NatWest Valuation

MrLiamScott

Anyone else awaiting a valuation for a NatWest mortgage? HTB ATP issued and everything all ok with the mortgage, just waiting for a valuation to be completed so an offer can be issued. Wondering if anybody has managed to have a remote valuation completed with NatWest in the current times? I am buying a new build one bedroom apartment not due to be completed until September (Probably later now) on a new build site with hundreds of new homes and identical apartments that surely the valuer has visited in the past. Any help appreciated, guessing I will just be playing the waiting game until things calm down but would be interesting to see if anyone has had this completed remotely.

ACG

My understanding is valuations for flats are on hold until the lockdown is lifted. 

MrLiamScott

ACG said:

My understanding is valuations for flats are on hold until the lockdown is lifted. 

Just looked further into things, it seems now especially for new builds and flats they cannot do these remotely so will have to play the waiting game...

davidmcn

I wouldn't expect a surveyor to do a site visit anyway for something which isn't yet built - not much point in them surveying a field of mud. I would expect it just to be a desktop valuation based on floor area / spec / current market in the neighbourhood etc.

JessJ23425

We put our Natwest Application in on the 24th March (Day after Mondays lockdown!)

Heard back today (2nd April) that it's approved subject to valuation. Our broker has said it's highly likely they're going to do a remote valuation. The house we're purchasing is relatively new, built 2006 but we do have a 90% LTV so I was surprised to hear that, let's see if it materialises!

MrLiamScott

davidmcn said:

I wouldn't expect a surveyor to do a site visit anyway for something which isn't yet built - not much point in them surveying a field of mud. I would expect it just to be a desktop valuation based on floor area / spec / current market in the neighbourhood etc.

You would think that, I even know of new home owners on the site with the same type of apartment I have reserved that have a NatWest mortgage so you would think they would look at previous surveys completed on site... it seems with any new build/flat they are holding back a little. Time will tell!

JessJ23425 said:

We put our Natwest Application in on the 24th March (Day after Mondays lockdown!)

Heard back today (2nd April) that it's approved subject to valuation. Our broker has said it's highly likely they're going to do a remote valuation. The house we're purchasing is relatively new, built 2006 but we do have a 90% LTV so I was surprised to hear that, let's see if it materialises!

Yes mine also approved subject to valuation so just waiting for this to be done! Fingers crossed for a remote valuation for you!

davidmcn

MrLiamScott said:

davidmcn said:

I wouldn't expect a surveyor to do a site visit anyway for something which isn't yet built - not much point in them surveying a field of mud. I would expect it just to be a desktop valuation based on floor area / spec / current market in the neighbourhood etc.

You would think that, I even know of new home owners on the site with the same type of apartment I have reserved that have a NatWest mortgage so you would think they would look at previous surveys completed on site... it seems with any new build/flat they are holding back a little. Time will tell!

Might be more because newbuild valuations are a bit more volatile and they're just playing safe for the meantime to see what happens to the market - especially as this isn't going to complete until some time after September.

bell

Same boat almost. Buying a 4.5 year old bungalow on an as yet unfinished new build development. 

I'm hoping they will do a desktop, but I'm 95% LTV so maybe not.

My mortgage has gone through underwriting so literally the final step. They dragged their feet a little as I paid for the valuation on 17th Mar (before it got really bad) so very frustrated. 

Dreamingandimpatient

Not with Natwest but we are with Nationwide.  We had a remote valuation done yesterday (via Coutrywide I believe). Waiting to hear if we have the offer.   When we applied last time we had the valuation and offer the same day.  I can only assume this is down to the current circumstances.  This too, is a new build but fully built and signed off. 

onthego

Our NatWest mortgage adviser said there shouldn't be a problem with valuation so we went ahead and applied, just to add me onto the mortgage and remortgage at 60%.  Now, having done the hard credit search, all successful, started with the lawyers, a week after the application my spouse gets an anonymous TEXT (I'm ignored altogether) to say the mortgage is on hold until valuation can be arranged!  Fuming.  It's all personal service when you're applying then they just send a TEXT with this news and no further info/advice?

csgohan4

onthego said:

Our NatWest mortgage adviser said there shouldn't be a problem with valuation so we went ahead and applied, just to add me onto the mortgage and remortgage at 60%.  Now, having done the hard credit search, all successful, started with the lawyers, a week after the application my spouse gets an anonymous TEXT (I'm ignored altogether) to say the mortgage is on hold until valuation can be arranged!  Fuming.  It's all personal service when you're applying then they just send a TEXT with this news and no further info/advice?

Valuations have been on hold for sometime and there is a large backlog, mortgage offers are always pending valuation. We got ours in 6 weeks and that was a desktop valuation,

1 week is unrealistic for any lender unless doing desktop valuations, even then it will take time due to the current crisis