2 month house valuation validity and mortgage approval?

um7y1h83ge06nx

Anyone know anything about the new 2 month house valuation validity rule?

We're mortgage approved until next week and are have been trying to draw down the money for closing on Friday for the past week. Told this morning that our valuation ran out on the 18th of May and we cannot draw down until the Valuations team approve.

We were never told this and presumed it would cover the 3 months approval time.

Archaeoliz

I don't know whether it is done on a case by case basis or not. Our valuation ran out end of May but the Valuer who did the original mortgage survey simply signed off that he didn't believe the house value had changed. Didn't need to come out again or anything. Bank were really helpful about it.

maryjayne

I was told by bank today that this was one of the new mortgage lending rules. In my case if I don't close within the 8 weeks then I will have to pay €65 for a "drive by" valuation! Another little money earner for the Estate Agents.

Jake Stiles

Yes a so called regulation to help the public - but I believe it hinders more than it helps and it will cost you a second val, though maybe halve the price of the original one.

Think it should be three months to match most loan offers. Two months can vanish quite quickly in the purchasing of a house.

um7y1h83ge06nx

Feck, never knew about this at all, not on any of the bank documents we have either. If we were told around the 18th of May when it expired we could have done something about it.

The closing date is planned for Friday the 19th and our approval runs out next Wednesday.

The_Conductor

Most of the valuers on banks lists- will simply give you a new valuation (or supply it to the bank) without further charge- where the valuation occurred recently. It is one of the rules though- valuations are for 8 weeks, no longer. In all honesty- in Dublin, at least- you could be looking at a change of a couple of percent- up or down- in the value of a property in an 8 week period.

um7y1h83ge06nx

True, the bank said they never communicated this to me as it was an internal thing and no actions for me from it.

Probably should have been done back in the 18th of May. Think we got caught as our approval pre dates this change, we were approved on the 24th of March.

Anyway, our branch manager is on the case so hopefully it can be all done and drawn down by Friday. :-)

um7y1h83ge06nx

After a million and 1 phone calls, we got it sorted and closed on Friday, down to the wire. Vendors solicitor received funds before 4 in the evening. All is well that ends well.

Anyway, for the information of others that might look at this in the future and need advice...

The bank was Ulster Bank. We got approval back in March before this rule. When I asked why I wasn't informed about the 2 month validity I was told it was an internal bank thing and they like to keep these things internal so customers don't get overwhelmed by details. I completely disagree but anyway.

So make sure to ask the bank about your valuation and the timelines for it so you can avoid hassle close to closing. :-)

johnp001

Loans at risk under new rules as house prices fall

This is the Indo article on the subject...

Glad to hear you beat the clock on this one SuperSonic!