Whats the exact process of mortgage approval for RBS ?

Ranjanx

Thanks Vicky
I would like to think thats whats happening in my case, just that the advisor has somehow managed to get the underwriting stuff happen without it reflecting in the customer support's system.

I should know about it as soon as they charge me for the survey .

haziec

vickyp wrote: »

We're just going through the process now with Natwest (who I think are part of RBS if that helps) and they are doing all the underwriting before the valuation takes place.

It's taken a week so far from applying over the phone, then they asked for my bank statements for proof of income and for proof of account conduct yesterday (I don't bank with Nat west, but husband does) They've said the valuation should take place next week if all is ok with my statements.

Thats exactly the same timescale as its taken for my daughter and her hb. They have now sent the file for the valuation to be arranged and said it should be next week. Have they given you any idea how long it takes to get the report? (They have paid for a Homebuyers report)
Good luck with it, its a stressful time till its all signed and sealed!;)

cronos

Stumbled on this as I was looking for info on RBS mortgages. Could anyone explain the process once I receive my written offer. Is it a case of just send this to my solicitor and let him work his magic? I'm looking to turnaround written offer to ‘completion’ very quickly!

haziec

cronos wrote: »

Stumbled on this as I was looking for info on RBS mortgages. Could anyone explain the process once I receive my written offer. Is it a case of just send this to my solicitor and let him work his magic? I'm looking to turnaround written offer to ‘completion’ very quickly!

Thats exactly what our daughter and son in law want to do. The seller is ready and waiting, I suppose it depends on your sellers as well, and also if you are in a chain.
I think RBS will send the offer direct to your solicitor?? Somebody correct me if I'm wrong please!

Does your solicitor know you want a quick exchange? I would put it in writing to them now if it was me, but as I said it depends on the other party (parties) involved.

Good luck with it all, I forgot how stressful house buying was !!:eek:

westv

sw_jay wrote: »

From initial meeting with advisor to where we are now has taken around 6 or 7 weeks. Our advisor did tell us RBS were notoriously slow.

7 weeks to get the mortgage offer?! That's ridiculous. It's not as though they are overloaded with applications is it?!

bob79

HAZIEC wrote: »

I think RBS will send the offer direct to your solicitor?? Somebody correct me if I'm wrong please!

Mortgage lenders send the mortgage offer to both the buyer (2 copies) and his solicitor. You have to sign one of the copies of the mortgage offer and give it to the solicitor.

At least: that's how it went for me...

haziec

Thanks Bob 79 - that clarifies it a bit ! Sorry to sound thick but do we need to sign anything and send back to the bank to accept it, or is the signed copy to the solicitor exactly that? IYSWIM?

Topchick_dav

RBS do seem to take their time. We are waiting for them to book the Survey. We had a mortgage agreed in principle end of March and we have sent of a direct debit form to them last week and proof of my income as requested a month ago. The solicitors seemed to have done everything they can including sending us the contracts for the sale to sign and seems all we are waiting for is this survey and valuation and for them to then send the final agreement

bob79

HAZIEC wrote: »

Thanks Bob 79 - that clarifies it a bit ! Sorry to sound thick but do we need to sign anything and send back to the bank to accept it, or is the signed copy to the solicitor exactly that? IYSWIM?

The signed copy for the solicitor is exactly that: your solicitor will arrange further things with the bank regarding the mortgage.

The mortgage doesn't actually start until your solicitor receives the funds (on the day of completion or sometimes the day before completion), so you can sign the mortgage offer once you get it without tying yourself in.

haziec

bob79 wrote: »

The signed copy for the solicitor is exactly that: your solicitor will arrange further things with the bank regarding the mortgage.

The mortgage doesn't actually start until your solicitor receives the funds (on the day of completion or sometimes the day before completion), so you can sign the mortgage offer once you get it without tying yourself in.

Hi Bob getting really confused, offer is coming tomorrow, solicitor said they will send him a copy so don't worry about sending him a signed copy!!?? I think I will just do what the bank say to do, which is sign it and send him a copy.