NatWest Desktop Valuation

Aarron93

Hi all,
FTB, so all a bit new to myself. 
I submitted my full application (10th April) had emails from Legal & General (14th April) regarding the valuation on the house I'm looking to buy. 
My question is; At what stage does the valuation take place with NatWest, is that pre or post Underwriting/offer phase? 
Also does anyone know if NatWest are doing remote/desktop valuations? Property is empty as its a full renovation. (Obviously I understand the current climate, and things may take a little longer, just to understand where i'm at in the process) 

Thanks
Aarron.

ACG

They are doing Desktop valuations up to (I think) 75% LTV. However, they are not doing them on flats, new builds and a few other types of properties. With you saying it is a renovation, some lenders treat these as new builds, a lot will depend on what has been done. 

You could probably do with speaking to Natwest really as the answer to your question is dependent on so many things, although if you are buying a flat or have a 10% deposit, it is probably safe to assume it wont be a desktop val. 

Aarron93

Hi ACG,
Thanks for the reply, the LTV is 75%, full renovation of interior. No structural work. 

Thrugelmir

The valuation is part of the underwriting process. The property has to provide adequate security for the monies being advanced. 

GregSK

I've just had my mortgage offer from Natwest two days ago. We're going via broker and submitted full application 31/03. We're at 90% LTV (got in just before they pulled the product), but we didn't get an update in between so unsure at what point we passed the underwriting stage and progressed to valuation. I thought the valuation would delay us, but it turns out we did get a desktop valuation. But the fact the property we're purchasing was only built in 2016, and also had a sale fall through last year which may have meant they had a recent valuation on file may have resulted in this.

MsW

I hope yours works out for you. I had an offer accepted on a property for £110k in early March and Natwest did a desktop valuation and came back with a value of £80k. So nowhere near. The house is fully renovated, empty terrace, hence the increased price, but they are refusing to look at it again. 
So back to the drawing board for me. I'm feeling like its unlikely I will get a 95% mortgage now. This really hurts!

Aarron93

Cheers Greg, Bank got back to my broker yesterday asking for my payslips in PDF as i originally sent screenshots. they wanted to review my overtime, yet I submitted my application without overtime as I covered the repayments in basic. I'm after a 75% LTV. So hopefully all goes through next week. 

MsW, hopefully the Vendor will come down a little and Bank increase to help out. Mines empty also, been fully renovated but empty since early March, got accepted at £125,000 i'm borrowing 75%, ive been told its going to be a desktop, but just unsure when, so sit around and wait unfortunately. Fingers crossed for you!

MsW

Hi Aaron, I'm keeping everything crossed for you. As you have a lower LTV rate you should have better chances than me.
My mortgage advisor told me today that most lenders have pulled their 90-95% mortgages now, so I have no options, other than to wait until this is over and banks start to lend again. Problem is no one seems to know when that might be! I suppose I'm going to have to tell the estate agent that I don't have a mortgage offer now and hope they are willing to wait however many weeks or months this takes!

bell

GregSK said:

I've just had my mortgage offer from Natwest two days ago. We're going via broker and submitted full application 31/03. We're at 90% LTV (got in just before they pulled the product), but we didn't get an update in between so unsure at what point we passed the underwriting stage and progressed to valuation. I thought the valuation would delay us, but it turns out we did get a desktop valuation. But the fact the property we're purchasing was only built in 2016, and also had a sale fall through last year which may have meant they had a recent valuation on file may have resulted in this.

This interesting as I was told not over 80% for desktops but queried it as they released a further statement just saying the would do them where possible. My house is only 4. 5 years old so hopefully they will do one on mine too. I'm 95% LTV though so maybe not.

It's all I need too as I've passed underwriting (already accepted for a more expensive property which fell through, so breezed back through that part of undewriting) 

Aarron93

Hi All,

So mortgage has been approved subject to remote valuation. Quick question on it. 

The accepted offer was £125,250
Ive put 25% Deposit down £31,320 = £93,930 LTV. 

With the LTV being £94k, if the bank value it at anything between £100-125k, how likely is it for the offer to be less? As they're still likely to receive more than the original loan, and I lose the deposit I imagine? 

Or is this not how it works? 

Thanks
Aarron. 

30andcounting

Ours has been devalued from £226k to £195K with natwest.....joke!