Natwest Mortgage - Waiting for final decision - any advice?!

amazelucy

Hi Everyone

My husband and I have put in an offer for a house we love and it was accepted - we are first time buyers and applied straight away to Natwest for a mortgage - we applied over the phone.

We went through all our details with the man on the phone. We gave all our income details and as we bank with Natwest he could check our income. He also did a credit scoring and said it was all fine - although didnt give an actual result.

He said he would send out a pack of info including a form for us to sign to "give our agreement". The letter in the pack said that they were offering us the mortgage provisionally and may do further checks/need further information.

I have spoke to them today and they said that there didnt appear to be any additional info they needed but it would now go to an underwriter to make a decision!

What does this mean???? I'm so so worried that it will end up being declined. My credit history is spotless but my husbands definately isnt - but the guy who went through the application said it was all OK?? Will the underwriter do more in-depth checks???

Also my husband gets paid weekly and it does vary - again the guy who went through the application checked the amounts coming in our account and said it was OK - but again - does the underwriter go into more depth or do they just confirm the application details???

I'm so confused and extremely worried!!!! Does anyone have any experience of this or know if they go more in depth or not??

Any advice would be extremely gratefully recieved as i'm finding this whole thing so stressful its making me ill

Thank you

Lucy

spectre

it all sounds quite normal to me.
Underwriters will check you can afford the payments based on your income evidence provided,

We used natwest
phone application - approval took approx 1week once they appoint the survey / valuation you know it has been through the underwriting stage.

amazelucy

Thank you for your reply - can i just ask - did they ask you for anything extra? Do you know if they carried out further checks?

Will they write to us first before they arrange the valuation? If we get that far?!

spectre

no they didnt ask for anything extra.

I gave a mobile number when i applied and i got a text message update to tell me about the surveyor being instructed

Conrad

Underwriters do what it says on the tin - underwrite, which means to investigate into an application where the facts and documentation cause them to.

With a fluctuating income they might want to look deeper into this, to determine the minimum guaranteed income, otherwise they fall foul of 'responsible lending' rules laid down by the FSA.

There is luck involved though. Some cases may just sail through and others by chance get picked out for deeper underwriting.

You no doubt understand thier parent company RBS has posted huge losses (biggest in UK corporate history), so of course underwriting should be tight to safeguard against future losses. Size of deposit is not relevant if underwriting suggests investigation is required.

Dan_1976

Have you tried waiting?

cpdc1030

Doesn't sound like anything to worry about. Sounds like you are going through the Natwest call centre in Birmingham. They came back to me with an approval two days after going to the underwriters - they've been very quick in all aspects actually.

They will usually write to you before the valuation - but in my case I didn't get the letter from the surveyors until after it was already done

amazelucy

Thanks Dan - No - i'm not very good at waiting!! Especially when its to do with the biggest step of my life. Plus we need to exchange contracts asap as the sellers are moving into a new build so they need to complete so actually its very important.

Thank you to the rest of you so much for your helpful replies!!

I spoke to them today to confirm they had recieved the forms and they have said that they will inform us of the outcome by COP tomorrow - it is going to be a stressful 28 hours!! I have a letter from my husband's employer stating that he now earns a minimum of x amount each week (but this has only just come into effect so wont show up on the payments) Do you think this may help if its needed?

Do you know if the underwriter does a more in-depth credit check? Or is it just the one that the guy did over the phone when we first applied?

Thank you so much

Dan_1976

amazelucy wrote: »

Thanks Dan - No - i'm not very good at waiting!! Especially when its to do with the biggest step of my life. Plus we need to exchange contracts asap as the sellers are moving into a new build so they need to complete so actually its very important.

Thank you to the rest of you so much for your helpful replies!!

I spoke to them today to confirm they had recieved the forms and they have said that they will inform us of the outcome by COP tomorrow - it is going to be a stressful 28 hours!! I have a letter from my husband's employer stating that he now earns a minimum of x amount each week (but this has only just come into effect so wont show up on the payments) Do you think this may help if its needed?

Do you know if the underwriter does a more in-depth credit check? Or is it just the one that the guy did over the phone when we first applied?

Thank you so much

SOrry but I was noit being funny. However every mortgage they get will be important, and every mortgage is another persons big step! We have all been there, sometimes you have to wait in line.

Natwest and all lenders have quality checks. The underwriter who has your case will only be checked if his mandate is lower than your loan amount. then the offer and file will be double checked to ensure no mistakes have happened or policy has been met. This will be done by a manager or senior underwriter. In theory if there are any issues the first underwriter will pick them up, but and I sometimes used to argue this, underwriters are humans and not robots so they do make mistakes.

I dont think you have anything to worry about if they have let go to valuation, and I am sure in this market your builder will wait.

Good luck

chambta

If they instruct a vaulation it's been agreed.

Dan_1976

Dont bank on that!