Mortgage broker - ask me anything

K_S

purplelila-2007 said:

Once a valuation has been completed how long do Nationwide take to send off a report to the customer?

 Do they flag up if there has been a downvaluation ? 


And is the valuation report sent separate to the mortgage offer?

@purplelila-2007 I've no idea how direct apps work, but for Nationwide intermediary apps -

- the valuer (it's a third party firm, not Nationwide) usually takes a day or two to send the val report to Nationwide. Depending on whether or not the valuation report needs to be reviewed manually, Nationwide can then take a few working days to pick it up

- Nationwide does not share a copy of the val report with the broker or client

- if there is a downvaluation that affects the borrowing options (not all downvaluations will matter), the underwriter will drop a note to the broker informing them of the same and asking them how the client wants to proceed

kingstreet

K_S said:

purplelila-2007 said:

Once a valuation has been completed how long do Nationwide take to send off a report to the customer?

 Do they flag up if there has been a downvaluation ? 


And is the valuation report sent separate to the mortgage offer?

@purplelila-2007 I've no idea how direct apps work, but for Nationwide intermediary apps -

- the valuer (it's a third party firm, not Nationwide) usually takes a day or two to send the val report to Nationwide. Depending on whether or not the valuation report needs to be reviewed manually, Nationwide can then take a few working days to pick it up

- Nationwide does not share a copy of the val report with the broker or client

- if there is a downvaluation that affects the borrowing options (not all downvaluations will matter), the underwriter will drop a note to the broker informing them of the same and asking them how the client wants to proceed

We get one on newbuilds only!

K_S

kingstreet said:

K_S said:

purplelila-2007 said:

Once a valuation has been completed how long do Nationwide take to send off a report to the customer?

 Do they flag up if there has been a downvaluation ? 


And is the valuation report sent separate to the mortgage offer?

@purplelila-2007 I've no idea how direct apps work, but for Nationwide intermediary apps -

- the valuer (it's a third party firm, not Nationwide) usually takes a day or two to send the val report to Nationwide. Depending on whether or not the valuation report needs to be reviewed manually, Nationwide can then take a few working days to pick it up

- Nationwide does not share a copy of the val report with the broker or client

- if there is a downvaluation that affects the borrowing options (not all downvaluations will matter), the underwriter will drop a note to the broker informing them of the same and asking them how the client wants to proceed

We get one on newbuilds only!

Thanks @kingstreet, that's good to know!

I can't recall the last time I did a Nationwide new build app, their 45days extension policy usually takes them out as an option for the new build clients that I've had in recent memory.

kingstreet

K_S said:

kingstreet said:

K_S said:

purplelila-2007 said:

Once a valuation has been completed how long do Nationwide take to send off a report to the customer?

 Do they flag up if there has been a downvaluation ? 


And is the valuation report sent separate to the mortgage offer?

@purplelila-2007 I've no idea how direct apps work, but for Nationwide intermediary apps -

- the valuer (it's a third party firm, not Nationwide) usually takes a day or two to send the val report to Nationwide. Depending on whether or not the valuation report needs to be reviewed manually, Nationwide can then take a few working days to pick it up

- Nationwide does not share a copy of the val report with the broker or client

- if there is a downvaluation that affects the borrowing options (not all downvaluations will matter), the underwriter will drop a note to the broker informing them of the same and asking them how the client wants to proceed

We get one on newbuilds only!

Thanks @kingstreet, that's good to know!

I can't recall the last time I did a Nationwide new build app, their 45days extension policy usually takes them out as an option for the new build clients that I've had in recent memory.

Yeah. Not especially helpful if your ALC is more than seven months away.

catb13

Hello, 

I am buying a new build (completion end of sep/start oct) and have a mortgage offer with NatWest. 

Our broker has requested an extension, this is the 2nd one for 3 month extension (it should have been a 6 month extension back in May, but they only applied for 3 months as they forgot NatWest allow 6 month extensions).

I know NatWest are a bit backlogged just now, but my anxiety is getting the better of me just now.

Would there be any reason for us not to receive our extension? 

My wages have increased as I am now full time rather than part time and they have my last 3-5 month payslips. I cleared my very account (which they have statement showing and accepted), but have started paying for dfs (roughly the same amount a month as I was paying off my very account, but 0% interest).

The broker have said we will get it, just have to wait, but as I’ve said, my anxiety is through the roof with everything just now, I think I just need some reassurance more than anything!! 

Thank you if anyone replies and helps reduce my anxiety! 

kingstreet

NatWest newbuild is 6 + 3 + 3 not 6 + 6 so what has happened is correct.

"For New Build applications, an extension can be requested on two further occasions for a maximum period of three months each. The first extension should be requested within thirty days of the initial 6 month offer period expiring.

If both extensions are granted, customers could have a total offer period of up to 12 months."

There should be no issue with the new extension as long as you are within 30 days of the current expiry date. All you do is confirm there have been no changes in your circumstances. Here's a copy of the form;-

https://www.intermediary.natwest.com/content/dam/natwest_com/Intermediary/PDFs/20210113NWISNewBuildSRVFINAL.pdf

catb13

kingstreet said:

NatWest newbuild is 6 + 3 + 3 not 6 + 6 so what has happened is correct.

"For New Build applications, an extension can be requested on two further occasions for a maximum period of three months each. The first extension should be requested within thirty days of the initial 6 month offer period expiring.

If both extensions are granted, customers could have a total offer period of up to 12 months."

There should be no issue with the new extension as long as you are within 30 days of the current expiry date. All you do is confirm there have been no changes in your circumstances. Here's a copy of the form;-

Ahhh ok, thank you!
One of the people at our mortgage brokers company had told us that it was to be 6 month extension, so she must have been mistaken. The sales exec at site development also said this too and said they had made a clerical error by not asking for a 6 month extension. 

The mortgage offer extension expiry date was 12th August, but we have been told by broker that we will still get the extension as they had applied for the 2nd 3 month extension 2 weeks before that date and that NatWest underwriters currently have all our info etc, it’s just a waiting game to get confirmation. 

My wages increased earlier in the year, which I informed them of back in May, but it’s only been today that they (broker) have asked for my payslips. I think that has just added to my anxiety, even though my wage increase is quite big and shouldn’t worry that we won’t get the extension. Maybe NatWest just want evidence of it? My partners wages have increased also, but just a “normal” pay rise. 

Thank you

jonnym1985

Hi there, 

I have a similar question to the one above. We have just received our mortgage offer from Barclays and our mortgage broker got mixed up thinking the offer was valid for 6 months from date of offer, however it turns out it is from date of application.  This means our offer expires a few weeks before our expected completion date. They’ve told us not to panic as an extension is common for new builds and they just need to submit a request 2 weeks before the current expiry. 

However I’ve since been told it isn’t just a form, it is another mini application including statements, payslips etc like we did to start the process.  As we only really have to wait 2 weeks till completion we don’t think any of this could be looked at in time for completion date and now we’re panicking as to what to do next.

can you advise if the above is required or is it just the extension request form?

jonnym1985

I found this information online which sounds like it’s not a “mini-application” but if I could hear this from a broker it would really put our nerves at ease.  It took us nearly 5 weeks to have the offer approved so we don’t have time on our side given that offer expires end of Jan and the completion date is mid-Feb

 

K_S

jonnym1985 said:

Hi there, 

I have a similar question to the one above. We have just received our mortgage offer from Barclays and our mortgage broker got mixed up thinking the offer was valid for 6 months from date of offer, however it turns out it is from date of application.  This means our offer expires a few weeks before our expected completion date. They’ve told us not to panic as an extension is common for new builds and they just need to submit a request 2 weeks before the current expiry. 

However I’ve since been told it isn’t just a form, it is another mini application including statements, payslips etc like we did to start the process.  As we only really have to wait 2 weeks till completion we don’t think any of this could be looked at in time for completion date and now we’re panicking as to what to do next.

can you advise if the above is required or is it just the extension request form?

@jonnym1985 Barclays new-build offers are 6+6 months. As long as the broker confirms that there are no material changes in circumstances on this form , it's a fairly routine process. For the broker to be able to confirm to Barclays that there are no material changes, the broker may request to see latest payslip, bank statement, etc. but it's just a quick look and is nothing like an application from scratch. I hope that makes sense.