Ecology mortgage application valuation

[PSC88]

Hi i applied for my full self build mortgage with ecology after getting a AIP.

 

full application went through a couple of weeks ago and had a couple of queries from underwriters which I answered.

 

have just received the payment link

for valuation

 

Does this mean the underwriting is cleared? 
 

it’s a large sum for the valuation and just want to make sure that once valuation cleared I’ll hopefully be getting my offer!

 

 

 

[Carndearg]

Hope it all went well, we are shocked that our plot has been undervalued by 35k, not clear if the guy even visited the site

[garrymartin]

11 hours ago, Carndearg said:

Hope it all went well, we are shocked that our plot has been undervalued by 35k, not clear if the guy even visited the site

You need to remember that the valuation of the plot would likely have been made by calculating all sorts of variables in a standard manner, working backwards from the market value of a finished home. What you paid for the plot doesn't necessarily equate to the calculated value of the plot, especially when self-builders are involved. The plot may be worth more to a self-builder (and to you) than it will be worth to a small developer, but the mortgage company valuation has to account for the lower value when they are looking at potential recovery.