In this brief guide, we are going to answer the question “ how long after valuation to mortgage offer”.
How long after valuation to mortgage offer?
A mortgage valuation will usually be carried out within 48 hours from when it was ordered by the mortgage lender and they will usually receive the results of the valuation within 5 days if it was an in-person valuation. In this case, a mortgage offer from the time of the valuation would take about 1 week.
If the mortgage valuation was carried out online then you could receive a mortgage offer within 24hours.
Using a mortgage broker
If you are worried about how long a mortgage offer could be obtained from when you got your mortgage valuation then you may want to consider using an experienced mortgage broker who may be able to advise you on your mortgage options and guide you through the mortgage process.
In some cases, a mortgage lender may carry out a mortgage valuation but then have further questions before they are able to decide on if to provide you with a mortgage offer or not.
A mortgage broker could help you through the mortgage valuation stage as they will have some experience of dealing with mortgage lenders.
You may want to consider using an independent mortgage broker to get a mortgage.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.
It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.
They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
In this brief guide, we answered the question “ how long after valuation to mortgage offer”.