Thinking of buying a new home or remortgaging with Nationwide? The period between your property valuation and receiving that all-important mortgage offer can feel like an eternity. It's a crucial stage in the mortgage journey, filled with anticipation and often, a fair bit of anxiety. But fear not, because we're here to demystify the process and give you a clear, step-by-step guide on what to expect with Nationwide.
The Mortgage Journey with Nationwide: From Valuation to Offer
Step 1: So, you've had your Nationwide mortgage valuation – now what?
Congratulations! If Nationwide has instructed a valuation on your chosen property, you've successfully navigated the initial application and credit check stages. This is a significant milestone, as it means Nationwide is serious about lending to you, subject to the property meeting their criteria. Many applicants breathe a sigh of relief at this point, but it's important to understand that the valuation is primarily for Nationwide's benefit, not yours. It assesses the property's value and suitability as security for the loan.
Sub-heading: Understanding the Types of Valuations Nationwide Uses
Nationwide employs various valuation methods, and the type used can impact the subsequent timeline:
- Automated Valuation Model (AVM): For properties deemed low risk, Nationwide might use an AVM. This is a computer-generated estimate based on existing data, and no physical inspection takes place. This is often the quickest method.
- Desktop Valuation: A valuer provides an estimate using online data, local knowledge, and experience, without a physical visit.
- Physical Valuation: A valuer physically inspects the property. This typically takes 15-30 minutes and highlights obvious major defects that could affect the value. While it provides more detail for Nationwide, it's not a comprehensive survey for your benefit.
Step 2: The Valuation Report is Sent to Nationwide
Once the valuation is complete (whether automated, desktop, or physical), the report is sent back to Nationwide's underwriting team.
Sub-heading: The Ins and Outs of Valuation Report Processing
- Timeline for Report Submission: For physical valuations, the surveyor typically submits their report to Nationwide within 5 working days of the inspection. AVMs and desktop valuations are near-instantaneous.
- Nationwide's Internal Assessment: Once Nationwide receives the report, their underwriting team reviews it. This assessment usually takes around 2 working days. They're checking that the property's value aligns with the loan amount and that there are no red flags or significant issues highlighted in the report that would make it unsuitable as security.
Step 3: Underwriting Review and Potential Further Queries
This is where Nationwide's underwriters meticulously examine your entire application alongside the valuation report. They might have follow-up questions or request additional documentation if anything is unclear or if the valuation raises concerns.
Sub-heading: What Could Cause Delays at This Stage?
- Valuation Discrepancies: If the property is down-valued (valued lower than your agreed purchase price), Nationwide will contact you to discuss options. This is a common reason for delays.
- Specialist Reports: If the valuer recommends specialist reports (e.g., for damp, structural integrity, or electrical issues), Nationwide will wait for these to be completed and reviewed before proceeding. This can add weeks to the process.
- Complex Income/Financials: If your income sources are complex (e.g., self-employed with irregular income, multiple income streams), or if there are any recent changes to your financial situation, the underwriters might need more time to verify everything.
- Missing or Incorrect Documentation: Ensure all documents submitted are accurate and complete. Any missing information will lead to delays as Nationwide will request it.
Step 4: Issuing Your Mortgage Offer
Assuming the valuation is satisfactory and all other underwriting checks are cleared, Nationwide will then issue your formal mortgage offer!
Sub-heading: The Typical Timeline for Receiving Your Offer
- From Valuation to Offer: Generally, if everything goes smoothly and no issues are flagged, Nationwide aims to issue your mortgage offer within approximately one week after the valuation report has been received and assessed. Some users have reported receiving offers within 1-2 working days after the valuation, especially for straightforward cases or if a desktop valuation was used.
- Overall Application to Offer: Nationwide's average timeline for a standard application from submission to offer is around 9 working days. For more complex cases ("refer cases"), this can extend to 12 working days or more.
Sub-heading: What to Expect in Your Mortgage Offer
Your mortgage offer is a legally binding document that outlines the terms and conditions of your mortgage. It will include:
- The loan amount
- The interest rate
- Your monthly repayments
- The mortgage term
- Any specific conditions that need to be met before completion
- The offer expiry date (typically 3-6 months)
Read this document thoroughly! If anything is unclear, contact Nationwide or your mortgage broker immediately.
Step 5: Post-Offer – What Happens Next?
Receiving your offer is a huge step, but it's not the end of the road. Your conveyancer (solicitor) will now take the lead on the legal aspects of the purchase.
Sub-heading: The Conveyancing Process and Completion
- Legal Checks and Searches: Your conveyancer will carry out various legal checks, including local authority searches, environmental searches, and water drainage searches. These can take several weeks.
- Exchange of Contracts: Once all searches are satisfactory and funds are in place, you and the seller will exchange contracts. This makes the agreement legally binding.
- Completion Day: This is the day the money is transferred from Nationwide to the seller's solicitor, and you get the keys to your new home! This typically happens 3-6 weeks after the mortgage offer is issued, but can vary greatly depending on the chain and legal processes.
10 Related FAQ Questions
Here are some frequently asked questions about Nationwide's mortgage process after valuation:
How to track my Nationwide mortgage application after valuation? You can typically track your application's progress through Nationwide's online portal for intermediaries (if you used a broker) or via their online banking "My quotes and applications" section if you applied directly and are a Nationwide banking customer. Your mortgage broker will also have access to real-time updates.
How to speed up the Nationwide mortgage offer after valuation? Ensure all requested documents are provided promptly and accurately. Respond to any queries from Nationwide as quickly as possible. Having a good mortgage broker can also expedite the process by proactively managing communications and submitting a complete application from the outset.
How to know if my Nationwide valuation was successful? Nationwide typically won't inform you directly about the valuation outcome unless there's an issue (e.g., a down-valuation or concerns raised). A lack of communication usually indicates a successful valuation, leading to the offer. Your broker will be notified and can provide updates.
How to interpret a Nationwide down-valuation? If Nationwide values the property lower than your offer price, they will typically only lend a percentage of their valuation, not your offer price. This means you'll need to make up the difference with a larger deposit, renegotiate the price with the seller, or find a different property/lender.
How to appeal a Nationwide mortgage valuation? Nationwide allows appeals within 10 working days of you or your client being made aware of the valuation outcome. You'll need to provide comparable evidence (details of similar properties recently sold/rented in the area) to support your appeal.
How to get a copy of my Nationwide mortgage valuation report? Nationwide does not provide copies of basic mortgage valuation reports to applicants, as it's for their internal lending purposes only. If you want a detailed assessment of the property's condition for your own benefit, you should commission a separate HomeBuyer Report or a full structural survey.
How to understand why my Nationwide mortgage offer is delayed after valuation? Delays can occur due to down-valuations, outstanding documents, specialist reports being required, complex financial situations, or high application volumes at Nationwide. Your mortgage broker or Nationwide's direct contact line should be able to provide specific reasons for the delay.
How to deal with Nationwide if they request additional information after valuation? Provide the requested information promptly and accurately. Delays in submitting these documents will directly impact the timeline for your mortgage offer.
How to ensure a smooth transition from mortgage offer to completion with Nationwide? Maintain clear communication with your conveyancer and ensure you sign and return all legal documents promptly. Have your deposit funds ready in your account. Confirm building insurance is in place from the completion date.
How to understand Nationwide's post-offer assessment period? Even after the offer, Nationwide may have a 'post-offer assessment' period (around 2 working days) to finalize any last checks before releasing funds to your solicitor. This is usually a backend process and shouldn't significantly delay completion if all other conditions are met.
