Nationwide mortgage

Jess716

Sunny - with nationwide they instruct the valuation as a first point of call normally before it goes to underwriters. They work the opposite way to a lot of companies who offer the mortgage based on valuation. So it doesn't mean much at all I'm afraid, that's why we are atresia so much even though our valuation was done over a week ago.
X

fairyloveheart

Our broker negotiated with the business development manager at Nationwide to not instruct our valuation until we had the offer - and he said this was ok as they were happier to do that for new builds? We haven't paid for the survey yet!
We engaged our solicitor but my mum works at one so easy to do so and we needed to get things moving for our house sale as well. They wanted £300 in advance for all the searches but apparently the house builder has already sent a lot of them which are in date so it will cost us less. Our builder is William Davis.
Hope we get to hear something today, my mobile is on the blink with the battery so I have to leave it plugged it almost all the time in case anyone calls. I can't get a new one yet as don't want it to show on my credit file!!!!
Hope we all get some positive news today xx

xxlauxx

Good luck today Jess, fairy and sunny!
Hopefully we hear at least something! X

sunnyx

All lenders should offer mortgage subject to valuation. So it's all good to pay a few hundred quid on a valuation and then the underwriter to spot something and say we ain't lending you! Shame NW are like this. To me a DIP doesn't really mean anything. Your only half way there! Has anyone got one of those silly 3 hour appointments under the new rules? Broker says we didn't need to as it was done through him.

sunnyx

Hey Lau, hopefully you should hear soon! Our broker says NW can be quite fussy! He recommended NW as the process from his experience was quick in terms of new builds standard 28 days to exchange and they have a new build team that specialises in them.

Jess716

I agree it is a pain to pay it first but it's all moved so fast and it's a risk we are willing to take as we will lose the reservation fee on the property of we can't get a mortgage anyway so £200 is the least of our concerns. Plus the estate agents are happier knowing the valuation has been done as it means we are serious about the property especially if it takes a while for the full offer to come through.

Sunny - if you've gone through a broker they will have covered all the questions so you won't need the interview. The DIP with nationwide is better than most companies as they conduct a proper credit check at the beginning rather than just a soft search my broker advised. So if you pass the dip easily then as long as paperwork etc matches upto the application then we were told everythjng should be ok.

It's so stressful

xxlauxx

What 3 hour meeting?!?! Am I being really thick?? X

xxlauxx

Also, another random question... Do they ask you to pay the valuation fee or do they just take it from your account? Not sure what to expect next to be honest x

Jess716

The 3 hour meeting is jn respect of affordability, stupid questions like are you planning to start or add to your family etc. What happens if you lose your job.

Valuation fee is seperate, you provide your card details. We were told they wouldn't even look at the application until the valuation fee was paid.

xxlauxx

Ah ok cool. I presume I will get a phone call or something then as they don't already have my card details only sort code and account number for the mortgage application.