nightmare with Natwest

missjy

I have been banking with Natwest since 1998 - when I started uni.
My credit score is excellent and I have a very good job and a good wage coming in. I have managed to save a 20% deposit and a Mortgage in Principle from Natwest. As soon as my offer on a house was accepted I rang Natwest and went through a full mortgage application. I was told that because of all the above factors I would have everything done within 14 days.

They sent me an application pack and asked me to take 3 months bank statements and 3 months pay slips and an Agreement to branch who would stamp it and send it to Mortgage Centre. Went to branch who took my paperwork but said that I would need to book an appointment for someone to go through it with me before they could send it off. So I booked an appointment. Went in next day to be told that actually I didn't need an appointment and my paperwork had been sent off. So I'd wasted a day taking my toddler into the busy city centre on a Saturday and wasting half a day...no worries I thought.

I constantly rang Mortgage Centre and a week later they had not received my paperwork. Kept ringing branch but couldn't get through. It was now ten days later and still nothing. I asked my 'dedicated mortgage adviser' if it was ok that I get more copies of my bank statements and payslips and actually come to Mortgage Centre and hand them in myself - at least I could ensure that they would reach the underwriters. He said this was fine so I handed him my payslips and bank statements. At no point did he mention that I needed another Agreement. Rang him twice after this and he assured me that they had everything they needed and reiterated nonsense about 14 days. I rang everyday and spoke to other mortgage advisers who all assured me the same thing. Spoke to someone on Wednesday who said that underwriters would have a decision for me by Thursday. I was busy for a couple of days and rang Natwest on Saturday. I was then told that they could not even look at my application because they did not have an Agreement form!!?! Why had no-one told me this before? Did they think I was psychic?? They are now refusing to do anything until I sign this. They are sending me another form which I hope to receive by Monday/Tuesday...thus slowing the process even more.

The seller is getting impatient. I told them that I was a first time buyer with a good deposit and ready to move in. The house is still on the market and as soon as they get an offer they like it'll be gone Natwest's 14 day promise has become a 6 week nightmare for me and we're no nearer the end!

I don't know what to do and am so frustrated- I am a single mum with a young child and may lose the house I fell in love with at first visit....thanks to Natwest and their incompetence. I suppose there is nothing that I can do but hope that they can get things right finally and no one else makes an offer on the house

I needed to rant!!

kingstreet

missjy wrote: »

I suppose there is nothing that I can do but hope that they can get things right finally and no one else makes an offer on the house

I needed to rant!!

That's about the measure of it.

How much research did you do on mortgage lenders and their products before you chose NatWest?

missjy

I did lots of research before going with Natwest - they had the best mortgage for my needs and had very good reviews

kingstreet

missjy wrote: »

I did lots of research before going with Natwest - they had the best mortgage for my needs and had very good reviews

Ah. Never mind. I wondered about using someone else, but if you've already established there's nothing better.

waribai

missjy wrote: »

The seller is getting impatient. I told them that I was a first time buyer with a good deposit and ready to move in. The house is still on the market and as soon as they get an offer they like it'll be gone Natwest's 14 day promise has become a 6 week nightmare for me and we're no nearer the end!

Understand your frustration. We are going through a morrtgage application with Woolwich at the moment and they asked for some more paperwork such as rent statements and also queried an address I was linked to. So far it has taken over 3 weeks despite the advisor claiming it should be only take a couple of weeks. Might be speaking too soon but I'm quite relaxed about it. You have to remember that we have had a a big holiday period over the past month and the country almost seemed to come to a halt. I understand your frustration about the papaerwork and mixed messages. That's the problem though with most UK admin procedures though. Pee up and brewery are the words which spring to mind. I'm sure it will all come good for you in the end.
As for the seller, as soon as you agreed to purchase it you should have inisted as part of the agreement that they took it off the market i.e. stc boards going up outside the property and on the internet profile. That way you would have a little more peace of mind
But not to worry, unless you are buying a very unique property or one way below the true value, in this climate I do not think you have to worry about someone taking it from under your nose. Even in my part of London most EAs and sellers seem delighted just to find a buyer at the moment and not much gazumping is going on.
Also, as you are an ftb, the seller should know that once you get the mortgage, things will move pretty quickly. They or the EA might try to pressurise you especially if they know you are a single mother and want to avoid the hassle of dragging your kid around for more viewings etc, etc. But that will just be bluster as they will know that you are a credible ftb with the necessary deposit so will be keen to keep you.
So get the paperwork done and let events take their course. Best of luck and try to relax a bit

noodle

waribai wrote: »

But not to worry, unless you are buying a very unique property or one way below the true value, in this climate I do not think you have to worry about someone taking it from under your nose. Even in my part of London most EAs and sellers seem delighted just to find a buyer at the moment and not much gazumping is going on.

Absolutely. If I was an Estate Agent and had two buyers (so you, and a new one) I'd do everything possible to ensure that the second buyer bought a different property. With properties so hard to shift, no agent is likely to be more interested in upping the commission or speeding up the process on a property that's already got a good buyer.