So, What Happens After a Mortgage Valuation Then?
The Bottom Line
After you’ve had a mortgage valuation done on your potential new gaff, your lender will take a gander at the report, do some final checks and figure out whether they want to offer you a mortgage or not – and it usually takes anywhere from a few days to a couple of weeks to get the decision.
Now You’re Waiting – But Don’t Worry, You’re Almost There
You’ve got this far with your mortgage application, now you just need to hang on a bit longer. This stage can feel a bit nerve-racking but to be honest, you’re almost at the finish line. The lender is now making the final call on your mortgage application.
Here’s What’s Gonna Happen Next – A Step-by-Step Guide
1. Your Valuation Report Comes Back
The surveyor who came to value your property will send the report over to your lender – and this usually takes a few days to sort out.
2. Lender Takes a Gander at Your Property
They’ll go through it with a fine-tooth comb to check:
Its value
The condition of the place
Any potential problems
If everything looks okay, your application will move forward.
3. Underwriting Checks Continue – Because There’s Always Something
The lender will be looking over your financial situation again to make sure everything adds up – that means:
Income
Credit history
Your documents
They might ask for some extra info at this stage too.
4. The Final Decision
Once they’ve finished reviewing everything, they’ll make their final decision on your mortgage application.
5. Your Mortgage Offer Arrives
And if you’re successful, you’ll get your formal mortgage offer through the post.
How Long Does It Take? – A Quick Breakdown
Arranging a valuation: usually within a couple of days
Report returned: up to 5 working days
Offer issued: sometimes you’ll get the word in 48 hours, other times it might take a bit longer
What Can Delay Things? – There Are a Few Things To Consider
Missing bits of paperwork
Credit problems
The valuation comes back lower than expected
Incomes are a bit complicated
What Should You Be Doing Right Now? – Some Top Tips
Be sure to respond quickly to any lender requests
Avoid introducing any new credit into the mix
Keep in touch with your broker – they’re there to help you through this process
Need help with your mortgage once it’s been approved? Get a fixed-fee conveyancing quote – we’re here to help.