How will mortgage valuation work with new build?
Discussion
So just bought/reserved a new build house. Applied for mortgage yesterday with Natwest.
Today i had a phone call from E Surv, who wanted me to confirm the address, as they could not find it.
I told them its a new build so most likely not showing on any system. They also said they could not get hold of the developer (Persimmon).
Then received a text from them, asking me to call and arrange a appointment for an inspection (i assume valuation).
This was just before 17:30, so there office was then closed for the day.
Now how does this work with new builds?, as the house is only 70% build and is within the building corden. Even i have not been allowed to view the actual house yet.
The house is due to be completed between November and December, and Persimmon want to Exchange by mid October - So i need to get the mortgage offer now.
So anyone who has bought a new build off plan, how has this worked with the mortgage valuation?
Cheers
Today i had a phone call from E Surv, who wanted me to confirm the address, as they could not find it.
I told them its a new build so most likely not showing on any system. They also said they could not get hold of the developer (Persimmon).
Then received a text from them, asking me to call and arrange a appointment for an inspection (i assume valuation).
This was just before 17:30, so there office was then closed for the day.
Now how does this work with new builds?, as the house is only 70% build and is within the building corden. Even i have not been allowed to view the actual house yet.
The house is due to be completed between November and December, and Persimmon want to Exchange by mid October - So i need to get the mortgage offer now.
So anyone who has bought a new build off plan, how has this worked with the mortgage valuation?
Cheers
t.The surveyor will get everything they need to value from the sales office - it'll just be a basic mortgage valuation.
Typically no need for final inspection, as the house will get one (not by bank surveyor, but doesn't need one) prior to getting signed off and habitation which solicitors will deal with.
Give the surveyors the site office number and all will be well.
NatWest for some reason always call the applicant for access rather that the seller/builder.
Typically no need for final inspection, as the house will get one (not by bank surveyor, but doesn't need one) prior to getting signed off and habitation which solicitors will deal with.
Give the surveyors the site office number and all will be well.
NatWest for some reason always call the applicant for access rather that the seller/builder.
yellowbentines said:
The surveyor will get everything they need to value from the sales office - it'll just be a basic mortgage valuation.
Typically no need for final inspection, as the house will get one (not by bank surveyor, but doesn't need one) prior to getting signed off and habitation which solicitors will deal with.
Give the surveyors the site office number and all will be well.
NatWest for some reason always call the applicant for access rather that the seller/builder.
Thanks, I wonder if i caused problems by giving Persimmon's head office details on the mortgage, rather than the on-site sales office details?Typically no need for final inspection, as the house will get one (not by bank surveyor, but doesn't need one) prior to getting signed off and habitation which solicitors will deal with.
Give the surveyors the site office number and all will be well.
NatWest for some reason always call the applicant for access rather that the seller/builder.
V8 Stang said:
Thanks, I wonder if i caused problems by giving Persimmon's head office details on the mortgage, rather than the on-site sales office details?
Yeah, that'll be it, if you have the surveyors number just call them and give them your Persimmon site contact.(I'm a mortgage broker - rarely any issues with new build valuations via large homebuilders)
yellowbentines said:
V8 Stang said:
Thanks, I wonder if i caused problems by giving Persimmon's head office details on the mortgage, rather than the on-site sales office details?
Yeah, that'll be it, if you have the surveyors number just call them and give them your Persimmon site contact.(I'm a mortgage broker - rarely any issues with new build valuations via large homebuilders)
Just spoken to the surveyor’s.
It turns out they have been given my current address, not my new address!
So they have to go back to Natwest for further instruction.
It appears somehow between my broker and Natwest they have my current address as the property I'm purchasing!
Why can’t anything be simple…
Just seen your post OP. As others have said, they will deal with the site sales agents directly regarding valuation. When we bought our new build back in 2019, there were a few other houses of the same plan already sold when we got the mortgage sorted and fully completed by the time we exchanged. I doubt whether a physical valuation even happened (they still charged me £170 for it).
If this is the first house you are buying, take a deep breath every minute as you will see a very high level of incompetence every way you turn, especially when it comes to conveyancing solicitors. The last one we used for re-mortgage couldn't even work out what the bill would be - their fees were changing every time they sent it resulting in me working it out for them including what the closure value on the previous mortgage was. They also tried to close the old mortgage before the fixed term ended, nearly costing me £5k.
If this is the first house you are buying, take a deep breath every minute as you will see a very high level of incompetence every way you turn, especially when it comes to conveyancing solicitors. The last one we used for re-mortgage couldn't even work out what the bill would be - their fees were changing every time they sent it resulting in me working it out for them including what the closure value on the previous mortgage was. They also tried to close the old mortgage before the fixed term ended, nearly costing me £5k.
On another point, the broker has requested my employment contract.
I have never been asked for this before. I work for a small employer, and i was not given one, everything was verbal. I have already submitted 3 months of payslips and bank statements.
Ive explained this to the broker, who said they will contact Natwest and get confirmation of what will be acceptable. But they still have not got back to me.
I was promised they would get back to me end of play on Friday, They never did!
My employer is happy to write a letter confirming my contracted hours/pay etc, Or issue a contract, but nobody will state if this needs to be back dated to start of employment or when issued?
Anyone any ideas as to what Natwest will likely accept?
Im starting to get very nervous now of this mortgage application getting approval.
I have never been asked for this before. I work for a small employer, and i was not given one, everything was verbal. I have already submitted 3 months of payslips and bank statements.
Ive explained this to the broker, who said they will contact Natwest and get confirmation of what will be acceptable. But they still have not got back to me.
I was promised they would get back to me end of play on Friday, They never did!
My employer is happy to write a letter confirming my contracted hours/pay etc, Or issue a contract, but nobody will state if this needs to be back dated to start of employment or when issued?
Anyone any ideas as to what Natwest will likely accept?
Im starting to get very nervous now of this mortgage application getting approval.
yellowbentines said:
V8 Stang said:
Thanks, I wonder if i caused problems by giving Persimmon's head office details on the mortgage, rather than the on-site sales office details?
Yeah, that'll be it, if you have the surveyors number just call them and give them your Persimmon site contact.(I'm a mortgage broker - rarely any issues with new build valuations via large homebuilders)
The sales guy at the site sales office told me he was contacted on last Friday for info for valuation.
How long should it now take to get full approval? I was expecting to hear back by now!
Sounds like there's many links in your chain, slowing the approval process.
Current property I purchased using a Halifax mortgage (direct).
Offer accepted by vendor on Friday
Managed to instantly get a mortgage appointment on Saturday morning via teams.
Online valuation conducted on Monday.
Mortgage approval on Tuesday.
Completed 5 weeks later.
I mean I was surprised how fast ours went...but it goes to show if there is nothing holding it up, it can pretty much be sorted in a couple of days.
Current property I purchased using a Halifax mortgage (direct).
Offer accepted by vendor on Friday
Managed to instantly get a mortgage appointment on Saturday morning via teams.
Online valuation conducted on Monday.
Mortgage approval on Tuesday.
Completed 5 weeks later.
I mean I was surprised how fast ours went...but it goes to show if there is nothing holding it up, it can pretty much be sorted in a couple of days.
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