Valuation survey - Nationwide - Scotland

lydriver

I filled out and submitted a mortgage application yesterday
just had a message from Nationwide saying 'valuation appointment booked for 30/5/2016'

I'm assuming that's just someone at an office checking the Home Report?

I never saw any mention of having to pay for a valuation when filling out the application - is that a possibility?

I tried to call their call centre but it's shut for the bank holiday

Mortgage_Moog

Yes you usually have to pay for a valuation to be done but it is free with some lenders or deals. Didn't they take your debit card details during the meeting? They did with me and said it was to pay the valuation. It ranges from £150 to £400 from what I've heard but most are only around £160.

It's nothing to do with someone checking a home report. They have to visit the place you want to buy and value it so the lender can be sure that it's worth it and they could get their money back by selling it if you don't pay.

Check your bank account. They'd have taken the money out before the valuation was done.

Are you sure it's correct though? Seems very odd for a valuation to be done on a bank holiday and how did you fill in a mortgage application on a Sunday?

lydriver

filled it out online

only thing I noticed is the 1st months (initial) payment will be higher than the rest

davidmcn

Mortgage_Moog wrote: »

It's nothing to do with someone checking a home report. They have to visit the place you want to buy and value it so the lender can be sure that it's worth it and they could get their money back by selling it if you don't pay.

The whole point of the Home Report system is that the seller has already had a surveyor round, and the purchaser and their lender can rely on their report. The only issues might be if the surveyor isn't on the lender's panel, and some lenders seem to have a policy of getting their own valuation anyway (the Clydesdale is the only one I can think of which seems to routinely do that, possible the Nationwide does also).

Might just something in Nationwide's reporting system which hasn't been adapted for Scottish purposes. There's another thread here with someone experiencing similar confusion at Barclays.

Seems very odd for a valuation to be done on a bank holiday

It isn't a generally-observed holiday in Scotland.

dgtazzman

A few months ago, Nationwide cut all standard valuation fees, so it would be quite correct you aren't getting charged for it. You'd only get charged if you had instructed a more detailed survey to be carried out.

http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/mortgage-fees-and-charges/initial-fees

Nationwide instructs valuation before the case is fully underwritten, so you're just in the early stages as it stands.

amnblog

lydriver wrote: »

I filled out and submitted a mortgage application yesterday
just had a message from Nationwide saying 'valuation appointment booked for 30/5/2016'

I'm assuming that's just someone at an office checking the Home Report?

I never saw any mention of having to pay for a valuation when filling out the application - is that a possibility?

I tried to call their call centre but it's shut for the bank holiday

Your assumption will be correct.

It would be a major error from the lender to book their own valuation for a Scottish purchase.