Nationwide mortgage application submitted, hard search conducted and valuation booked.

Perpetual worrier and nervous ninny over here! Needing some advice, we have submitted our mortgage application on Monday 15/01, a hard search was conducted on the 15/01 (equifax) we have since received a text 17/01 to say a valuation of our new build property has been booked for 18/01. 

In short my question is… does this mean we have been approved on the basis that the valuation of the property is correct? 

We are 80% LTV as FTB! 

DIP - 11/01 
MA - 15/01 
Hard Search - 15/01 
Text for valuation - 17/01 
Valuation booked - 18/01

Thanks in advance! 

Comments

  • kingstreet
    kingstreet Posts: 38,609
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    No. Nationwide will usually instruct a newbuild valuation immediately on a DIP accept turned into a full app. Once the supporting docs have been accepted and the valuation report back and acceptable then a decision is made and offer issued.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • No. Nationwide will usually instruct a newbuild valuation immediately on a DIP accept turned into a full app. Once the supporting docs have been accepted and the valuation report back and acceptable then a decision is made and offer issued.
    Thanks for your answer. We have submitted with a mortgage broker (MAB) and our DIP was accepted on 11/05. Obviously no full application till the following Monday 15/01. Is this any different?
  • kingstreet
    kingstreet Posts: 38,609
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    Forumite
    No. Nationwide will usually instruct a newbuild valuation immediately on a DIP accept turned into a full app. Once the supporting docs have been accepted and the valuation report back and acceptable then a decision is made and offer issued.
    Thanks for your answer. We have submitted with a mortgage broker (MAB) and our DIP was accepted on 11/05. Obviously no full application till the following Monday 15/01. Is this any different?
    A newbuild valuation is usually instructed immediately as the application is submitted, same as the credit search.

    If your DIP result was a refer and the broker didn't wait for the refer to be cleared, the valuation won't auto-instruct so you have to wait for human intervention. If the DIP was an accept, or the refer result was cleared by Nationwide before full app submitted, the valuation would have been instructed immediately.

    Process;-

    DIP Accept
    V
    Full App/Credit Search/Valuation Instruction/Docs Upload
    V
    Valuation Done/Valuation Report to Nationwide
    V
    Valuation Accepted/Docs Accepted/Offer Issued.

    It seems to be taking them time to get the valuation booked once it's instructed and then more time when the valuation has to be assessed when the report arrives. Those are the current pinch-points in Nationwide's process from what I've seen recently.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • JustMe18
    JustMe18 Posts: 67
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    We had valuation on 27/12, but refused offer on 16/01 , valuation, especially for new build, doesn't really mean anything
  • Mortgage offer issued today, 19/01! Thanks for all your advice 
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