Nationwide underwriting - valuation requested ?

lilyloo17

Hi just wondering if anyone's knows about nationwides underwriting process. We're buying a house but on a v tight deadline and its all happening quick so far. Submitted mortgage app within last few days and our ma advisor called them to make priority due to urgency. We sent in p60s, wages slips, evidence of deposit etc and they've instructed a valuation for next week - does this mean its been underwritten and is a good sign, i'm assuming they will have done credit checks etc before instructing valuation ? They haven't got our bank statements but mortgage advisor said we didn't need to send them in so not to worry about getting them ? Does this seem right and everything is ok or will they underwrite again after the valuation ? I'm just worrying of something going wrong and having to start again with different lender - as we don't have much time an a few posts suggests nationwide can decline for apparently no reason as they are picky ? Don't know if its makes difference but were requesting 80% ltv

The_J

No, the valuation is instructed immediately.

Sometimes they need bank statements sometimes they don't.

Nationwide can decline for any reason as any bank can. If you read most of the threads properly it can become apparent why that is. A lot of people think they are entitled and think that certain conduct with credit is acceptable when it isn't. Their tears of unimaginable sadness fill me with great joy but I think you should be fine.

lilyloo17

Ok thanks - i don't have any particular reason to be concerned, apart from our deadline and was hoping if valuation comes back ok it would be pretty straight forward after that and they would have already assessed us ? rather than it dragging on for weeks afterwards ! Our buyers are ftb expecting baby and want it all done and dusted within weeks as baby due beginning of june and said if we cant they may not proceed ! what happens after valuation is done ? We are within affordability limits, no defaults etc on credit reports both credit scores rated as excellant, £500 quid on a credit card all paid on time, minimal borrowing compared to credit available, employed same company for 6 and 9 years respectively - 2 children - are there any issues that may come up im not thinking of ?

Thanks for your help

The_J

No, it should sail through.

I'm no longer front line with regards advice but if I was in the same position as your adviser I would have done exactly the same thing. That is about the biggest compliment I can give as I am probably the 2nd best financial adviser in the world.

Interestingly the #1 is on this forum quite a lot, he's called Dave Ham.

lilyloo17

Ok thanks, hopefully he will come and comment on the underwriting process for me aswell then !