nationwide valuation tomorrow...chances of decline?

MysteriousMoon

Hi all,

My husband are trying to buy a part buy part rent house with the mortgage with nationwide only being £51,000.00 so not a high amount at all, the valuation is being done tomorrow, what are the chances of being declined?

FlyingCat

27.72% chance of being declined

In all seriousness though, not really sure how you think anyone can answer this? Almost no detail at all or facts that anybody could make a judgement on...and even details it would be dependent on so many factors we could not know.

I assume you are just worried about something going wrong? But in all honesty, you won't know until the valuation is done. No point worrying about it, more often than not it will be fine. If there is a problem, then worry and assess your options. Hopefully it will all be fine.

jellyfish76

In theory, if it's a shared ownership property through a housing association it should already be priced at a *realistic* market value price.

MysteriousMoon

I guess i was just wondering how many people at this point get declined

MysteriousMoon

Woohoo today is the day hoping i get the offer!!

kingstreet

If the valuation is being done today, you won't get the offer today.

It's taking Nationwide a couple of days from receipt of the valuation to get an offer issued.

You'll be lucky if it's issued by friday.

They insist on doing the plausibility checks after the valuation comes back, instead of doing them while they are waiting for the valuation to be done.

Barking mad to waste time like that, IMHO.

somethingcorporate

FlyingCat wrote: »

27.72% chance of being declined

I got 27.75% :rotfl:.

OP, it's a totally pointless question, your chance of being declined is unique to you, even if you know the industry/lender averages - it won't tell you anything of use.

I guess it's just a question of waiting.

andymd

kingstreet wrote: »

They insist on doing the plausibility checks after the valuation comes back, instead of doing them while they are waiting for the valuation to be done.

Barking mad to waste time like that, IMHO.

Presumably they take a cut of the valuation fee, so it's in their interest to complete the valuation first?

However, we've applied for a mortgage with Nationwide last week with a valuation booked for next week, the adviser said yesterday that the plausibility checks had all been "signed off", so will there be further checks once the valuation comes back?

MysteriousMoon

Yeah my mortgage advisor said the plausibility checks and everything had been signed off its just all down to valuation