In this section we cover:
Changes to their income
If your client’s income has changed because of coronavirus, you'll need to let us know how much income they'll receive.
We understand that the current situation means some of your clients will need to extend their mortgage offer.
If they're eligible, you can apply for a 90 day extension on offers expiring up to 31 October 2020.
For New Build offers expiring between 1 November and 31 December, we’ll allow you to apply for a 90 day extension.
What you need to do
If there are 30 days or less until their mortgage offer expires, you can request an extension on our online form.
You should only contact us if the original offer is within 30 days of expiry.
To help us process your request, please submit your request no later than 15 days before the offer is due to expire. You'll also need to confirm that there have been no material changes to the application. This includes, but is not limited to; being furloughed, reduction in hours, loss of job, change in employment or new loans / credit cards. We may also request up to date proofs, so please ensure that these are available.
For porting cases, if the offer extension is agreed, we'll also agree to extend the 180 day non-sim port period to the new offer expiry date.
If you know your client will be unable to complete within the extended offer period, please complete a new application as no further extensions will be available.
If you apply for an extension on an offer which expires after 31 October and it's not a New Build application, the offer extension will not be agreed.
Please be aware that you can't apply for an extension when the offer has expired. Once an offer has been extended, you’ll be unable to make any material changes to the application
If you have a client who is in the last month of their 180 day non-sim port period without an offer in place, for example where they have not found a new property yet or their purchase has fallen through due to the impacts of Covid-19, please contact your BDM.
Recent government announcements impacting valuations
We’re following government guidance for the new three tier approach to restrictions within the UK. For all applications in England, Scotland and Northern Ireland we're currently able to continue physical valuations, where it is deemed necessary to do so.
In Wales, from 6pm Friday 23 October 2020, we'll be unable to complete physical valuations. We'll attempt to complete a desktop valuation, but where we are unable to do so, the valuation will be placed on hold until we're able to complete a physical valuation.
- We’re continuing to assess and sign off cases using automated and desktop valuations where possible.
- Cases are currently being booked in for desktop assessment, or physical valuation within 10 working days.
- As valuations are booked in, you’ll receive a notification of the appointment date in the standard way. This will normally be the date the property is due to be initially assessed for a desktop valuation.
- If a desktop valuation is unable to be completed, the case will be passed to be booked for a physical valuation and you'll receive an additional booking date.
- Where we’re unable to make contact with the applicant/vendor to arrange a booking date for a physical valuation, we’ll either leave a message or send a text to the applicant or vendor/estate agent. Before calling us regarding valuations please:
- Contact the person or office whose details you provided for access to the property and ask them to respond to any messages
- Check the access details and let us know if there is an alternative number to call. If there are changes to access details, please email us at Panel.Maintenance@nationwide.co.uk quoting the application number, first line of address and postcode.
- Please ensure you advise us of any material changes to your clients’ circumstances, e.g. changes to income. If there are any changes, please call us on 0345 730 20 11.
Protecting the interests and safety of our customers
Valuers are able to carry out physical inspections of all properties in the UK, although this may not always be possible in areas of extended lockdown.
Whilst we’ll endeavour to carry out a physical inspection, our number one priority remains the safety of our customers, employees and valuers. Where a physical valuation is required, valuers will need to carry out a detailed government safety assessment with the customer to ensure the requirements can be met and to reassure them around the process and the safety measures that will be put in place.
We also understand that some customers won’t be comfortable letting a valuer into their property at this time, or whose health situation means this isn’t an option. Where this is the case, we’ll place the valuation back on hold and you’ll need to notify us when your client is ready to proceed.
A physical valuation may also be dependent on other factors, such as the ability to gain keys from Estate Agents.
Desktop assessments and external valuations
- Where possible, valuers may look to visit the property but carry out an ‘external only’ assessment. The valuer will still carry out a safety assessment with the customer beforehand to ensure requirements are met and explain the process to ensure the customer is comfortable to proceed.
- Where the valuer lacks sufficient information for a valuation but believes photos of the property may help, they’ll request them from the applicant/vendor. The photos can be sent via a web based tool using a secure upload and full support will be provided by telephone and email to talk them through the process.
- Where a desktop or external assessment of the property isn’t suitable, the valuation will be moved to a physical internal inspection and you’ll be notified of an updated booking date accordingly (subject to a successful risk and safety assessment).
Homebuyer Reports and Full Building Surveys
We’re able to carry out Homebuyer Reports and Full Building Surveys (subject to a successful risk and safety assessment). They'll be booked and carried out in line with SLAs.
Valuers can visit New Build sites which are open and where they can adhere to government safety guidelines. We’ll initially attempt to complete a desktop valuation where the site has been visited in the last 12 weeks. If the valuer has not received a Disclosure Form prior to the date booked in for their desktop assessment, the valuation will be rebooked for a later date.
Cases outstanding a Disclosure Form or EWS1
Cases which require a Disclosure Form or an EWS1 Fire Safety form will remain on hold until these are received.
You can email us these forms quoting the case reference in the subject line to Panel.Maintenance@nationwide.co.uk
Stamp duty and UK Finance Disclosure forms
The UK Government announced an increase in stamp duty exemption effective from 8 July. The Scottish and Welsh Governments announced a rise to the threshold for Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) effective from 15 July and 27 July respectively.
Where stamp duty, LBTT or LTT is no longer payable (or the tax liability is reduced) and a New Build developer restructures the financial incentives on the UK Finance Disclosure form (i.e. offers the seller a different type), we're taking the following temporary approach:
- For valuations carried out before 8 July (15 July in Scotland and 27 July in Wales), we'll accept any subsequent restructuring of the financial incentive (from stamp duty to a different type of incentive) on the UK Finance Disclosure form (DIF), and we won’t require a new form to be submitted. Conveyancers receive a copy of the valuation report on New Build properties, so they'll know when the inspection/report was carried out.
This is only a temporary process and for valuations carried out after the dates above, our policy on financial incentives is unchanged. Visit our New Build criteria for more information
Remember, the total amount of financial incentives must not exceed the maximum acceptable limit.
We’re unable to accept appeals on desktop valuations. Should cases be resubmitted, the original desktop valuation figure will still be used.
Cancel mortgage application
If your client no longer wishes to proceed with their mortgage application, please email COVID19CancelMortgageApplication@nationwide.co.uk quoting the application number. This will allow us to prioritise work on applications that are progressing.
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