Nationwide instructed valuation is this a good sign?

Diff between the 2, are that an AIP (agreement in principle) is based on the info in the AIP app being taken as accurate, and only a public domain credit search performed (so as to not leave a "footprint" i.e leave a record of a credit search on the individuals credit record), but in turn will only reveal public domain info such as Voters Roll data, bankruptcy registration and county court judgements.

Whilst a DIP (decision in principle) is based on a full credit check with CRAs - which reveals not only VR info, bankruptcy and CCJs, but all CIFAS data, repo data (albeit the CML repo register is no longer operative), linked indviduals, all credit accounts (inc those redemeed if less than 6 yrs prior), the balance and payment profile of active accounts (inc history of payments, late payments, arrears etc), and any defaults that are less than 6 yrs old (from registration).

So, as you can see a DIP is far more thorough than an AIP (and in essence and all things being equal, may be seen as a fairly cast iron agreement to lend, subject to survey, and no other material changes pre completion), and why on occassion those individuals whom have obtained an AIP, but have not declared/been aware (or been asked) about historical late payments or defaults, have fallen foul and been declined, following the submission of a full app and full Underwriting/credit scoring.

Hope this helps explains the small but important difference between the 2.

You may wonder why everyone doesn't go for a DIP. The reason why is that a DIP involves conducting a full credit search with the CRAs, which will record the conducted search. If the app is subsequently declined by the lender, and alternative lenders are sought under a DIP, very quickly a list of recent credit searches is established, which futher goes to have a negative impact on any credit scoring/uw assessment.

Re survey - surveys can be instructed alongside the underwriting process (to speed things up), but really only where it is known that there are no skeletons in the closet, and that the lender won't decline the app due to unfavourable data discovered as part of their status checks.

As a broker, I always requested survey to be held until 1st stage underwriting was obtained with no issues - then at least I knew that the applicants handn't "wasted" a survey fee, and that the only further hurdle mge wise, would be the survey itself, and if the property was suitable security, had been downvalued or reqd repairs with a retention. Some lenders will reserve instructing survey until they are happy with the status checks, others will just instruct as soon as the app comes in for keying and uw - so I always made sure that there was no confusion, in clearly stating they were not to go to survey until the applicants had passed their uw verification process and I knew that the survey was the last hurdle.

Hope this helps

Holly x

Fret not - lots of friends here to guide and support you for as long as you need us !

H x

Well they are electronic now, so it should be downloaded to the UWs by tomorrow at least (poss today depending upon time etc), following which your offer (depending on whether there are any backlogs etc), should be out within 7 days at the outside (but it could be as soon as by the end of this week all things being equal).

Sit tight ..... its out of your hands so don't waste energy worrying about it .... !! (I know its hard when you have your heart set on a house, and you'll be anxious regardless)

Holly x

Fantastic news .... well done !!

H x