Nationwide valuation/HB report "We have received a satisfactory valuation report"

Midnight_Tboy

Hi all.

Having started a mortgage application lately through Nationwide (via Broker)

We chose to pay the extra (£330 instead of £180) to have a homebuyers report done.

I believe this was done yesterday at the property.

We have today received a text message saying

"We have received a satisfactory valuation report. We will be in touch again shortly"

So....that sounds promising.

I'm wondering though....does this likely mean that the valuation likely meets what we're asking for as far as property value goes (ie 110k)...so satisfactory....or could it still mean for arguements sake, that it may be much undervalued, but at least we've confirmed the house exists and isn't about to fall down?

Also....anyone know what point we will actually see this HB report? Is it likely to be posted direct to us, or sent to our solicitors?

thanks

Leon_W

The HB report will take a few days longer as it has to be typed up but will be sent to you in the post. The solicitor won't get a copy as it's for your information only. All the lender is interested in is if the property is good security for the loan, not that a bit of guttering is falling off or could do with window repairing so they'll base the lending decision on the basic valuation. If it's satisfactory it sounds like you're good to go.

Midnight_Tboy

Thanks Leon.

I'm curious to if it indicates the valuation may be accurate, as I'm basically concerned about the LTV. At the moment, the LTV will be, on target, at 64%....and so get a good rate of offer (3.09 for 5yrs + 499 fee) however my concern is if it was undervalue to say 100k, it would take it a midgies over 70% and so would bump the interest rate up quite a bit etc...as I've read so many things now of the mortgagers valuations often coming up a fair bit lower to cover the valuators own backs

Leon_W

Nationwide, in my experience, are pretty good. If they say it's satisfactory then in all likelihood the property has been valued at the price you are paying.


Reading too much on the internet can be quite demoralising with stories a plenty about down valuations and the such, but it has to be remembered that you'll not hear about the vast majority of valuations that go through without a hitch.

Kazza_Monkey

Hi, Just wanted to say we went through Nationwide with a Home Buyers report. Survey satisfactory means the price matches what you have offered. We got the Home Buyers report emailed through to us the next day from countrywide surveyors. They usually offer the mortgage quite quickly after the survey has been done (usually within 48hrs) depending on if they are satisfied with all the documents, credit checks etc.
You will get a text saying they are offerin, then when your solicitor requests the funds for completion you will get another text then thats it happy home owning

Midnight_Tboy

Thanks again

while at it....could I ask too....when I do get the final mortgage application offer, will that go to the broker, solicitor, or direct to us?

Midnight_Tboy

Thanks Kazza monkey crossover in the messages there

Leon_W

Copies of the mortgage offer go to all three. You, your broker and the solicitor.

ethank

You can call up the mortgage department at Nationwide and they will email you the valuation report if you want it now.

Midnight_Tboy

Thanks....

when I got back home yesterday, I received a letter from (I think it was) Countrywide, that arrange the homebuyers report.

The letter basically was a contract/conditions of the homebuyers report, and wanted a page signing and posting/emailing back to confirm the work. It said along the lines of the report would not be released until they had this form. One of the lines on the form was "Access Arrangements, please confirm" which didn't make much sense to me - surely the sellers would inform that and not me..

but as far as I'm aware, the Valuation was done on Tuesday....I'm assuming the valuation is done at the same time/by the same people doing the Homebuyers report, rather than them making 2 trips for it

I scanned and emailed the letter on last night...so I'm hoping I might get it today....but might have to try calling Nationwide to see what they say.

On the upside...I did get a phone call yesterday afternoon from the mortgage advisor at the EA, saying the valuation was satisfactory (so she believed at was at the same as the price we were paying)