Nationwide Valuation timeline

ironmanjason

I am hoping one of you can give some info based on previous experience with Nationwide.. I had posted in the timeline thread a couple of weeks ago when my purchase fell through as seller pulled out on the day of my valuation. My application was then cancelled. I have now found another property and had an offer accepted. My new application (again with Nationwide) was submitted through my MA on monday this week (around 1pm). It has been almost 48 hours and I have not received any notification about valuation being booked? My MA is currently on holiday and returning on friday. I have checked with the estate agents and they have not received any valuation booking requests yet. So I am not sure what the issue is or if there is even an issue.. The last time I applied for the property that fell through the application was booked in late on friday (around 4pm) and I received a text on saturday mid day to confirm valuation was booked for the following wednesday.. Is there any point in calling the Bank to understand if there is any delay or my only option is for my MA to come back?

Thrugelmir

Surveys are conducted by third parties on behalf of lenders. Unfortunately most companies don't work 24 hours a day. Not even 2 working days has passed yet since your application was even submitted. You'll be notified in due course.

ironmanjason

Thrugelmir wrote: »

Surveys are conducted by third parties on behalf of lenders. Unfortunately most companies don't work 24 hours a day. Not even 2 working days has passed yet since your application was even submitted. You'll be notified in due course.

Yes agreed.. just that the property is in the same vicinity as the last one where the seller pulled out and there the valuation was ordered within 24 hours..

Thrugelmir

ironmanjason wrote: »

Yes agreed.. just that the property is in the same vicinity as the last one where the seller pulled out and there the valuation was ordered within 24 hours..

Could just been a fortunate set of circumstances. Your application may not have been looked at on Monday afternoon. Not as if companies have people sitting around twiddling their thumbs normally. Friday might well be a quieter day of the week processing wise.

KnowledgeIsLife

I would not worry yet it is a very busy time for lenders currently I know I'm rushed of my feet and service levels are behind may be different for nationwide but before they even instruct a survey it will need to be agreed by underwriting first on the Intermediary website it says 3 working days for document processing and 10 working days from application to offer on average unfortunately when getting a mortgage it is all about been patient

ironmanjason

KnowledgeIsLife wrote: »

I would not worry yet it is a very busy time for lenders currently I know I'm rushed of my feet and service levels are behind may be different for nationwide but before they even instruct a survey it will need to be agreed by underwriting first on the Intermediary website it says 3 working days for document processing and 10 working days from application to offer on average unfortunately when getting a mortgage it is all about been patient

ah ok I thought valuations was instructed before it went to the underwriters especially because it was so quick last time.. Yes i understand about being patient but being a FTB just a bit worried!

KnowledgeIsLife

Yeah it's quite common to think that but they don't really want to pay for something until they actually know they are willing to borrow you the money. Been a FTB is quite nerve wrecking if you Google nationwide for intermediary timescales gives you upto date timescales

ironmanjason

yes I found most information on that site useful and I would have thought they would not do a valuation without the doc checks.. maybe I was just lucky last time I applied!

also in the site under the guides for applications it says -

An instant lending decision will be provided. Please check the decision text, or the case home page, for any case requirements we’ve asked for.

So if the DIP says accept does it mean I am 50% over the fence pending docs to be checked?

KnowledgeIsLife

DIP basically means they are willing to lend you money based on the basic information you provide at that stage it does not guarantee it will be agreed by underwriting

KnowledgeIsLife

Apparently nationwide instruct valuations on day 1 which is strange I would get your broker to check in that case

ironmanjason

KnowledgeIsLife wrote: »

Apparently nationwide instruct valuations on day 1 which is strange I would get your broker to check in that case

Yes which is why I am a bit confused since its past day 1..