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

amazelucy

robberbutton wrote: »

Hello,

we've just had our mortgage approved from Natwest so I thought I would let you know how my experience has gone.

I've found it to be really smooth, quick and painless actually. Our mortgage application was submitted on 20th April, and as we are not Natwest customers we sent in payslips and things to prove our income. On the 29th April they instructed a surveyor. We got his report back last week and I was a bit worried as our house needs a LOT of work doing to it - the surveyor estimated about £10000 worth (which we knew). I phoned Natwest to see how the application was coming along and was told it was with the underwriters - in this case I imagine to double check that the house was worth mortgaging. We got our actual offer in the post today, for the amount that we wanted. :j

Now we just have to complete the sale on our flat before we can take it up! :rolleyes:

Good luck with all your applications.

Thank you SO much for your helpful reply! Thats great news - Congratulations! I have also found everything really smooth - despite my fretting!!!

What type of survey are you having done??

We are just having a valuation so are keeping our fingers crossed they value it as what we paid for it! Its definately worth the money if not more.

The estate agents let me know that the valuation happened this morning - and Natwest said that as soon as the report is submitted (which should be a day or two) it will then take a few more days to send out the final offer (as there are quite a lot happening at the moment).

As far as I was aware i didnt think it had to go back to the underwriters as its quite a straightforward case - did yours have to go back to the underwriters because of the work involved??

Thank you so much

Lucy

amazelucy

figgles wrote: »

Surveyor can do you a hinderance as well as a favour. At the moment surveyors are valuing lower than they were because they've been instructed to take into account reposessions.

With me, this worked in my favour as the valuation came in at 75% of the selling price of the house I'm currently buying (new build) so we got almost 25% discount off the price (not quite as low as the valuation which you may think is stupid, but it was undervalued quite considerably!!!).

In this market, if your first offer was accepted, it may be that you could get it cheaper anyway, so if your valuation comes back lower meaning you can't borrow as much, just lower your offer and say its because of the valuation + lender, you could be suprised, I was!

Thats great advice thank you! I should find out tomorrow if not Friday, what the valuation was - so if it is lower I shall go right back to the estate agent and may save some money! We think it is worth the money but I suppose you never know! Our very experienced mortgage broker thinks its worth more than what we paid - but again i suppose you never know!

Thank you again, will keep you posted! Lucy

amazelucy

sammygsammyg wrote: »

Thanks Lucy.
Thats helps give me an idea of a time frame.
I'm turing into a bit of a freak rining natwest all the time but its worth it.
Its nice to know someone going through the same i agree.
And out timescales are really close.
I'll let you know when i know more.
Good luck to you too.
Fingers crossed it goes quickly and without problems for both of us.
Sam

Hi Sam

As you can see from the other posts - I found out today that the valuation took place today! So hopefully yours will have or will be done tommorrow! Apparently the report should be submitted tomorrow or Friday and then its taking about 3 or 4 days to get the final offers sent out as they have a bit of a backlog!

Take care

lucy

figgles

Also go have a look at www dot nethouseprices dot com (sorry, can't post anything approaching looking like a link!) to see what (if anything) has sold on the same street recently, that will give you an IDEA of prices. Obviously each house is different after they have been owned for a while (different things done to them like conservatories, kitchens, etc) but at least you will know what kind of prices things have been selling for of late.

As mine was a new build, I had a plan of the houses, used that site to list all the ones sold, when they were sold and for how much, great bargaining tool!

robberbutton

Hi Lucy,

We had a full structual survey done (£780 - ouch!) and I imagine it went to the underwriters because of the extra work, as our finances and credit ratings were never an issue. Basically it's a lovely big-ish Victorian house (4 bedrooms) but everything in it is about 100 years old and pretty much needs completely redoing. We're looking forward to getting stuck in though once we get our hands on it!

amazelucy

Have just found out the valuation report is for the price we paid!!!!! Yey!!

Again... still not counting our chickens....... until we get the actual mortgage offer in our hands will still feel slightly nervous!

Apparently is currently taking up to 4 working days to process the valuations... then they will give us a call to check the information they have is all correct... and then they will issue the mortgage offer!!

Has anyone else had this call??? What do they actually check through?

Thanks

Lucy

sammygsammyg

Hi Lucy,

I found out that the valuation took place friday, and should be reported on by the end of business today.
Fingers crossed.
Thats great that yours came back at the same price you are paying for it.
sam

amazelucy

Thats brilliant news Sam - good luck sure it will be fine! Do let me know how you get on! x

amazelucy

Yey!!!!!! Mortgage offer recieved today!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

SOOOOOOOOO HAPPPPPPPPYYYYYYYY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I must say, despite all my fretting, Natwest have been superb - 3 weeks exactly from applying over the phone to offer in hand. Great service EVERY time (!!!) I called then they were extremely helpful and were happy to give me the updates I wanted.

sammygsammyg

Hi Lucy,
Congratulations on your offer.
We recieved our offer through the post on saturday.
We have to go back to bank with an issue over the sewerage and thats goign to take them a few days to get back to us.
sam