How Long After Valuation to Mortgage Offer?

If you're buying a property and simply cannot wait. you might be wondering, how long after valuation to mortgage offer? A mortgage offer is a formal document that confirms that the lender is willing to lend you the money you need to purchase the property. Once yours arrives, you have the reassurance that your mortgage can proceed.

The timeframe for receiving a mortgage offer after a valuation can vary depending on several factors, including the lender's policies and procedures, the type of valuation conducted, and how complex your application is.

In this insight, we'll explore what impacts how long it takes after valuation to get your mortgage offer. 

Key Takeaways:

• The timeframe for receiving a mortgage offer after a valuation can vary depending on the lender's policies and procedures, the type of valuation conducted, and how complex your application is.
• Rushing the valuation is not recommended as it could lead to financial consequences later on.
• Choose the right type of valuation for your needs and budget. A basic valuation is usually required by the lender, but you can also choose to have a more detailed valuation conducted, such as a Homebuyers report or Building survey.
• Review the mortgage offer carefully to ensure that you understand all the terms and conditions before accepting it. If there is anything you are unsure about, don't hesitate to ask questions or seek professional advice.

​How Long After Valuation to Mortgage Offer? 

After valuation, receiving a mortgage offer typically takes a week, but can require anywhere from a few days to several weeks depending on the complexity of the mortgage offer required and how soon your bank or mortgage adviser can finalise the administration.

You've had your offer accepted and valuation completed. Your lender will now review the results and assess your mortgage application. How long do they need before they can issue your mortgage offer?

To provide a more accurate timeline of how long after valuation to mortgage offer, you will need to consider a few factors:

• The lender's policies and procedures.
• The type of valuation conducted.
• How complex your application is.
• The availability of your lender or Mortgage adviser to finalise any outstanding requirements.

It is not always the case that your valuation is the final stage of the process before issuing your offer. In some cases, more time will be required to address specific property issues that have been raised within the report. Any concerns raised by the surveyor will add a delay to your offer. This is because your lender will only issue the mortgage offer once they are satisfied that the property is good to lend against.

Choosing the right valuation is essential; if you choose the wrong one, it could have huge financial consequences down the line. Surveys should definitely not be rushed. However, the different survey types require differing amounts of time to complete, which can impact the availability of surveyors. For example, if you only require a valuation report that can be completed in an hour, a surveyor may be able to squeeze your survey into their diary. On the other hand, if you need a homebuyer's report, which can take 4 hours, finding a surveyor with that availability may be trickier and add delays.

If your mortgage application is complex, it could add delays to the timeframe for receiving a mortgage offer. Most simple mortgage applications are automated and processed quickly. However, complex applications may require more human input, such as underwriters reviewing your case and agreeing on the lending decision. This process can take longer and cause delays in receiving your mortgage offer.

Lastly, it's important to remember that advisers are only human. If they are very busy, they may need an extra day or so to finalise your offer and send it to you and your solicitors. So, even if everything else goes smoothly, some delays can still occur due to workload and other factors

TIP: It's important to remember that the timeframe for receiving a mortgage offer can also depend on how quickly you provide the lender with any additional documentation or information they require. Make sure to respond promptly to any requests from the lender to avoid delays in the process.

What Happens After The Valuation Report Is Received?

Once the lender receives the property valuation report, they will use it to assess whether the property is worth the amount you are looking to borrow. If the valuation report shows that the property is worth less than the loan amount, the lender may not be willing to lend you the full amount you requested.

If the property is valued at or above the loan amount, the lender will then use the report to create a formal mortgage offer. This offer will outline the terms and conditions of the loan, such as the interest rate, the length of the mortgage term, and any fees that you may need to pay.

Once you receive the mortgage offer, you should review it carefully to ensure that you understand all the terms and conditions. If you are happy with the offer, you can then formally accept it and proceed with the mortgage process.

How To Speed Up the Wait From Valuation to Mortgage Offer?

There are some things you can do to help speed up the process and make sure you get your mortgage offer in a timely manner. 

Firstly, make sure you have all your paperwork in order. This includes documents like your ID, proof of income, bank statements, and proof of address. You'll need to provide these to your mortgage lender as part of your application, so having them ready and organised can save time.

It's also a good idea to work with a mortgage broker or adviser, as they can help you navigate the process and find the best mortgage deals for your circumstances. They may also be able to help you prepare your application and ensure everything is in order.

Finally, try to be responsive and available to your mortgage lender. If they request additional information or documentation, make sure to provide it as soon as possible. The faster you can respond to their requests, the faster they can process your application and issue a mortgage offer.

Can The Mortgage Offer Be Withdrawn After It Has Been Issued?

Yes, the lender can withdraw a mortgage offer after it has been issued. There are various reasons why this might happen, such as a change in the borrower's circumstances, like losing a job or experiencing a drop in income. If this happens, the lender may decide to withdraw the offer because they are no longer sure the borrower can repay the loan.

Another reason a mortgage offer could be withdrawn is if the property's value changes, like if a valuation comes back lower than expected. The lender may either withdraw the offer altogether or adjust the loan's terms.

Read your mortgage offer carefully and work with your lender to make sure all requirements are met and the offer remains valid.

How Long Does Each Valuation Type Take? 

When applying for a mortgage, you'll need to have a valuation conducted to determine the value of the property you want to purchase. There are different types of valuations to choose from, each with varying lengths of time required.

Basic Valuation 

A basic valuation is usually required by the lender to confirm the property's value. It's the cheapest and quickest type of valuation and costs around £150 to £400. The valuation is usually completed within a few days.

Homebuyers Report

A Homebuyers report is a more detailed valuation that checks for any significant problems with the property, such as damp or structural issues. It costs around £400 to £800 and takes around a week to complete.

Building Survey 

A Building survey is the most detailed and expensive type of valuation. It's recommended for older or unusual properties, or those that have had significant renovations. It checks for all kinds of issues with the property, including hidden defects that may not be visible during a basic or Homebuyers valuation. It costs around £500 to £1,500 and can take age and condition of the property, your budget, and how much detail you want from the survey.

Basic valuation surveys are usually required by mortgage lenders to determine the value of the property. If you're on a tight budget, this might be a good option. However, if you're looking for a more detailed report, a homebuyer's report or a building survey might be more suitable. If you're buying an older or unusual property, or one that has had significant renovations, a building survey is the most comprehensive option. This survey will check for all kinds of issues with the property and provide a detailed report. It's also a good option if you're planning to make significant changes to the property in the future. On the other hand, if you're buying a newer property that's in good condition, a homebuyer's report might be sufficient. This survey is more detailed than a valuation survey and checks for any major issues with the property.

Getting The Quickest Mortgage offer

How long after valuation to mortgage offer depends on several factors, such as the type of survey you need and the availability of surveyors in your area. Once your valuation has been completed, it's essential to check your mortgage adviser has received your report. By doing this, you'll be able to get the offer looked into as quickly as possible and identify any potential issues with the property.

If you're unsure where to start with finding the right advice on the mortgage process, complete the Sunny Fact Find for Mortgage advice. The answers you provide help us to find the best-suited adviser for your needs. Your adviser then contacts you for a no-obligation conversation on how they can help. You decide how to proceed.

Read on to find how what happens after mortgage offer. For further information on the mortgage timeline, read our insight: How long does a mortgage application take?