Nationwide underwriting

Welshlou

Hi all,

I have applied for a mortgage through a broker with Nationwide.  We did a decision in principle and the broker said it came back fine. He said they requested several documents as part of the application, which I sent to him. All was duely submitted 2 weeks ago. The valuation was instructed straight away and they said it is due to be conducted in a few days. My broker told me it is being underwritten following valuation. 

My broker is telling me there is nothing to worry about, however, whilst I trust him as he’s been brilliant so far, I am still really nervous about the whole situation! I just wondered if the underwriting is being done after the valuation, does this mean the mortgage is now only subject to the valuation or would Nationwide do further checks into my finances etc after the valuation is done?

Thanks in advance!

K_S

@welshlou Nationwide instructs the valuation on day 1 (when a fully packaged application is submitted) and the underwriting happens in parallel. So neither is dependent on the other happening first.

I'm not exactly sure what your concern is but the timelines mentioned aren't anything to be worried about as you can see here for the average Nationwide timescales currently
https://www.nationwide-intermediary.co.uk/placing-business/service-updates

Welshlou

Thank you for your response. I think I’m just anxious about it in general. I was hoping that as the underwriting was happening after the valuation had been undertaken, it would be a good sign. That is, if affordability or credit checks were a concern, they would have raised it before allowing the valuer to report on the property. 

Welshlou

Just to let you know, our mortgage offer was issued today! Great news! I’ve not received it yet, but my mortgage broker said it will be based on the terms of the illustration we applied for and they won’t be asking for any more information. 

I just wondered if there might be some further conditions imposed, which I need to comply with before they issue the funds.

K_S

@welshlou Congratulations! If they haven't already, your broker should be able to share the intermediary copy of the mortgage offer with you as it should be available on the system.

Welshlou

Thanks. I’ll speak to him about it tomorrow.