Natwest Valuation

RedCannon94

Hey all. FTB here (90% LTV) currently in the application process with Natwest.

If a lender schedules in a valuation, is this typically a positive sign ahead of a potential approval? Believe a hard check has already done by them (Soft search done at AIP)

Naturally very nervous. Our AIP wasn't an issue and we need like 40k less than our max amount for the property in question. 

If anyone else has recently applied with Natwest and not had an offer after a valuation is done, please let me know.

kingstreet

Hard search is done at point application is submitted.

NatWest usually instructs valuation (using L&G Survey Services) on day one.

RedCannon94

kingstreet said:

Hard search is done at point application is submitted.

NatWest usually instructs valuation (using L&G Survey Services) on day one.

If it's currently a 4-6 day turnaround from initial application to underwriting, is it a good sign that the valuation is like 9 days into process? 

Just spoke with the broker who confirmed it's Countrywide Surveyors which was a surprise.

kingstreet

If LGSS don't have capacity in a particular area it's usually "panelled" to one of the other corporates; Connells, Esurv, Countrywide, SDL etc.

I don't read anything into processing. When the docs are checked and accepted and the valuation is back and accepted the offer will be issued. We brief our clients to expect to hear little in the first week but we will monitor and update them when possible and we expect to see an offer issued within two weeks of application, valuation date permitting.

kingstreet

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

RedCannon94

kingstreet said:

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

Appreciate you letting me know this. 

From your experience if you don't mind me asking, what's the AIP > Full Application success rate like? I know it's ultimately ona a case by case basis but there was alot of old posts within this forum about Natwest typically approving applications if they pass the AIP .

RedCannon94

kingstreet said:

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

Just a quick question. Is the reviewing of payslips / statements / accounts essentially the underwriting stage? 

Would we likely expect us to get confirmation we've passed underwriting before the valuation has taken place? 

kingstreet

Yes. That is exactly what underwriting is. It's checking everything meets criteria and status requirements.

Probably not. Most lenders have done away with the "accepted subject to valuation" milestone and go straight to offer once everything is sorted.

ohgoodgrief

RedCannon94 said:

kingstreet said:

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

Just a quick question. Is the reviewing of payslips / statements / accounts essentially the underwriting stage? 

Would we likely expect us to get confirmation we've passed underwriting before the valuation has taken place? 

Our tracker looked like this for a week - valuation was last Friday (16/06) and still looked the same this morning. I checked it about 4pm and it’s moved to offer and issue of offer ticked - and we are now at completion stage. I think it’s taking about 6 days from valuation due to how busy it is. 

RedCannon94

ohgoodgrief said:

RedCannon94 said:

kingstreet said:

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

Just a quick question. Is the reviewing of payslips / statements / accounts essentially the underwriting stage? 

Would we likely expect us to get confirmation we've passed underwriting before the valuation has taken place? 

Our tracker looked like this for a week - valuation was last Friday (16/06) and still looked the same this morning. I checked it about 4pm and it’s moved to offer and issue of offer ticked - and we are now at completion stage. I think it’s taking about 6 days from valuation due to how busy it is. 

That’s good to know. So did they all suddenly get ticked at once? 

RedCannon94

RedCannon94 said:

ohgoodgrief said:

RedCannon94 said:

kingstreet said:

Our latest NatWest application;-

29/05 submission
05/06 valuation
06/06 offer.

Employed 85% newbuild purchase.

Just a quick question. Is the reviewing of payslips / statements / accounts essentially the underwriting stage? 

Would we likely expect us to get confirmation we've passed underwriting before the valuation has taken place? 

Our tracker looked like this for a week - valuation was last Friday (16/06) and still looked the same this morning. I checked it about 4pm and it’s moved to offer and issue of offer ticked - and we are now at completion stage. I think it’s taking about 6 days from valuation due to how busy it is. 

That’s good to know. So did they all suddenly get ticked at once? 

Also do you recall what day in your case they did a hard check on your file? Was it after the valuation?