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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Latest Comments

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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