In a bid to improve the time a customer has to wait for an offer, Natwest will begin using day one instructions from Monday 7 March.
The change will apply to loans up to £500,000 and Natwest will provide customers with a full refund if applications are declined on the grounds of affordability or credit scoring.
Natwest is introducing the improvement to valuations following a pilot scheme with a sample of brokers over the last three months.
In a broker statement the lender said: “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.”
The improvement for customers follows in the footsteps of Santander, which announced last year that it would begin offering valuation on instruction for all applications set up by 4pm.
Natwest said the application process would not be affected, with the valuation instructed once the application has been submitted successfully.
Brokers will be able to monitor the progress of their client’s application using Natwest’s recently launched online mortgage application tracker tool.
Sarah Taylor, service development manager, Natwest Intermediary Solutions added: “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 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.”
