Main site > MoneySavingExpert.com Forums > Essential Money > Mortgages & Endowments > Nationwide instructed valuation is this a good si... (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Nationwide instructed valuation is this a good sign?
Reply
Views: 7,064
Thread Tools Search this Thread Display Modes
# 1
Princess giggles
Old 28-08-2012, 3:59 PM
MoneySaving Convert
 
Join Date: Aug 2012
Posts: 65
Default Nationwide instructed valuation is this a good sign?

Hi guys,we just received a text to say Nationwide have instructed our valuation for tomorrow. Is this a good sign?if the house is worth what we have paid for it does this mean we'll receive our offer?thanks
Princess giggles is offline
Reply With Quote Report Post
# 2
handytips
Old 28-08-2012, 4:12 PM
MoneySaving Stalwart
 
Join Date: Jun 2011
Location: Blackwood, Gwent
Posts: 362
Default

Usually, Nationwide are well behind on their admin at the moment so dont panic if you dont hear anything for the next 10 days or so.
I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.

handytips is offline
Reply With Quote Report Post
# 3
holly hobby
Old 28-08-2012, 4:13 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Only if they were instructed not to go to survey until 1st stage underwriting (status enqs) had been successfully completed (which I would expect an experienced broker to request as standard i.e to save a val fee on a case later declined on status).

If you want to check the stage of your app (and you're not using a broker) give them a call to see if they had completed their verification checks pre-instruction.

Once all status checks are completed and the survey is back, you will receive your offer, which may be for the amount requested, or less if the property has been downvalued or there is a retention in place re remedial/essential works.

If you aren't sure of anything your broker (if you have one), or the lender themselves will be pleased to walk you through any areas of concern.

Hope this helps

Holly

Last edited by holly hobby; 28-08-2012 at 4:28 PM.
holly hobby is offline
Reply With Quote Report Post
The Following User Says Thank You to holly hobby For This Useful Post: Show me >>
# 4
Princess giggles
Old 28-08-2012, 4:23 PM
MoneySaving Convert
 
Join Date: Aug 2012
Posts: 65
Default

Hiya Holly,
We have a broker and he said that once they instruct the valuation it will have been to the underwriter already. He also said they hasn't requested anymore paperwork as he attached it all already!So I'm hoping the valuer being instructed is a good sign...1st time buyers see we have no idea!ha
Thanks
Princess giggles is offline
Reply With Quote Report Post
# 5
holly hobby
Old 28-08-2012, 4:27 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Well, if your broker is sure its already obtained 1st stage sign off, and as long as the survey values up .... your offer should be as requested.

Its then on to instructing your Solicitor re searches etc, and heading down the road to exchange & completion.

Good luck

H x
holly hobby is offline
Reply With Quote Report Post
The Following User Says Thank You to holly hobby For This Useful Post: Show me >>
# 6
Princess giggles
Old 28-08-2012, 5:00 PM
MoneySaving Convert
 
Join Date: Aug 2012
Posts: 65
Default

Thanks for the advice Holly our solicitor is well on the ball and got all the searches back everything fine. Fingers crossed it won't be long now!
Princess giggles is offline
Reply With Quote Report Post
The Following User Says Thank You to Princess giggles For This Useful Post: Show me >>
# 7
holly hobby
Old 28-08-2012, 5:32 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Hopefully the survey will be ok, as searches/legals aren't usually commenced until you have you have actually recd your mortgage offer ... just in case you are unable to proceed with the property post uw/survey results !

Fingers are well and truly crossed then ... xx

Keep us posted ....

Holly
holly hobby is offline
Reply With Quote Report Post
# 8
missamyx
Old 28-08-2012, 5:54 PM
MoneySaving Convert
 
Join Date: Feb 2012
Posts: 20
Default

We got a txt yesterday saying valuation would take place today all checks were done at dip stage (as far as I'm aware!) hate this waiting game! Good luck! X
missamyx is offline
Reply With Quote Report Post
# 9
holly hobby
Old 28-08-2012, 6:06 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Yep - DIP should be issued following full 1st stage underwriting (i.e minus survey). Its an AIP which is only based on public domain checks & taking as accurate whats in the AIP app - which is why you see threads on here where upon submission of a full app, its rejected despite the AIP held.

Good luck with your survey too !!

Holly x
holly hobby is offline
Reply With Quote Report Post
# 10
missamyx
Old 28-08-2012, 6:31 PM
MoneySaving Convert
 
Join Date: Feb 2012
Posts: 20
Default

It's confusing as we stay in Scotland and before putting in an offer the home report/valuation has to be done. So when I received that txt I didn't know if this is a further valuation or just a generic message! I know there's a backlog so it's a waiting game now!
missamyx is offline
Reply With Quote Report Post
# 11
holly hobby
Old 28-08-2012, 7:08 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Quote:
Originally Posted by missamyx View Post
It's confusing as we stay in Scotland and before putting in an offer the home report/valuation has to be done. So when I received that txt I didn't know if this is a further valuation or just a generic message! I know there's a backlog so it's a waiting game now!
Ah, yes the process is different in bonny Scotland ....

H
holly hobby is offline
Reply With Quote Report Post
# 12
Princess giggles
Old 28-08-2012, 8:38 PM
MoneySaving Convert
 
Join Date: Aug 2012
Posts: 65
Default

We had a DIP with Nationwide I didn't realise there was a difference?
Princess giggles is offline
Reply With Quote Report Post
# 13
missamyx
Old 28-08-2012, 9:13 PM
MoneySaving Convert
 
Join Date: Feb 2012
Posts: 20
Default

The DIP process is the same but in England I think the valuation is done through the lender :-/ I could be wrong! But in Scotland the valuation and home report must be valid before an offer is accepted on a property.

Hope everything goes smoothly for you! The waiting is horrible isn't it!
missamyx is offline
Reply With Quote Report Post
# 14
holly hobby
Old 28-08-2012, 9:19 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

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

Last edited by holly hobby; 28-08-2012 at 9:31 PM.
holly hobby is offline
Reply With Quote Report Post
The Following User Says Thank You to holly hobby For This Useful Post: Show me >>
# 15
missamyx
Old 28-08-2012, 9:37 PM
MoneySaving Convert
 
Join Date: Feb 2012
Posts: 20
Default

Thanks Holly. We're FTB so it's all a bit daunting and can't help but worry!
missamyx is offline
Reply With Quote Report Post
# 16
holly hobby
Old 28-08-2012, 9:53 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

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

H x
holly hobby is offline
Reply With Quote Report Post
# 17
Princess giggles
Old 29-08-2012, 7:48 AM
MoneySaving Convert
 
Join Date: Aug 2012
Posts: 65
Default

Thanks for all the info Holly - its good to be reassured!i hate waiting and not being in control!the valuer is out today so how long do you think it may be until we about our offer?
Princess giggles is offline
Reply With Quote Report Post
# 18
holly hobby
Old 29-08-2012, 11:33 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

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
holly hobby is offline
Reply With Quote Report Post
# 19
missamyx
Old 29-08-2012, 9:37 PM
MoneySaving Convert
 
Join Date: Feb 2012
Posts: 20
Default

Well we received a txt and email tonight to tell us they have issued a formal offer in the post! We are over the moon!
missamyx is offline
Reply With Quote Report Post
The Following User Says Thank You to missamyx For This Useful Post: Show me >>
# 20
holly hobby
Old 29-08-2012, 9:44 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2011
Posts: 5,312
Default

Fantastic news .... well done !!

H x
holly hobby is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 3:29 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 23 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)
  • BRUCE SPRINGSTEENAMERICAN BEAUTY

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.