should I be asking more questions?

    Many thanks
    MAPTON


    #2
    It is true to say that in certain areas valuers are taking upto 14 days to undertake a valuation , longer if it is complex like an HMO or MUFB , but Residential applications are much quicker.
    No lender issues a formal offer of loan until it has received a valuation. Once the valuation has been carried out its validity period is 180 days , Residential Mortgages are equally valid for 6 months from the date of the offer , normally three months for BtL offers.
    I cannot get my head around the fact that the valuation was in fact done 6.5 weeks ago, were you not present when this was done? But then you state the buyer is making assertions that they won’t have the property inspected before receiving an offer of loan , my advice is to have the agents market the property for a new purchaser

    Comment


      #3
      Thanks Loanarranger. Was hoping you'd spot my post and respond. You have confirmed my thinking.

      Comment


        #4
        You are posting a website in USA. We are a forum based in the UK ( different country )..

        Comment


          #5
          Gordon999, are you referring to me or the OP? I ask as I'm based in the UK but use a VPN which for security provides security and safety and not being tracked and by default avoid Spam Trackers, currently my VPN puts me in the USA but two weeks ago it was Switzerland OR are you referring to MAPTON.

          Returning to your post remember the following:-
          1. No Valuation,No mortgage Offer
          2. If valued and Offer issued &. a BtL Mortgage , the offer is valid for 3 months , certain lenders might have a six month validity, within reason. the offer might be extended but if this goes beyond 6 months , a new valuation might be required as it is only valid for 6 months, some might give a reassessment of the valuation and rental at a reduced price.
          3. Believe you are being played by the vendor with or without the cooperation of the agent.

          Comment


            #6
            loanarranger,

            I think Gordon is probably responding to a spam advert that was posted earlier on today advertising an American lender. The post has since been deleted.

            Comment


              #7
              Thanks BTL investor for clarifying this , always appreciated.

              Comment

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