The path to owning your dream home is filled with exciting milestones, and one of the most crucial is the mortgage valuation. If you're looking to secure a mortgage with Nationwide, understanding their valuation process and how long it typically takes is key to managing your expectations and keeping your home-buying journey on track.
So, you've found your ideal property and are ready to take the next step. Excellent! But what happens now? Let's dive into the specifics of a Nationwide mortgage valuation and shed some light on the timelines involved.
Step 1: Understanding the Purpose of a Mortgage Valuation
First things first, it's vital to grasp why a mortgage valuation is even necessary. It's not a detailed survey for your benefit (though it can sometimes flag issues). Instead, it's primarily for the mortgage lender's protection.
- Lender's Security: Nationwide, like any other lender, needs to ensure that the property you're buying provides adequate security for the loan they're offering. The valuation confirms the property's market value, ensuring that if you were to default on your mortgage, Nationwide could recoup their investment by selling the property.
- Loan-to-Value (LTV) Ratio: The valuation directly impacts your LTV. This ratio compares the amount you want to borrow against the property's value. A lower LTV generally means access to better mortgage rates. If the valuation comes in lower than your agreed purchase price (a "down valuation"), it could affect the amount Nationwide is willing to lend or the terms of your mortgage.
- Suitability for Lending: Beyond just the value, the valuation also assesses the property's suitability as security. This includes looking for any major defects or non-standard construction materials that could negatively impact its long-term value or saleability.
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| How Long Does A Mortgage Valuation Take Nationwide |
Step 2: The Nationwide Mortgage Valuation Process
Nationwide has a well-defined process for conducting mortgage valuations. Understanding these stages will give you a clearer picture of what to expect.
2.1: Application Submission and Valuation Instruction
- Initial Application: Once you've submitted your mortgage application to Nationwide, and they've completed their initial affordability and credit checks, the valuation process begins.
- Valuation Instruction: Nationwide will instruct a surveyor to carry out the valuation. In most cases, this instruction happens within 24 hours of your application being submitted. This is a swift start to the process!
2.2: Types of Valuations Nationwide May Use
Nationwide employs different methods for valuations, depending on the perceived risk and available data for the property.
QuickTip: Read step by step, not all at once.
- Automated Valuation Model (AVM): For properties deemed low risk, Nationwide may use an AVM. This is a data-driven approach that uses historical sales data, property characteristics, and market trends to estimate the property's value without a physical inspection. This is often the quickest method.
- Desktop Valuation: Similar to an AVM, a desktop valuation relies on publicly available data, online resources (like Street View), and local market knowledge, but may involve a surveyor reviewing the information from their desk without visiting the property.
- Physical Inspection: For properties with higher perceived risk, unusual features, or where there isn't sufficient data for an AVM or desktop valuation, Nationwide will instruct a surveyor to conduct a physical inspection. This involves a surveyor visiting the property. While this is a more thorough assessment, it naturally takes longer due to scheduling and the actual visit.
2.3: The Valuation Itself (for Physical Inspections)
If a physical inspection is required, here's what typically happens:
- Scheduling the Visit: Nationwide aims to contact the "access provider" (usually the seller or their estate agent) within 24 hours of instructing the valuation to arrange a suitable time for the surveyor to visit the property. Nationwide will often send a text message to confirm the valuation date once it's booked, provided you've opted into text alerts.
- The Surveyor's Visit: A RICS (Royal Institution of Chartered Surveyors) qualified surveyor will conduct the inspection. It's important to remember this is a brief assessment, typically lasting 15-30 minutes. They're looking for:
- Obvious defects that could impact the property's value (e.g., damp, subsidence, non-standard construction materials like concrete).
- The general condition of the property and its immediate surroundings.
- Comparable sales data in the local area to determine a fair market value.
- They are not performing a detailed structural survey for you; that's a separate service you'd need to arrange independently (like a HomeBuyer Report or Building Survey).
Step 3: Nationwide's Valuation Timelines
Now for the crucial question: how long does a mortgage valuation actually take with Nationwide?
- From Application to Instruction: As mentioned, Nationwide is very efficient here, often instructing the valuation within 24 hours of application submission.
- Automated/Desktop Valuations: These are the quickest. If an AVM or desktop valuation is used, the results can be almost instantaneous or within a few days.
- Physical Valuations: This is where the main variability lies.
- Booking and Carrying Out the Valuation: Nationwide aims to have 91% of valuations booked and carried out within 10 working days, subject to access being readily available and the application being submitted correctly. This means that for the majority of cases requiring a physical visit, the inspection itself should happen within two weeks of your application.
- Report Receipt by Nationwide: Once the surveyor has completed the physical inspection, they will submit their report to Nationwide. The average time for Nationwide to receive and assess the valuation report (if a physical inspection was required) is typically 2 working days.
- Overall Valuation Process (from instruction to report received): Generally, for a standard case, you can expect the valuation report to be with Nationwide within 5-10 working days from the initial instruction.
3.1: Factors That Can Influence the Timeline
While Nationwide provides average timelines, several factors can lengthen the process:
- Property Type: Unusual or non-standard properties (e.g., those with non-traditional construction, unique layouts, or located in remote areas) may require a more in-depth assessment, leading to a longer valuation time.
- Surveyor Availability: In periods of high demand in the property market, surveyors can be very busy, which might cause slight delays in scheduling a physical inspection.
- Access to the Property: If there are difficulties in arranging access for the surveyor (e.g., the seller is unavailable, or there are tenant issues), this will undoubtedly push back the inspection date.
- Complexity of the Property/Area: If the property is in an area with limited comparable sales data, or if it presents unique challenges (e.g., a known flood risk area), the surveyor may need more time for research or further investigation.
- Referrals: If your case is initially "referred" due to complex circumstances (e.g., adverse credit, complex self-employed income), the overall application process, including valuation, might take longer as it requires more manual review.
Step 4: What Happens After the Valuation Report is Received
Once Nationwide has the valuation report, the mortgage application moves to a critical stage.
Tip: Don’t just glance — focus.
- Assessment by Underwriters: Nationwide's underwriters will review the valuation report alongside all other aspects of your application (income, credit history, etc.). They will ensure the property's value is sufficient and that any flagged issues don't pose an unacceptable risk.
- Mortgage Offer: If the valuation is satisfactory and all other conditions of your application are met, Nationwide will typically issue a formal mortgage offer. The average time between Nationwide receiving the valuation report and issuing a mortgage offer is around one week. For straightforward cases, it can be even quicker, sometimes within a matter of days.
- Potential Issues:
- Down Valuation: If the valuation comes in lower than your agreed purchase price, Nationwide may reduce the amount they are willing to lend, or even withdraw the offer if the discrepancy is too significant. In this scenario, you would need to either:
- Negotiate a lower price with the seller.
- Increase your deposit to make up the difference.
- Seek a mortgage from another lender (though a down valuation might indicate an issue with the property's true market value).
- Flagged Defects: If the valuation flags significant defects that impact the property's suitability as security, Nationwide might request further specialist reports (e.g., for damp or structural issues) or even decline the mortgage.
- Down Valuation: If the valuation comes in lower than your agreed purchase price, Nationwide may reduce the amount they are willing to lend, or even withdraw the offer if the discrepancy is too significant. In this scenario, you would need to either:
Step 5: How to Potentially Expedite the Process
While you can't directly control Nationwide's internal processes, there are steps you can take to help minimise delays:
- Be Prepared: Ensure all your application documents are complete, accurate, and submitted promptly. Missing information is a common cause of delays.
- Communicate with the Seller/Agent: If a physical valuation is required, encourage the seller or their estate agent to be readily available and flexible for scheduling the surveyor's visit. Good communication is key here!
- Consider a Mortgage Broker: An experienced mortgage broker can often streamline the application process. They have established relationships with lenders like Nationwide and can help ensure your application is "packaged" correctly, reducing the chances of delays due to incomplete information. They can also provide updates on Nationwide's service levels.
- Respond Promptly to Queries: If Nationwide or your broker requests any additional information, respond as quickly as possible. Delays in providing requested documents can significantly prolong the process.
- Ensure Easy Access: For a physical valuation, make sure the property is easily accessible for the surveyor. This means ensuring keys are available, and there are no obstacles preventing a quick and efficient inspection.
The mortgage valuation is a vital part of your home-buying journey with Nationwide. While the exact duration can vary, understanding the process, Nationwide's typical timelines, and potential influencing factors will empower you to navigate this stage with greater confidence. Remember, Nationwide aims for efficiency, with most valuations (especially physical ones) booked and carried out within 10 working days, and the report usually assessed within a few days of receipt. Good luck with your property purchase!
10 Related FAQ Questions
Here are 10 frequently asked questions, structured as "How to" questions, with quick answers related to Nationwide mortgage valuations:
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How to understand if Nationwide will do a physical valuation or an AVM? Nationwide primarily decides this based on the risk associated with the property and the availability of sufficient data. Low-risk, standard properties with ample comparable data are more likely to receive an AVM or desktop valuation, while unique or higher-risk properties will typically require a physical inspection.
QuickTip: Revisit key lines for better recall.
How to check the status of my Nationwide mortgage valuation? You can usually track the status of your Nationwide mortgage application, including valuation dates and progress, by logging into Nationwide's NFI Online portal (if you applied via an intermediary) or through their banking app/Internet Bank for direct applications. They also send text updates if you've opted in.
How to expedite a Nationwide mortgage valuation? While you can't directly control Nationwide's timeline, you can help by ensuring your application is complete and accurate, and by facilitating quick access to the property for the surveyor if a physical valuation is needed. A proactive mortgage broker can also assist in streamlining the process.
How to find out the result of my Nationwide mortgage valuation? Nationwide does not typically provide a copy of the basic mortgage valuation report to the applicant (except for new build properties). However, if the valuation flags any issues or results in a down valuation that impacts your mortgage offer, your broker or Nationwide will inform you.
How to appeal a Nationwide mortgage valuation? If you disagree with a Nationwide valuation, you can typically appeal within 10 working days of being made aware of the outcome. You'll need to provide strong comparable evidence (at least two to three similar properties sold recently in the area) to support your appeal. Nationwide will respond within 7 working days, and their decision is usually final.
Tip: Revisit challenging parts.
How to prepare a property for a Nationwide mortgage valuation? Ensure the property is easily accessible (clear pathways, keys readily available). While it's not a full survey, making the property tidy and well-presented can create a positive impression for the surveyor.
How to know if a "down valuation" has occurred with Nationwide? You will be informed by Nationwide or your mortgage broker if the valuation comes in lower than your agreed purchase price, as this will directly impact the amount Nationwide is willing to lend you.
How to proceed if Nationwide's valuation is lower than the asking price? You have a few options: you can try to renegotiate the purchase price with the seller, increase your own deposit to cover the shortfall, or explore other lenders.
How to differentiate between a Nationwide mortgage valuation and a home survey? A Nationwide mortgage valuation is for the lender's benefit to assess the property's value as security for the loan. A home survey (e.g., HomeBuyer Report or Building Survey) is a more detailed inspection for your benefit as the buyer, to identify potential defects and repair costs.
How to get a copy of the Nationwide mortgage valuation report? Generally, Nationwide does not provide applicants with a copy of the standard mortgage valuation report, as it's for their internal use. The only exception is for New Build applications, where the report will be uploaded to NFI Online.
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