My 98 Volvo V40 2.0 NA suddenly overheated today(all the way to red), or at least thats what the gauge read. A few weeks ago I noticed the fan staying on when I shut off the engine and it never did that before, but it started to become more common. The water reservoir was almost empty, so I added more coolant, but it all went to the ground after a quick drive. The cranking time it's also quite a bit longer than what it used to be and the bottom hose stays cold while the top is very hot.
No check engine light on, but then again.. I' don't know if it has one since it's a 98 not USDM.
I'm thinking it's the waterpump, but I'm not sure...

 

I would make sure the t-stat is opening by placing it in boiling water and watching it open. If that checks good then I would disconnect the top and bottom radiator hose and run water into the radiator to see if it's clogged. If all that checks good then it's very likely you are correct in suspecting the water pump.

How many miles does the car have and when is the last time you changed the pump?

 

About 160K km(100K miles). I don't know if it was if it was ever replaced...

 

If you have not replaced the timing belt then it's the perfect time to do both. The recommended mileage on the 1.9L engine is 105k miles. What's the number for yours?

 

No idea. Any online stores that sell a complete kit? something reasonably priced...

 

In Europe? Not a clue. No one in the US will have parts for a '98 V40 with 2.0L engine because we did not get that model.

Check the UK Volvo forums. There are some very knowledgeable people there. Make sure to check at what km your timing belt replacement is called for by Volvo.

My very first Volvo, a 1976 240DL was a right hand drive UK model as I lived in England at the time. Good old car. Timing belt broke, took it to the DIY shop on base, slapped on a new belt and off I went. No damage to the old engines. I wish the new ones were like that.