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Nationwide Mortgage / Valuation
nashton42
Posts: 3 Newbie
Hi,
I'm currently re-mortgaging and going for a 80% LTV mortgage with Nationwide. I've been accepted but its all subject to valuation.
My query is simple, if they down value, can they switch my application to a 85% LTV Mortgage thus paying a higher interest rate, without me 1)Re-applying thus making another print on my credit file 2) paying another £99 fee for another product?
I think I have pitched my value in the right place, but I'm just concerned that Nationwide may down value, then would I have to start the whole process again? Having the comfort that I can switch to an 85% LTV if they down value wouldn't be perfect, but at least re-assuring that I can get the deal done.
Any help is appreciated.
I'm currently re-mortgaging and going for a 80% LTV mortgage with Nationwide. I've been accepted but its all subject to valuation.
My query is simple, if they down value, can they switch my application to a 85% LTV Mortgage thus paying a higher interest rate, without me 1)Re-applying thus making another print on my credit file 2) paying another £99 fee for another product?
I think I have pitched my value in the right place, but I'm just concerned that Nationwide may down value, then would I have to start the whole process again? Having the comfort that I can switch to an 85% LTV if they down value wouldn't be perfect, but at least re-assuring that I can get the deal done.
Any help is appreciated.
0
Comments
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No new search is required, but the product will no longer be available, so another £99 will be needed to allocate the product in the next LTV band.I am a mortgage broker. You should note that this site doesn't 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 shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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OK Thanks, presumably no further valuation would be needed either, thanks for the reply.0
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I heard from the Nationwide today, valuation of my Property is approved, HOWEVER, I am now told that because the credit report last week was initially "referred," that we have to wait for Final Approval of the offer by their head office. Apparently this takes up to 48 hours, anyone had experience of this?
My Fingers are still crossed!!0
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