Nationwide Valuation to offer?

Walle93

Hi everyone!

New to the forum and just needed some information. Me and my partner are FTB and have reserved a new build on a quite desireable development.

We have applied through a broker with nationwide using the 20% HTB equity loan.

We got a text on Monday (24/10) saying our application had been received by nationwide. On the Tuesday that asked for more payslip information for myself which I provided instantly. I then got an update Friday morning off the broker stating that they were still reviewing my payslips. On Friday (28/10) at around 5PM we got a text telling us our valuation is booked for Monday.

Reading here it seems a few people have had offers soon after their valuations, could this be a the case with us? I'm only worrying as we have to exchange before 16/11 and we really don't want to loose the plot.

Any information would be helpful!

Thanks in advance!

Thrugelmir

Builders will be relaxed providing the process is moving along. So don't panic over timescales. That's simply to weed out time wasters.

If there's no mortgage offer as yet. Your solicitor will have done little work as yet either.

lee111s

Was in a similar position recently.

Valuation to offer was 2 days for us with Nationwide.

We were also given a strict 6 week exchange deadline from Bellway however in reality it took closer to 12 due to holidays and some issues with the gift for our buyers deposit.

Walle93

lee111s wrote: »

Was in a similar position recently.

Valuation to offer was 2 days for us with Nationwide.

We were also given a strict 6 week exchange deadline from Bellway however in reality it took closer to 12 due to holidays and some issues with the gift for our buyers deposit.

Thanks for this, putting my mind and rest hopefully ille have my offer by the end of next week. we're buying with bellway too and they have us 6 weeks, good to know they're a little bit flexible on exchange dates!

Anybody else have any recent experiences?

Thrugelmir

Walle93 wrote: »

Anybody else have any recent experiences?

Not a new experience. 28 day exchange periods have been common for a very long time.

benten69

My experience from July last year. Looking back at told texts... 20th July, mortgage valuation booked for the same day.....21st July, text to say valuation received and they will review & be in touch if more info needed.....24th July, formal mortgage offer issued

Going by that, you may find out this week, next week at the latest if they don't need any more info.

lee111s

Walle93 wrote: »

Thanks for this, putting my mind and rest hopefully ille have my offer by the end of next week. we're buying with bellway too and they have us 6 weeks, good to know they're a little bit flexible on exchange dates!

Anybody else have any recent experiences?

As long as they know you're cracking on with what needs to be done and not dragging your heels they'll be fine.

If they start getting on your case (ours didn't really, the sales girls are lovely) just point them to your solicitor. You're paying them a lot of money after all so they can take the flack

nmjams

i had my offer the day after valuation.
in all it took 4 days from application!
i was very suprised

VAP_Driver

Applied towards the end of last month to Nationwide through a broker.

Total was eleven days from the initial full application (already had a dip) to the issue of an offer.

Valuation was carried out on the Tuesday, received and reviewed by Nationwide on the Wednesday, and offer issued on the Thursday (though it took six days for the paperwork to arrive).

So, to answer your question, two days from valuation to offer.

Walle93

2 texts received this morning at 8.06am, first one stated valuation received and the second valuation reviewed and accepted.

My broker has informed me that this is now with the plausibility team and subject to final checks they are working on 1 working day at the moment so I should have a text offer tomorrow at the latest!

What they didn't explain is what these plausibility checks are? Can anyone shed some light?

Thanks for all your help!

scp941

It may be to do with being able to complete within 6 months which is usually how long a mortgage offer is valid for.

Nationwide don't usually renew offers if they expire although my broker knew a way round it which effectively gave me an extra 15 days as long as my solicitor applied for the money before the offer expired and the developer could complete within the 15 days which is happening today.

The only issue as my solicitor told me is that the HTB money may not turn up on the day even though they were notified when the completion date was confirmed and it can take up to 10 working days to arrive so the developer won't release the keys until then.