Is Nationwide Sending The Valuers Good?

dave02

Hi all,

I am new to here and wondering if someone can give me some advice...

I had some late payments 18 months is ago, nothing too drastic though. I went and applied for a decision in principle with Nationwide and it was immediately accepted.

I have submitted my full application (through a broker) and am being told that based on my wage slips, bank statements etc, that my affordability would allow me to borrow double than what I need so no problem there.

I had a text and email from them (NW) to say that they are sending the valuers in tomorrow. Several people are telling me that this should be the final stage and so long as it comes back OK then I should receive a full offer as they wouldn't send the valuers in if they would reject it for any other reason and the credit check part was done when the initial DIP was accepted?

Does this sound right?

I guess I am just after some reassurance as I was a little surprised that my decision in principle was accepted due to a little adverse credit in my past.

Thanks in advance

TowerTom

dave02 wrote: »

I had a text and email from them (NW) to say that they are sending the valuers in tomorrow.

Are you sure they meant tomorrow, considering it's a bank holiday?

Don't quote me on this as I've only just put my app in and there are many MA/Brokers here that will offer superb advice on this, but my broker advised if/when they conduct a survey then it's good (but not definite) news - it'll then be a matter of how the survey/valuation goes.

dave02

Yes definitely tomorrow. Apparently the people they use work Bank Hols. Overtime I suspect.

Thanks. Looks like everyone seems to be saying that its a good sign

Any mortgage company workers confirm this?

bigjim1974

We're In a similar situation with Nationwide and I was led to believe that the application goes before an underwiter for scrutiny and only when they are happy will a valuation be booked. On that basis I'd say it's good news but I'm sure someone in the business will confirm.

dinealone

Just so I get that right... lenders do not send someone out for valuation unless the Underwriter says the application looks good? By that I mean unless the valuation than reveals issues you are pretty much very likely to receive the offer?

dave02

dinealone wrote: »

Just so I get that right... lenders do not send someone out for valuation unless the Underwriter says the application looks good? By that I mean unless the valuation than reveals issues you are pretty much very likely to receive the offer?

This is what I am being told. It seems logical though as why pay someone to do a survey if you would decline for some reason you could check first???

Can anyone confirm this or add to the thread?

confusedmoneysaver

This is all wrong.
Nationwide do the underwriting checks and valuation alongside each other. if the case was to decline before sending the valuer out then it would be stopped. but if all the information hasn't been sent in or hasn't been assessed yet, the valuation will still go ahead.

dave02

confusedmoneysaver wrote: »

This is all wrong.
Nationwide do the underwriting checks and valuation alongside each other. if the case was to decline before sending the valuer out then it would be stopped. but if all the information hasn't been sent in or hasn't been assessed yet, the valuation will still go ahead.

Ah right. I guess will have to wait and see then. They definitely have all the information, payslips etc well before now. Just doesnt make sense to me to send a valuer out if they would decline it for a credit default that they scored at DIP stage.........???

confusedmoneysaver

dave02 wrote: »

Ah right. I guess will have to wait and see then. They definitely have all the information, payslips etc well before now. Just doesnt make sense to me to send a valuer out if they would decline it for a credit default that they scored at DIP stage.........???

If they declined it at DIP stage it never would have gotten this far. However you do need to bare in mind that an application can decline at ANY point. I have seen applications decline post offer all because of updating information due to a solicitors letter.
you are not 100% in the clear until you have those keys in your hand.
Don't want to scare you but that is the reality of the situation.

dave02

confusedmoneysaver wrote: »

If they declined it at DIP stage it never would have gotten this far. However you do need to bare in mind that an application can decline at ANY point. I have seen applications decline post offer all because of updating information due to a solicitors letter.
you are not 100% in the clear until you have those keys in your hand.
Don't want to scare you but that is the reality of the situation.

Thanks for this. My only concern was a couple of defaults a while ago but it seems like you are saying if those defaults were a problem then it wouldnt have gotten a DIP anyway..?

Everything else stacks up just fine, affordability etc...

Still a nervous wreck waiting though!

confusedmoneysaver

dave02 wrote: »

Thanks for this. My only concern was a couple of defaults a while ago but it seems like you are saying if those defaults were a problem then it wouldnt have gotten a DIP anyway..?

Everything else stacks up just fine, affordability etc...

Still a nervous wreck waiting though!

try not to let this worry you too much. I know its a massive life change but it can take 4-6 weeks just to get the offer. It won't do you any good in the long run thinking about all the possible worse case scenarios.
And yes that is correct. If the defaults were going to be a problem it would come up whilst doing the DIP and it would have been a decline on credit score.