From Monday 7 March, we will begin instructing all valuations for residential and buy-to-let purchase and remortgage applications, up to £500,000, from 'Day 1', when an application is submitted. This will enable the underwriting and valuation processes to run parallel, thus reducing the time a customer has to wait for an offer. The offer will be issued once both processes have been completed successfully.
All new applications submitted from the start of business on Monday 7 March will have the valuations instructed on 'Day 1'. Any applications submitted prior to this will have the valuations instructed in line with the current process.
There will be no material change to the application process. You will continue to receive an email with your customer's Mortgage Reference Number once they have submitted the application. Once the application has been submitted successfully, the valuation will be instructed and the fee for the valuation will be debited from the customer's payment card. We won't charge your customers legal and valuation fees for a standard remortgage. There may be instances where they do not qualify for this. Please speak to your BDM if you require any information in this regard.
You will be able to monitor the progress of each customer's application using the recently launched online Mortgage Application Tracker tool that's available on this site.
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.