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.”