Waiting on offer from Nationwide

Jkbc90

The wait is killing me, I know I have to suck it up and just wait it out but I just want it now :rotfl:

Valuation was due to be done Thursday past but was done on Friday instead, going to call our broker on Monday just to make sure everything went ok.

I've spent the past few nights reading on here of people's past experiences and am hoping and praying there are no issues. I have no reason to actually worry, just worrying for the sake of it I guess :eek:

Something I was wondering was if Nationwide come back to us with an offer, is it possible it will be less than what we have asked? Or is it just a straight accept or decline?

We were offered a few grand less than what we originally thought we could get, LTV is 85%.

Jkbc90

Sorry another question, I've seen a lot of people talk about a valuation fee. Our broker said there isn't one? I've checked the agreement that was emailed to my partner and it says the only fees to be paid are;

£20 CHAPS fee
£65 redemption admin charge at the end of the mortgage
And the fee we have already paid our broker

Browntoa

It will be a decline on the valuation if it's valued UNDER your agreed purchase price , if it's valued over then it's not an issue so it's an accept

There may be no valuation fee as nationwide pay it as an enticement , same as some mortgages have an arrangement fee , some don't

Jkbc90

Oh that's great, thank you.

The family that own the house, one of the family members actually work for the estate agents that are selling it for them so hopefully it's accurate.

Strummer22

Browntoa wrote: »

It will be a decline on the valuation if it's valued UNDER your agreed purchase price

Not necessarily. Our valuation came back 2k under purchase price. Nwide did not flat out decline, they gave us options - reduce mortgage amount, increase LTV, do work on the house highlighted in the valuation report to increase the value of the house.

Jkbc90

Thanks, good to know there are options if that were to happen.

Feel like a kid counting down the days until Christmas, hopefully good news is coming our way.

Browntoa

"retention" is the evil word , they hold back an amount until xxxxx is repaired

Mostly an issue on older properties

Jkbc90

Obviously I'm no expert but the property looked to be in fantastic condition, new pvc windows throughout, new boiler, no damp/mould.. my brother is an electrician he done a full sweep of the house and everything was in perfect order. Obviously there could be things lurking beneath but I'm hoping not

PawelK

My process varies but perhaps gives you some reassurance. Applied through a broker buying a flat in London (so aip was already there), that was on Saturday. Then middle of the week a text message from nwide the valuation will be on Monday. Week later a text message that i was accepted and offer has been sent. The following day I could see it already with my solicitors. The same as the aip shown by a broker.

Jkbc90

Thanks PawelK. I know everyone has different experiences but I love hearing how it went for everyone else.

Broker got in touch today to say that Nationwide needed an employers form filled out, we have emailed that to the right person so we are hoping she fills it out and forwards it asap. Will chase it up with her tomorrow.

Something else I'm pondering, we were asked to send in a copy of the bank statement showing we have the deposit, we now have a better balance with more money, I was thinking of maybe printing that and giving it to my broker to pass on. Just trying to cover all bases to make sure there are no issues or queries that may affect the offer. I'm thinking that "extra" money would be seen as a plus.

PawelK

I had substantial savings for a deposit (25%ish) spread over many accounts. My broker asked me to provide him statements from the last three months for each account which I did but he mentioned bank might be checking how I built up my savings (guess unusual for a single person to save that much but also for AML) so I also prepared a cover letter woth explanation of my lifestyle, how much I am able to save monthly and showed a summary of all my accounts balances today, 3 and 6 months ago so they could see how it was growing. One extra thing to mention. If you had any big cash injections such as inheritance, redundancy pay etc. it is probably worth to have a statement showing that payment in prepared too. Good luck.