Mortgage lenders and Valuations..

BlueberryB

Hi I am hoping someone might be able to put my mind at rest!

We applied for a DIP in feb and was accepted etc with Nationwide. We had to wait to put the full application in as we needed to wait till after April so we had our next full years accounts and also it's a new build we are buying and is not going to be ready until around October.

Broker applied the full application last Saturday and it flagged up we needed to send 12 months bank statements in showing the rental payments instead of the 6m that was on the DIP so that was fine we printed these off online banking and forwarded to broker on Monday. I got a text shortly after saying they had arranged a valuation for the 13th...Tues!

I have not heard anything else since! I am beyond worrying, I know it's normal to be waiting weeks to hear as from what I have been reading on here but usually the valuation takes place a good bit after the application? Is Nationwide doing this very early?

I emailed the builder late this afternoon asking if the valuation was actually carried out this week but I haven't heard back yet!

Thanks for any advice anyone can offer

kingstreet

The service level agreement for the return of a valuation report is 72 hours, so it should be back on Monday.

We got caught out with the change to evidence of twelve months rent payments too. That was an uncommunicated MMR change.I uploaded six months bank statements and had to call to ask why the requirement had been put back on the case.

We've had six Nationwide cases in the last week. We've got one with no valuation date I keyed on 7 May, while others for the same site in Milton Keynes keyed on Wednesday (14th) were valued yesterday.

BlueberryB

Thanks very much for your reply kingstreet!

Is this a good thing they are doing valuation early or will it still take weeks for a decision?

Our broker told me once we had put application in it probably wouldn't get an answer until early June so was setting myself up for a long wait, but after I heard they were doing the valuation just days after I thought great. Do they just do valuations willy nilly or does that mean we are more than likely to get a 'yes' soon after they look through the statements?

kingstreet

The valuer is instructed immediately your full application is submitted and accepted. If the required documentation is uploaded to the case immediately, it should be offered as soon as the valuation is back.

We only get long delays when the DIP decision is "Refer" and then we get everything done upfront, get an accept and then submit the full app, so the case is then subject only to valuation.