Nationwide valuation

Orangesandlemons

Hi all,

Our full mortgage application went in on 28th, because it was a refer at DIP stage Nationwide did all our checks before the valuation was instructed. MA advised us that Nationwide are happy with all documentation now and instructed the valuation yesterday morning.

We haven't had a text with a date yet and just wondered how long this will take? We have been super nervous as hadn't heard anything and we went to full application 2 weeks ago. From what we understand we are approved subject to valuation now.

Orangesandlemons

My husband spoke to her yesterday but didn't ask for a timescale. I don't really want to badger her.

kingstreet

The surveyor's office has to make contact with whoever's details you provided to the lender for access.

I'm not sure anyone can tell you when that might be.

Orangesandlemons

Ok, thanks :-)

TamsinC

Having gone though this process myself very recently I can tell you - Nationwide are the slowest company I have ever dealt with. It took over a week just to get a valuation date, then we waited for that date (a week later). A week after the valuation was done we still heard nothing so chased our contact. They hadn't even looked at the valuation and it took another 4 working days to do so. From the initial mortgage full application (already and the DIP and had all the checks done then) meeting to the actual offer landing on the mat was 5+ weeks (and that was on a 53% loan to value - so no risk really to the mortgage company) Now we need them to change the purchase price as we have negotiated a £10K drop - that will take around 2 weeks apparently! They need to look at the valuation again (takes 7 days) and then send out another offer letter.

When we have bought previously with other mortgages (Halifax for example) the mortgage has been approved on the day of the application (subject to valuation - which has taken around a week) and when we have changed purchase price it has taken no more than a day to sort out. If it wasn't for the lower interest rate I would have jumped ship back to Halifax this time. SO SLOW!!!

danjo17

We received full offer yesterday with nationwide. Full application 19th Feb. Text message a few days later to say valuation on 2nd March. Only heard back yesterday regarding valuation and offer at same time.

I think it's a slow process. Have you used a broker?

Orangesandlemons

We have used an Independent Mortgage Advisor.

We did a DIP on 19th Feb and it was a refer, then accept on 20th.

When we did the full mortgage application on 28th the property was more than the DIP, we had to do another DIP for new purchase price (we are paying the extra, not increasing the loan) and that was a refer and our IMA went straight to the full application. We sent in all docs requested, and then more on 2nd March.

Heard nothing so our IMA escalated it on Monday. Nationwide called her yesterday morning and said that all documentation has been approved and survey has been instructed. I guess I'm just impatient and would have expected a survery booked by now. We are FTB so new to all of this.

Thrugelmir

TamsinC wrote: »

It took over a week just to get a valuation date, then we waited for that date (a week later).

Valuations are performed externally by third parties. Totally outside of the control of the lender. Surveyors aren't normally sitting around waiting for work.

danjo17

Same as us. Or DIP was a refer. Then accept.
Should be ok if they have instructed valuation.
It's more being anxious than impatient. We are FTB also, feel your frustration.

Orangesandlemons

Danjo, were your supporting documents validated before valuation was instructed too? I am really anxious, my husband is really laid back about it all!

TamsinC

Thrugelmir wrote: »

Valuations are performed externally by third parties. Totally outside of the control of the lender. Surveyors aren't normally sitting around waiting for work.

I didn't word that well - it took a full week for Nationwide to even contact the valuers to organise a date. So doubled the length of wait. Valuation was back at Nationwide in 1 working day - they sat on it for days before even looking at it and had to be prodded by our MA. It's a good job we weren't in a rush.