Valuation for new-build - needed before Letter of Offer can issue?

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MelF

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Does lenders new-build property valuation process differ from second-hand, where it needs to be in before offer letter can be issued. Never bought a new build before and am a bit green on order of events. BOI have all my docs and info in, but have heard nothing at all re valuation so wondering does this typically happen closer to drawdown. Don't want to drop the ball in case of any delays!
 
@MelF I'm pretty sure that the valuation has to be done before you can get a letter of offer – regardless of whether it's a new build or second hand.

They need the valuation to calculate you loan-to-value (LTV) ratio, which determines which rates they offer you.
 
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