Nationwide Mortgage

emma_829

Mishelski said:

13.11 DIP Accepted
13.11 Application Submitted and text received
13.11 MA advised valuation has been instructed but no date set yet. 

Does this mean my mortgage is likely to be accepted? Just wondering as they have instructed the valuation which I'd have thought they wouldn't do unless they were happy, but they've instructed it the same day the application was submitted so that seams fast. 

Nationwide instruct the valuation pretty much straight away before any hard credit search. Or at least they did with mine. My valuation was returned and approved before they even looked at my documents. 

Mishelski

emma_829 said:

Mishelski said:

13.11 DIP Accepted
13.11 Application Submitted and text received
13.11 MA advised valuation has been instructed but no date set yet. 

Does this mean my mortgage is likely to be accepted? Just wondering as they have instructed the valuation which I'd have thought they wouldn't do unless they were happy, but they've instructed it the same day the application was submitted so that seams fast. 

Nationwide instruct the valuation pretty much straight away before any hard credit search. Or at least they did with mine. My valuation was returned and approved before they even looked at my documents. 

Ahh that's a shame, though it seems strange that they let it go to valuation before even looking at the file. Seems like they could be spending money on valuations when they might not even be happy to lend to the person🤷

I guess I'll join the waiting game ☺️🙂

emma_829

Mishelski said:

emma_829 said:

Mishelski said:

13.11 DIP Accepted
13.11 Application Submitted and text received
13.11 MA advised valuation has been instructed but no date set yet. 

Does this mean my mortgage is likely to be accepted? Just wondering as they have instructed the valuation which I'd have thought they wouldn't do unless they were happy, but they've instructed it the same day the application was submitted so that seams fast. 

Nationwide instruct the valuation pretty much straight away before any hard credit search. Or at least they did with mine. My valuation was returned and approved before they even looked at my documents. 

Ahh that's a shame, though it seems strange that they let it go to valuation before even looking at the file. Seems like they could be spending money on valuations when they might not even be happy to lend to the person🤷

I guess I'll join the waiting game ☺️🙂

With the amount of valuations they do, they probably get them fairly cheap. Especially the desktop ones. Likewise if they approve documents and the reject the property the cost of the man hours in approving the paperwork is probably the same, if not more, than a basic valuation. 

Mishelski

Well it's hard to make that assumption about cost of valuation Vs cost of application and unless you work for a bank and are directly exposed to the cost, then it's subjective speculation. I could be wrong but I 'suspect' that they reject more mortgages based on the person than they reject houses. So doing the valuation before accepting the application makes no sense financially. Most houses will be accepted after valuation and they still then have to go on to asses the application and person after that, and if it's a decline then that money wasted when it could have been avoided. 

fingersallcrossed2020

So our valuation was down valued! £20k less than our agreed price. So now at loss what to do? So angry that we are only hearing this now when the valuation took place Oct 1st!!! 

Mishelski

fingersallcrossed2020 said:

So our valuation was down valued! £20k less than our agreed price. So now at loss what to do? So angry that we are only hearing this now when the valuation took place Oct 1st!!! 

My first property I found was down valued by nationwide, I appealed it but unless you have the correct kind of comparable they wont change their decision and countrywide perform nationwide valuations. 

Mine was a 4 bed new build, detached house with garage value of £212500 and they down valued it to £190000. The same properties are selling for 225k on that development but I had only 1 comparable at the time. After a lengthy process I ended up having to find another property and here I am trying again. 
You can either appeal but it's rare an appeal is successful. You could find another mortgage provider or find a new house. 
Hope this helps and good luck with what you choose!!!

fingersallcrossed2020

Mishelski said:

fingersallcrossed2020 said:

So our valuation was down valued! £20k less than our agreed price. So now at loss what to do? So angry that we are only hearing this now when the valuation took place Oct 1st!!! 

My first property I found was down valued by nationwide, I appealed it but unless you have the correct kind of comparable they wont change their decision and countrywide perform nationwide valuations. 

Mine was a 4 bed new build, detached house with garage value of £212500 and they down valued it to £190000. The same properties are selling for 225k on that development but I had only 1 comparable at the time. After a lengthy process I ended up having to find another property and here I am trying again. 
You can either appeal but it's rare an appeal is successful. You could find another mortgage provider or find a new house. 
Hope this helps and good luck with what you choose!!!

Thank you for this. We had a mini boom in our town and house prices were going through the roof but the houses sold on this street come up very rarely as it’s a much sought after location. So the only info I can find was a house sold pre our mini boom on that street and that was £25k less than what nationwide are valuing it now. I know the sellers are not going to budge on price. I am absolutely gutted. 

fingersallcrossed2020

Maybe I should try Santander or does anybody know if they use the same company to do valuations? 

Mishelski

fingersallcrossed2020 said:

Maybe I should try Santander or does anybody know if they use the same company to do valuations? 

Santander don't use countrywide neither does TSB. Barclays use countrywide and 1 other but they told me they only use countrywide when there go to company don't have availability to perform a valuation. 

£45k difference from current price to last sold is huge! It's highly unlikely that countrywide would overturn their decision. Youre best off trying elsewhere and hopefully they won't down value. What it might be worth doing is seeing if the seller would compromise before trying with another lender. They might drop the price a little based on the valuation. 

GN2020

fingersallcrossed2020 said:

So our valuation was down valued! £20k less than our agreed price. So now at loss what to do? So angry that we are only hearing this now when the valuation took place Oct 1st!!! 

Oh my god, I’m so sorry!! Will the vendors budge at all? I’m just thinking that another surveyor could likely value it at the same price so even another buyer could run into the same problem! 

Has the homebuyers survey come back with anything that will give you some wiggle room?