Valuation instructions gain speed at Natwest

Valuation instructions gain speed at Natwest

NatWest Intermediary Solutions has announced today that it will begin instructing all valuations for residential, buy-to-let purchase and remortgage applications, up to £500,000, from the day an application is submitted.

This will enable the underwriting and valuation processes to run concurrently, thus reducing the time a customer has to wait for an offer. The offer will be issued once both processes have been completed successfully. It is anticipated this change will result in most offers being made 3 working days quicker.

All new applications submitted from the start of business on Monday 7 March will have the valuations instructed on ‘Day 1’.

There will be no material change to the application process for brokers, who will be able to monitor the progress of each customer’s application using the recently launched online Mortgage Application Tracker tool on the NWIS web site.


Sarah Taylor, Service Development Manager at NatWest Intermediary Solutions, said: “The introduction of the earlier valuation instruction will make a real difference to the time it takes to send a customer an offer. This is, of course, dependent on brokers sending in the correct supporting documentation to enable our underwriters to fully assess the application. We will provide customers with a full refund if their applications are declined on the grounds of affordability or credit scoring or where we cannot lend the full amount requested due to affordability issues.
 
We have made great strides recently to improve the application experience for brokers and their customers, including the launch our online Mortgage Application Tracker tool and the acceptance of emailed supporting documentation. We have received really positive feedback from brokers for both these services and from the pilot scheme we have been running for the early valuation instruction.”

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Scott Garnet 06 Nov 2017

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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